Below, you will find a Kitchener/Waterloo Market Update For August 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 August 2024

The Numbers

The real estate market in Kitchener/Waterloo for August is showing signs of settling into more balanced conditions. While sales are holding steady and prices only dipped slightly by 1%, we’re seeing more inventory on the market and fewer homes selling over asking.

This shift suggests the market is becoming more buyer-friendly. Interestingly, September sales are tracking about 16% slower than August, which is unusual since we typically see a bump in sales at this time of year. However, prices are staying pretty close to what we saw in August, with just a few days left in the month.

New Policy & Opportunities

For real estate investors in Ontario, now is a particularly good time to consider buying. Demand for rental properties continues to rise as housing affordability remains a challenge for many potential buyers. This is keeping rental prices high.

Additionally, Premier Doug Ford’s proposed changes to streamline the eviction process for non-paying tenants could address one of the major concerns that’s held investors back in recent years. This makes investing in rental properties more appealing than it has been for some time.

On another note, first-time buyers received some good news from the federal government: the extension of 30-year amortization on insured mortgages is now set to include resale homes, not just new builds. This could make it easier for those entering the market to manage monthly payments.

For sellers, the increased competition means you’ll need to price your home carefully and ensure it looks its absolute best to stand out. Be prepared for a longer time on the market due to the higher number of listings. Patience will be key, but with the right strategy, you can still find success.

I am Brad Wylde with GoWylde Real Estate, Reach out to me and I’d be happy to help you with any questions you have about real estate.