Waterloo Region’s market continued to slow in October, but the regional numbers only tell part of the story. Depending on your city, neighbourhood and property type, what’s happening can look quite different from the headline.
October by the numbers
- 489 homes sold, down 14.5% from October 2025
- 1,025 new listings, down 17.3%
- 3.7 months of supply, down 5.1% from a year ago and still the tightest inventory among Cornerstone’s major market areas
- Average sale price: $718,851, down 1.3%
- Days on market: 31, unchanged from last year
- Kitchener-Waterloo benchmark price: $624,600, down 4.7% year over year
- Cambridge benchmark price: $644,400, down 6.3% year over year
Activity remains below historical levels, but fewer new listings are keeping supply tighter here than elsewhere. As Cornerstone’s CEO Bill Duce noted, market conditions varied across the region, which is why local knowledge matters.
Three cities, three different Octobers
| October 2026 (year over year) | Waterloo | Kitchener | Cambridge |
|---|---|---|---|
| Home sales | 114 (+2.7%) | 203 (-17.8%) | 113 (-24.2%) |
| Average price | $734,493 (-4.6%) | $664,950 (-1.9%) | $701,106 (-3.0%) |
| New listings | 187 (-26.7%) | 529 (-9.3%) | 219 (-22.6%) |
| Months of supply | 3.5 (-23.9%) | 3.9 (-2.5%) | 3.3 (-2.9%) |
| Days on market | 28 (-24.3%) | 31 (+10.7%) | 34 (+17.2%) |
Waterloo was the standout, with sales up, homes selling about a quarter faster than last year, and supply tightening sharply. Kitchener saw sales fall by nearly a fifth with homes taking longer to sell. Cambridge had the steepest drop in sales (24.2%) and the longest time on market at 34 days.
Even these city numbers are broad. Parts of East Waterloo and Beechwood, for example, have stayed relatively strong for both sales and rentals. The market right around a property matters more than any regional statistic.
Not every property type is moving the same way
The economy hasn’t affected all home types equally. Waterloo’s October average prices show it clearly:
- Detached homes: down 4.5% from last year
- Townhouses: down 21.3% to about $493,000
- Condos: up 2.3% to about $512,000, after falling 11.6% the year before
Across the region, the picture by segment looks like this:
- Detached homes in good neighbourhoods and strong school districts are still selling well when priced properly.
- Condos remain under real pressure. Only about 25–30% of newly listed condos are selling, and that share has been declining even as the freehold market strengthens.
- Rentals have seen a substantial increase in inventory, now including townhouses, semis and detached homes, not just one- and two-bedroom apartments. Properties that rented quickly in the summer are facing more competition.
Why average price can mislead you
Average sale price is the number most often quoted, but a handful of unusually high or low sales can swing it, especially for property types with fewer sales in a month. October offers a good example. The regional average sale price slipped only 1.3%, while benchmark prices, which track a typical home rather than the extremes, were down 4.7% in Kitchener-Waterloo and 6.3% in Cambridge. Both figures are accurate, but they tell different stories. A 21.3% drop in Waterloo townhouse prices doesn’t mean every townhouse lost a fifth of its value. It could reflect a different mix of homes selling that month.
The only reliable way to know what a specific property is worth is to look at comparable recent sales in its neighbourhood and category.
For sellers: don’t assume spring will be better
It’s tempting to wait for spring, but there’s no guarantee the spring market will be any stronger than the current one this year. Look at what’s happening now first. In October, roughly 50% of newly listed properties sold, compared with 35–40% earlier this year. With 1,025 new listings, fewer sellers are bringing homes to market, so a desirable, well-priced property may face less competition now than it would in a busier spring season. At 3.7 months of supply, the market is relatively balanced, and the unusually mild fall has extended the selling season a little.
Rather than waiting by default, look at the conditions in your own neighbourhood and decide based on what the data shows, not on assumptions about what spring might bring.
A lack of showings isn’t a lack of interest
Many buyers are cautious right now, but plenty are watching listings closely and waiting for the right moment. We recently saw a home that attracted very little activity until its price was reduced to $675,000. After the reduction, it had four showings, went conditional, and drew inquiries from buyers who were disappointed to learn it was no longer available.
The buyers were there all along, waiting on the price. A meaningful, well-timed adjustment can bring people forward, sometimes creating competition among buyers who have been following a home for weeks.
For buyers: check your mortgage pre-approval
Mortgage rates have shifted recently, and buyers holding an existing pre-approval may have access to a better rate than what’s currently being offered. If your pre-approval is close to expiring, it’s worth knowing that before your rate hold runs out. If you’re thinking of buying in the next 90–120 days, now is a good time to talk to your mortgage professional about your options. Future rate changes are uncertain, so plan around your own timeline rather than trying to guess where rates are headed.
Who should be looking at this market?
For the right buyer, this can be a very good time to act:
- Upsizers can find more room and more choice
- First-time buyers face less pressure and fewer competing offers
- Long-term investors can pick up an investment property with a long time horizon
The key is doing it properly. A move touches your financing, the timing of a sale and a purchase, your neighbourhood priorities and your long-term plans. The best decisions come from talking through all the moving parts and considering every possibility first.
Thinking about making a move?
Whether you’re selling, buying or investing, the best first step is understanding what’s happening in your specific part of the market. Contact us for a no-pressure conversation and a market evaluation tailored to you.
Nicole and William Prokopowicz | Chestnut Park West
Statistics are based on data from Cornerstone Association of REALTORS®, current as of November 3, 2026. Market conditions vary by neighbourhood and property type, and this post is for general information only.