Below, you will find a Kitchener/Waterloo Market Update For May 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 May 2024
The anticipated boost in the real estate market from the interest rate decrease has not materialized in Kitchener/Waterloo. Sales have remained relatively flat from April through June. However, inventory has seen a notable increase—5% from May to June and an astonishing 89% compared to last June. Despite this surge in inventory and a slowdown in sales, prices have only dropped by 3% since May and 5% year-over-year. Historically, summer is a slower season for real estate than spring, but this year, much hinges on the direction of interest rates.
May’s inflation numbers were disappointing, rising to 2.9% from 2.7% in April. This reduces the likelihood of an interest rate cut on July 24th, though the Bank of Canada will have June’s data before making a decision. The worst-case scenario would be holding rates steady in July and potentially lowering them in September.
In this balanced market, buyers have opportunities. With the excess inventory, you can negotiate more aggressively on properties that have been on the market for a while. Some deals are available in all segments, particularly in the condo market, which is attractive for first-time buyers and investors.
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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