Below, you will find a KW Market Update For December 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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KW Market Update For December

The Numbers

As we head into the holiday season, the Kitchener-Waterloo real estate market has been cooling off, much like the weather outside.

Home sales were down 5% compared to last month, reflecting the usual seasonal slowdown. The number of homes on the market dropped by 9%. Despite the slowdown, the average sales price was up 1% month over month and 2% compared to last year.

Interest Rates

On the economic front, the Bank of Canada cut rates by 50 basis points this Wednesday. This is due mainly to unemployment being at an eight-year high.

Predictions

December is an excellent opportunity for buyers. With many people focused on holiday preparations, there’s less competition in the market. On top of that, some sellers are motivated to close deals before the new year, making it a prime time to negotiate a great deal.

There’s even more reason to feel optimistic about the real estate market in 2025. Both CREA and RE/MAX are forecasting higher sales volumes and steadily increasing prices in 2025. This isn’t about sudden spikes—it’s about sustainable growth, which is great news for buyers and sellers alike.

I’m Brad Wylde, and I want to wish you and your family a joyful holiday season and all the best for 2025. If real estate is on your mind, even during the holidays, don’t hesitate to reach out. We’re always here to help!