Below, you will find a Kitchener/Waterloo Market Update For June 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 June 2024
Will the Bank of Canada’s second interest rate cut stimulate the Kitchener/Waterloo market? The first cut did little to change the market. The market has been relatively flat in sales since April.
Month-over-month inventory continues to grow; in June, we experienced a 3% increase, and year-over-year, we are up 97%. That’s a lot of homes on the market. Home prices have been very resilient considering the amount of homes in the area.
In June, detached home prices fell only 2%, townhouses went up by 2%, and condos remained flat. Summer typically sees a softer market than spring, but this year’s extra slow market is due to high interest rates.
The BOC overnight rate now sits at 4.5% after its second rate cut. I believe that this will not do much to stimulate the market this summer. We will likely see a few more buyers come into the market, but August is typically the second slowest month of the year. The good news is that we should see more rate cuts before the end of the year. The Bank of Montreal expects we will end the year at 4%. The fall real estate market should be fairly healthy with prices and sales starting to climb.
For first-time buyers, this is likely going to be the highest number of houses on the market with low prices. If you have the means, I recommend you buy this summer. This is also a great market for investors due to high rents; there are many homes on the market that are cash-flow positive.
The condominium market is hurting, which makes it an opportunity for people looking to downsize from detached homes. If you are selling your home, it is very important that it shows well and is priced correctly. Not everything is selling, and it is taking longer, so you need some patience.
I am Brad Wylde with GoWylde Real Estate, a group of professionals passionate about helping people grow their wealth through real estate.
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