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

Since the start of the year, we’ve witnessed the Kitchener/Waterloo real estate sales, gaining momentum as we step into February. February sales have surpassed January’s figures. Simultaneously, we’ve observed a 4.3% decrease in the average number of homes available on the market.

Although prices experienced a slight dip of 3% in February, I’m optimistic this will change. Tighter inventory coupled with increasing buyer activity suggests a potential price uptick come March. Indeed, 2024 is shaping into a much healthier market than 2023.

The Bank of Canada (BoC) has held steady at 5% for the past six announcements. Analysts are specule rate cut as early as April or June.

As interest rates decrease, we can anticipate a surge in housing prices due to heightened buyer demand and limited inventory. This presents an excellent opportunity for first-time homebuyers and investors alike. Acting before this shift occurs could be advantageous.

For those considering selling, the days on the market have decreased from 31 to 25, indicating a swift turnaround. Additionally, the average sale price to list price ratio has risen to 100%, showcasing the strength of the seller’s market. However, it’s crucial to ensure your property is priced competitively for optimal results.

I am Brad Wylde with GoWylde Real Estate, a group of real estate professionals passionate about helping people grow their wealth through real estate.