Home prices rise again in Waterloo Region in April as inventory remains low: realtors

For the second month in a row, realtors in Waterloo Region reported an increase in average sales prices despite a lower number of sales.

The Waterloo Region Association of Realtors says average sales prices rose to $797,716 in April, which is an increase of 2.6 per cent over March.

That number is well below where things were in February 2022, when local average sales prices peaked at $1,007,109.

The average sales price of a detached home continued to creep back up as well as it came in at $925,219, which is a 1.7 per cent jump from March but still down 11.9 per cent from April 2022.

“Waterloo Region remains a sellers’ market, and while prices have fallen in comparison to last year, we anticipate that home prices will continue to increase steadily,” WRAR president Megan Bell stated.

“Some stability in mortgage rates has brought about a return of buyer activity as we begin to observe a return of multiple offer scenarios, bidding wars, and a decrease in the number of days properties take to sell.”

A total of 670 homes changed hands across the region in April, which is 22 per cent less than a year earlier and 18 per cent below the previous five-year average.

“The local spring market is off to a slower than usual start with half the number of new listings hitting the market than this time last year,” Bell said.

“However, with demand continuing to outstrip supply, we saw prices increase on a month-over-month basis as total sales volume continues to waver well below historical figures for the month of April.”

There were also below-average available listings at the end of April as they were only 703 homes on the market, well below the previous 10-year average of 1,397.

Even with such a low inventory, homes were moving at a slower pace in April 2023 compared with a year earlier, as it was taking an average of 16 days to sell last month vs. nine in 2022.