House prices dip with sluggish sales in Waterloo Region

Average house prices retreated slightly in February in Waterloo Region amid sluggish sales.

Statistics released Tuesday by the Waterloo Region Association of Realtors show the average price of all residential properties sold last month was $755,934.

That’s a decline of 0.7 per cent compared to February 2023 and 0.7 per cent below January’s results.

The average price of a detached home was $889,280, up 0.5 per cent year over year but down 2.2 per cent compared to January.

Average prices for apartmentstyle condos and semis did see prices rise, while prices for townhomes fell.

Condos sold for an average of $459,455 in February, up 3.1 per cent over January and 0.2 per cent year over year, while semis averaged $673,638, up 4.2 per cent over January and 1 per cent year-overyear.

The average price for a townhouse last month was $629,734, down 1.8 per cent compared to January and 2.2 per cent below February 2023 statistics.

“Examining benchmark and average prices for various property types over the past 12 months reveals a stable housing market in Waterloo Region,” association president Christal Moura said in a release.

“With the approaching spring market, both buyers and sellers can take comfort in the steadiness of prices we’ve seen, reinforcing the value of home ownership as a secure and prudent investment in the long run.”

A total of 485 homes were sold in February through the association’s Multiple Listing Service (MLS) system, an increase of 9.7 per cent year-over-year, but still down 19 per cent compared to the previous 10year average for the month.

“Home sales remained sluggish in February, up over last year’s record-breaking low, but still well below historical norms for February,” Moura said.

A total of 800 new listings were added to the local MLS system last month, an increase of 18.7 per cent year over year, but a drop of 6.9 per cent compared to the previous 10-year average for February.

There were 943 homes available for sale at the end of February, up 38.9 per cent compared to February 2023 but 2.9 per cent below the previous 10-year average of 971 listings for February.

It took an average of 23 days to sell a home last month, compared to 20 days a year ago. The previous five-year average was 16 days.