Below, you will find a Kitchener/Waterloo Market Update For Sept-Oct 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 Sept-Oct 2024

The Numbers

The Kitchener-Waterloo market is picking up momentum as we move further into fall. After a slower September, October is showing renewed activity with increases in both the number of home sales and prices.

The average sale price rose by 0.7% from August to September, and October is projected to see a further 1.37% increase. The number of active listings on the market is down slightly from September but is high compared to other years.

Interest Rates

Fueling this positive movement is the Bank of Canada’s recent 50 basis point rate cut, the largest since March 2020. For buyers with variable-rate mortgages, this means a boost in purchasing power, making it a great time to enter the market. We will likely see another cut before the end of the year.

Opportunities

With prices holding steady and a good selection of homes, buyers have opportunities to negotiate—particularly on properties that have been lingering on the market for a while. For investors, the outlook is equally promising, with high rental amounts, a surplus of inventory, and improved financing rates creating ideal conditions for cash flow-positive properties.

Sellers can expect solid interest, but it’s essential to price realistically to stand out in a competitive market. With all these factors in play, November is shaping up to be an active month. If momentum holds, we could see stronger-than-expected activity, with prices potentially edging up as more buyers aim to secure homes before year-end.

I am Brad Wylde with GoWylde Real Estate. Reach out to me, and I’d be happy to help you with any questions you have about real estate.