Below, you will find a Kitchener/Waterloo Market Update For April 2024, which will provide information on the local real estate market and recent sales activity in your area. Don’t hesitate to contact us if you have any questions or are ready to proceed with the next step!

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Kitchener/Waterloo Market Update For April 2024

Welcome to the spring real estate market in Kitchener/Waterloo. The good news is that the number of homes sold in Kitchener increased by 7% in April. However, competition for sellers also intensified, with 33% more homes on the market than last month. Prices for detached homes and condos rose in April by 2% and 5%, respectively. However, townhouses experienced a slight decline with a decrease of 1%. We have yet to see our typical ‘hot spring’ market. Most experts believe the market will pick up once the interest rate drops. The big question is, ‘When will that be?’

While several economists advocate for a 0.25% interest rate decrease at the upcoming Bank of Canada announcement on June 5th, others are more pessimistic and anticipate a rate cut by July or September.

For first-time buyers and investors, there is inventory on the market, so you will be able to negotiate better deals. If you are upsizing or downsizing, I recommend selling your current home first given the current market conditions.