Here are some of the most expensive homes for sale in and around Waterloo region

8 Kilkenny Place in Guelph is listed for $8.5 million. (Realtor.ca)

Real estate prices soared during the COVID-19 pandemic but have since started to cool down in Waterloo region as interest rates climb and buyers sit on the sidelines plotting their next move.

“Home sales continued to decrease in November, as they traditionally do at this time of year,” Megan Bell, president of the Waterloo Region Association of Realtors, said earlier this month. “At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.”

In November, the average sale price for all residential properties in Waterloo Region was $736,024 - a 10.4 per cent decrease compared to November 2021 and a 3.6 per cent decrease compared to October 2022.

Despite the dip in prices, several luxury homes are still on the market – with some still listing asking prices in the millions of dollars.

Here are some of the most expensive homes currently listed for sale in Waterloo, Kitchener, Cambridge and Guelph according to Realtor.ca. Apartment buildings and vacant land are not included.

‘Gracing the banks’: 667 Sawmill Road, Bloomingdale

Listed for $9,000,000

On Realtor.ca for 119 days as of Dec. 14

This rural farmhouse sits on 140 acres of farmland and comes equipped with a full geothermal system.

The property encompasses 69 farmable acres, 39 acres’ worth of commercial facilities and 38 acres of bushland, which includes over 2,100 feet of river frontage.

‘Live your best life’: 8 Kilkenny Place, Guelph

Listed for $8,499,999

On Realtor.ca for 57 days as of Dec. 14

This three-floor home is over 8,400 square feet and sits on 9.99 acres of property in Guelph’s south end.

The listing boasts this home contains five bedrooms, seven bathrooms, five fireplaces and numerous recreation-based rooms, including a gym and sauna.

The winding circular driveway has parking for over 20 vehicles and sits adjacent to a three-car garage.

Built in 1995, the home’s listing notes the property is an “excellent investment opportunity with possible future development potential.”

‘Luxury living awaits’: 370 River Oak Drive, Waterloo

Listed for $5,750,000

On Realtor.ca for 54 days as of Dec. 12

Built in 2002, this house offers 9,488 square feet, of which 456 is a wine cellar that can hold 2,400 bottles of vino.

This home also features six bedrooms and 10 bathrooms, with all bedrooms boasting a private four-piece ensuite.

The three-car garage includes a freight elevator which can be used to provide an additional three to four parking spaces.

The house also features two separate staircases that lead to different wings in the home.

‘Elegance at its finest’: 6746 Wellington 34 Road, Puslinch

Listed for: $4,999,900

On Realtor.ca for 68 days

This five-bedroom, six-bathroom home sits on a roughly eight-acre plot which includes a pond.

The property also includes a 3,000-square-foot climate-controlled workshop, and a separate five-bedroom bungalow adjacent to the main dwelling.

‘Luxury and elegance’: 224 Black Maple Court, Kitchener

Listed for: $4,499,900

On Realtor.ca for 119 days

Situated on a double lot, this 7,950-square-foot dwelling offers six bedrooms, nine bathrooms, four garages and a driveway that can easily accommodate 12 more cars.

Built in 2007, this home also offers five fireplaces and a two-story grand foyer.

The listing says the stone & stucco exterior and grand classical architecture is well complemented by mature trees and hedges and fully landscaped grounds.