Tariff talk and heavy snow deter home buyers in Waterloo Region

February wasn’t a great month for those looking to sell their home.

While the number of new listings rose last month, the number of people looking to buy was down.

The Cornerstone Association of REALTORS is out with its latest home market data, showing 363 homes were sold in Waterloo Region last month, a 26.1 per cent drop compared to the same time last year.

Christal Moura, spokesperson for the Waterloo Region market, said there was a lot of concern over U.S. tariffs, and the potential impact on the job market.

“While February’s home sales were affected by concerns over tariffs and their potential impact on employment, the market showed some encouraging signs. We saw a steady increase in new listings while prices remained stable,” she said.

Moura adds the 78 cm of snow that fell on the region in February also didn’t help.

“The month’s significant snowfall created practical challenges for buyers and sellers, affecting property viewings and transactions. However, I am seeing positive indicators in the market, with consistent attendance at open houses, pre-listing appointments, steady mortgage pre-approvals, and buyers on the sidelines carefully watching for the right opportunity to make their move.”

The average sale price for all properties exchanged hands last month was $767,800, up 1.3 per cent compared to February 2024.

Some other highlights of the report include:

• The average price of a detached home was $900,003
• The average sale price for a townhouse was $613,924
• The average sale price for an apartment-style condominium was $437,000
• The average sale price for a semi was $670,352

The full report can be found here.