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

The spring market has hit the Kitchener/Waterloo region, and prices are on the rise. From February to March, there’s been a 5% increase in prices, reaching levels not experienced since July 2023. Moreover, the number of sales and new listings has been steadily climbing since December. Currently, houses are selling on average for the full list price, with over half of them attracting multiple offers.

There’s speculation about the Bank of Canada (BOC) potentially lowering interest rates. While 75% of analysts predict a decrease in June, the rates are expected to remain at 5% on April 10th. With the market already warming up, this could fuel further price hikes.

For first-time buyers, now might be the opportune moment to enter the market, as waiting could lead to regrets by fall. In an interview with Global News, James Orlando, TD Bank’s director of economics, mentioned that inflation, removing rent and mortgage impacts, is hovering around the Bank of Canada’s 2% target.

For first-time buyers and investors, the upcoming months offer prime opportunities to join the market while prices are still below their peak. For those considering buying or selling, the current conditions are favourable, with homes selling reasonably quickly and a variety of options available. However, for those planning to exit the market, it might be prudent to wait for interest rate drops and subsequent price increases.

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