Kitchener-Waterloo leads nation in housing price decreases since June: report

A study from tech company Zoocasa is showing major decreases to housing prices in Kitchener-Waterloo and Cambridge.

The Canadian Real Estate Association confirmed the average national benchmark price was $760,600 last June. Since then, Kitchener-Waterloo has seen nation-leading price declines across the board.

Zoocasa noted that KW’s prices decreased the most of all the 21 markets they studied. The drop was 8.9 per cent to just over $708,600

KW also led the way for drops in the benchmark price for single-family homes since June. KW was the only area near a 10 per cent decrease at 9.7 per cent. Cambridge wasn’t too far behind, with a decrease of 8.2 per cent in that category. Cambridge showed a 2.5 per cent decrease year-over-year, meanwhile KW only saw a one per cent drop.

The report also included condo prices where KW once again showed the largest decline of 4.9 per cent. Cambridge saw an increase in condo prices of 2.2 per cent. $455,700 was the listed benchmark price for KW, while Cambridge was actually more expensive at $492,300.

Overall, only three of the 21 markets analyzed saw benchmark price increases and none were in Ontario.