Cornerstone Association of REALTORS - Waterloo Region

The statistics provided in this release are based on information from the ITSO MLS® System. Multiple MLS® Systems operate within Ontario, and while none can be guaranteed to include every property listed or sold within a given area, they effectively illustrate market trends.

In May, a total of 675 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 9.3 per cent decrease compared to the same period last year and a decline of 26.2 per cent compared to the average number of homes sold in the previous ten years for the same month.

“Even with home prices on the decline, a cloud of uncertainty looms over the economy, largely fueled by tariffs and lingering concerns about job security. This environment is causing potential buyers to hesitate, keeping them from making their move and entering the market,” says Christal Moura, spokesperson for the Waterloo Region market. “It’s not that we lack buyers or inventory; rather, consumer confidence is not at the level necessary to see stronger home sales.”

Total residential sales in May included 427 detached homes (down 8.4 per cent from May 2024), and 132 townhouses (down 1.5 per cent). Sales also included 67 condominium units (down 20.2 per cent) and 48 semi-detached homes (down 18.6 per cent).

In May, the average sale price for all residential properties in Waterloo Region was $789,154. This represents a 3.6 per cent decrease compared to May 2024 and a 0.8 per cent increase compared to April 2025.

• The average price of a detached home was $909,897. This represents a 3.7 per cent decrease from May 2024 and a decrease of 1.0 per cent compared to April 2025.

• The average sale price for a townhouse was $634,320. This represents a 3.5 per cent decrease from May 2024 and an increase of 3.1 per cent compared to April 2025.

• The average sale price for an apartment-style condominium was $431,944. This represents a 6.7 per cent decrease from May 2024 and a decrease of 9.4 per cent compared to April 2025.

• The average sale price for a semi was $652,627. This represents a decrease of 6.7 per cent compared to May 2024 and a decrease of 1.4 per cent compared to April 2025.

“Right now, we’re seeing a market that is different from the frenzied market of a few years ago, but that’s a good thing for buyers who have more breathing room to make decisions,” says Moura. “The fundamentals that make Waterloo Region attractive – our diverse economy, strong tech sector, world-class educational institutes and stable governance – continue to strengthen. Waterloo Region has proven time and again that it is a solid place to invest and put down roots.”

There were 1,663 new listings added to the MLS® System in Waterloo Region last month, an increase 1.4 per cent compared to May last year and a 15.6 per cent increase compared to the previous ten-year average for May.

The total number of homes available for sale in active status at the end of May was 2,225, an increase of 26.6 per cent compared to May of last year and 74.1 per cent above the previous ten-year average of 1,278 listings for May.

The total inventory across the market increased by 35.5 percent, resulting in a 4.2-month supply of all property types by the end of May. Condominium apartments had the highest inventory, with 8.5 months’ supply, followed by townhouses with 5.0 months’ supply and detached homes with 3.4 months’ supply. The number of months of inventory represents the time it would take to sell all current inventories at the current sales rate.

The average time to sell a home in May was 24 days, which was the same in the previous month. In May 2024, it took 16 days for a home to sell, and the five-year average was 14 days.

View our HPI tool here to learn more: https://www.cornerstone.inc/stats/