Below you will find a Kitchener/Waterloo Market Update For October 2022, which will provide you with information on the local real estate market and recent sales activity in your specific area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!

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Kitchener/Waterloo Market Update For September 2022

The Numbers

Kitchener/Waterloo Price Increase 2nd Month in Row

Has the downward spiral in prices ended? Kitchener/Waterloo’s average sale price in October was up 4% from September and is currently at $763,824. August to September was also up 1.49%. Townhouses dropped 3%, not fairing, as well as the detached and condominium market.

Both Cambridge and Guelph sale prices decreased, making Kitchener the winner. We will probably see some volatility in price over the next few months, but it certainly appears prices are at or near the bottom.

YOY prices are down significantly by 6%, and that gap will increase over the next few months as we approach the pricing peak of February, and then the YOY will start going down.

Interest Rates

Interest rates are also reaching their peak, with the October taking the BOC overnight rate to 3.75. We are expected to have one to two more hikes, but the increases will be lower. Most economists anticipate interest rates to decrease in the 2nd half of 2023 or early 2024.

Opportunities In This Market

Every market has its opportunity, and this market is a great one for first-time buyers, investors or upsizers.

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