Kitchener/Waterloo Market Update For May 2024

The anticipated boost in the real estate market from the interest rate decrease has not materialized in Kitchener/Waterloo. Sales have remained relatively flat from April through June. However, inventory has seen a notable increase-5% from May to June and an astonishing 89% compared to last June. Despite this surge in inventory and a slowdown in sales, prices have only dropped by 3% since May and 5% year-over-year. Historically, summer is a slower season for real estate than spring, but this year, much hinges on the direction of interest rates.