Slowest May for Waterloo Region home sales in more than a decade

A 'Sold' sign sits outside a home in Waterloo. (Dan Lauckner/CTV Kitchener)

Homes sales across Waterloo Region remained sluggish in May, marking one of the quietest months in well over a decade.

“Waterloo Region is navigating one of its slowest Mays for sales in the past 15 years,” Bill Duce, CEO of Cornerstone Association of REALTORS, explained in a release. “Yet the steady month-over-month progress since the start of the year is encouraging. A 9.8 per cent increase in sales from April, combined with a modest uptick in new listings, speaks to a market that is gradually finding its footing.”

Cornerstone reported 627 residential property sales through the MLS system in May, down 7.8 per cent compared to the same month last year.

The average residential sale price was $744,032, a decrease of 5.8 per cent from May 2025. Prices declined across all major housing categories, including single-detached homes, semi-detached homes, townhouses and condominiums.

Despite the drop, experts believe the market is stabilizing.

“With a 4.0-month supply, Waterloo Region remains one of the more balanced markets in our market areas,” Duce said.

New listings totalled 1,452 in May, down 13.1 per cent from a year earlier but up slightly from April. Inventory also remained elevated compared to historical norms, giving buyers more negotiating power while keeping price growth in check.

Single-detached homes remained the most active segment with 361 sales and an average sale price of $851,674, down 6.6 per cent year-over-year. Townhouses averaged $582,555, while condominiums sold for an average of $410,307.

Market conditions varied across Waterloo Region’s municipalities. Waterloo recorded the largest year-over-year drop in sales activity, while the sale price differed significantly among the three cities. Waterloo’s average was about $807,000, compared with roughly $712,000 in Kitchener and $679,000 in Cambridge.

The latest figures continue the trend of softer prices and slower sales activity throughout the first half of 2026, although improving affordability and stabilizing inventory levels may provide opportunities for buyers entering the market.

More to come.