Home sales in Waterloo Region on the rise

A 'sold' sticker covers a 'for sale' sign outside a home in Waterloo.

The housing market in Waterloo Region may be heating up.

Data in the latest monthly update from Cornerstone Association of Realtors shows home sales increased 25.5 per cent in February compared to the month before. However, that still represents a year-over-year decrease of 8.1 per cent.

The average price of townhomes rose month-over-month, increasing from $553,489 to $570,119.

All other property types saw declines when it comes to average sales prices. The biggest drop came among semi-detached homes, tumbling from $628,942 in January to $596,301 in February. Other declines were more modest, with the average price of a condo slipping from $416,704 to $413,800, while the average price of a single-family home stayed fairly stable, inching down from $862,239 to $862,189.

The overall average sales price across all properties fell from $734,073 to $725,310.

“The stable prices from January to February in Kitchener-Waterloo and a slight uptick in Cambridge [Home Price Index] could signal the bottoming out of price declines we’ve seen over the past year and reflect a market adapting and finding its footing despite broader economic pressure,” Bill Duce, CEO of Cornerstone Association of Realtors, said.

The most expensive homes were found in the City of Waterloo, with an average sales price of $857,658, followed by Kitchener at $674,998 and then Cambridge with an average sales price of $660,764.