The Waterloo Region Real Estate Market
neighbourhood by neighbourhood.

Demand

Demand improved at the regional level, but it was not evenly distributed. Detached sales rose 19.7% to 322, while townhouse and condo sales fell 12.98% to 181, showing that buyer activity was stronger in the higher-value ground-oriented segment than in attached housing.

Pricing

The region’s median sale price was $693,746, down 7.4% from a year earlier, while the average price fell 11.45% to $735,814. Prices still held near asking overall, with homes selling at 100.95% of list on average, but that premium was slimmer than last year and no longer translating into year-over-year price growth.

Velocity

Homes sold in 29.65 days on average, up 10.17% from last March. That is still a fairly brisk pace for the region, but it shows buyers had more time to make decisions than they did a year ago.

Balance

With 2.87 months of supply region-wide, Waterloo Region remained on the seller-leaning side of balanced conditions. Even so, the split between detached at 2.19 months of supply and condos at 4.08 months shows that market power varied meaningfully by segment.

Supply

New detached listings declined 8.72% year over year to 607, while active inventory fell 7.83% to 730. That kept supply tighter than last March and left buyers with fewer options in the region’s largest segment.

Demand

Detached sales climbed 19.7% to 322, a clear rebound relative to last year. Even with average days on market rising to 27.52, demand was strong enough to absorb inventory quickly and keep conditions competitive.

Pricing

The detached median price came in at $791,602, down 5.82% year over year, while the average price dropped 12.18% to $855,184. That gap suggests the upper end was softer than a year ago, even though typical detached homes still commanded firm pricing.

Affordability

Detached homes continued to require a much larger budget than condos, with a median price nearly $272,000 higher in March. Buyers in this segment still paid 101.45% of list on average, which shows affordability pressure remained tied to competition for limited supply rather than broad price escalation.

Supply

New townhouse and condo listings fell 12.74% year over year to 507, and active inventory dropped 15.68% to 801. Even with that decline, this segment still carried more available homes than detached and offered buyers a wider selection relative to sales pace.

Demand

Sales fell 12.98% to 181, making condos the weaker demand story in the region. Homes also took 33.45 days to sell on average, longer than detached, which points to buyers being more selective in this price band.

Pricing

The condo median price was $519,660, down 10.21% from a year earlier, while the average price fell 10.14% to $523,454. Because the median and average were so close, price weakness appears broad across the segment rather than concentrated only at the top end.

Affordability

Condos remained the lower-cost entry point into the market, with a median price about 34% below detached. But affordability improved mainly because prices were lower, not because competition disappeared entirely, as sellers still received 100.05% of list on average.

New Listings

Waterloo Region recorded 1,114 new listings in March, down 10.17% year over year. The pullback was visible in both detached and condo product, with detached listings down 8.72% and townhouse-condo listings down 12.74%, limiting fresh supply across the board.

Active Inventory

There were 1,531 active listings at month end, down 10.65% from a year earlier. Inventory declines were sharper in condos at 15.68% than in detached at 7.83%, but condos still represented the larger share of active listings with 801 homes versus 730 detached.

Supply Balance

Months of supply came in at 2.87 across all properties, down 6.01% year over year. Detached remained relatively tight at 2.19 months, while condos sat at 4.08 months, leaving the region overall seller-leaning but with a more balanced attached segment.

Absorption

Sales rose 7.94% year over year to 503 across Waterloo Region, despite fewer new listings. That indicates available stock was still being absorbed at a healthy pace, but the composition mattered—detached demand strengthened while condo demand weakened.

Competition

Homes sold for 100.95% of list price on average, which shows buyers were still willing to meet or slightly exceed asking prices. The pressure was strongest in detached at 101.45%, while condos were effectively at list price at 100.05%, underscoring the split in negotiating leverage.

Velocity

Average days on market increased to 29.65 from a year earlier, with detached at 27.52 days and condos at 33.45 days. That combination of above-list selling and slower turnover suggests a market that remained competitive, but less frenzied than last March.

Broad Trend

The regional median sale price was $693,746, down 7.4% year over year, while the average price fell 11.45% to $735,814. Average prices declining more than medians points to greater softness in higher-priced transactions rather than a uniform drop across every part of the market.

Segment Split

Detached homes remained far more expensive than condos, with a median price of $791,602 versus $519,660. But detached held up better on a year-over-year basis, with the median down 5.82% compared with a 10.21% decline in the townhouse-condo segment.

Value Index

Across the full market, the average sale price of $735,814 sat about $42,000 above the median, showing that higher-end sales still pulled the mean upward. In detached, that spread was much wider at roughly $63,600, while condos were nearly flat, reinforcing that detached pricing remains more top-end sensitive than condo pricing.

List vs. Sale

Homes still sold at 100.95% of list price overall, even though both median and average prices were below last year. That tells the story of a market where sellers were still pricing close enough to demand to attract firm offers, but not one generating the same level of year-over-year price appreciation seen in tighter conditions.

Broad Trend

Detached

Condo / Town

Rate Context