Below you will find a Kitchener/Waterloo Market Update For January 2023, 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!

Are you signed up for our newsletter yet? In a shifting market, it’s essential to stay informed! Sign up for our newsletter here and be the first to know about new listings, market updates, real estate news, and more! Sign up here:

Kitchener/Waterloo Market Update For January 2023

The Numbers

33% of homes in January sold above the list price in Kitchener/Waterloo; at the same time, the number of homes sold was at a historical low.

The average days on the market were 20, but the cumulative average days were 40. This means many of the homes were cancelled, the price was reduced, and it was relisted. The average sales price in Kitchener increased by 4% from December, with detached homes increasing by 9%. It would appear that prices have started to trend upward again.

Currently, inventory is still relatively low, so if you are considering selling, it is a great time to list and get your home sold before the competition starts building in the spring market. In this market, upsizers are better to sell first and buy second.

Interest Rates

Most banks have lowered their 5-year interest rate, which indicates they anticipate declining rates. Most economists believe that interest rates will start to fall late this year or early next year. For buyers, a 1-year fixed rate mortgage would seem a good choice, or a variable rate mortgage if you are more risk tolerant.

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