Home sales across Waterloo Region continued to slow in September, with Cambridge seeing the sharpest decline as buyers and sellers remain cautious. A total of 412 homes changed hands across the region last month, down 18.9 per cent from September 2025 and 14.2 per cent from August 2026, according to the latest figures from the Cornerstone Association of REALTORS. “We’ve definitely seen more of a shift from three, four or five years ago of being a complete seller’s market,” said Shawn Ramautor, a sales representative with Royal LePage Wolle Realty. Cambridge stood out from the rest of the region. Home sales in the city fell 34.8 per cent year-over-year, with 90 properties sold in September compared to 138 a year earlier. Sales were also down from August, when 135 homes changed hands. “It’s probably an abnormality more than anything else,” said Jason Bunker, director of the Cornerstone Association of REALTORS. Despite the decline, Cambridge remained relatively affordable compared to Waterloo. The average sale price in Cambridge was $697,453 in September, down 4.1 per cent from a year earlier. Waterloo had the highest average price in the region at $775,276, while Kitchener’s average was $646,426. Lower prices, however, don’t always indicate more sales. Overall economic uncertainty is also a factor, according to Ramautor. “If my job is leaving the country, if I don’t know what’s going to happen tomorrow, can I buy a house?” he asked. Homes in Cambridge spent an average of 30 days on the market, which is roughly 20 per cent longer than the same period last year. Across Waterloo Region, the average home sold for about $703,000, down 6.5 per cent in September 2025. Kitchener also saw a notable decline, with sales falling 12.6 per cent year-over-year. Waterloo was the most resilient of the region’s three cities, with sales dropping just 8.2 per cent. New listings across the region were also down, falling 16.7 per cent compared to September 2026. But the number of new listings jumped 38.4 per cent from August, giving buyers more choice heading into the fall. The market has created a different problem for homeowners who purchased at the peak. “The biggest challenge with sellers right now is, depending on when they bought, if they actually have enough equity in the house to be able to sell because prices have pulled back,” explained Ramautor. Cornerstone said listings in Waterloo Region have also dropped amid the sales slowdown. “Which is actually putting some downward pressure on inventory,” said Bunker. The latest figures suggest the market is becoming more balanced rather than seeing a broad collapse in prices. Still, Cambridge’s sharp sales decline marks a significant change from earlier in the year, when the city was showing more resilience than either Kitchener or Waterloo. September’s numbers also indicate a market where buyers have more negotiating room, while sellers face a longer wait to move their properties. For Cambridge, in particular, fewer transactions are the clearest sign yet that the city’s housing market has cooled considerably heading into the fall. But a rebound may be around the corner. “I think you’ll see the sales come back up in October,” said Bunker. “Traditionally, October is a really healthy month for real estate in the province.”
