The 2025 headline.
Waterloo Region closed out 2025 with 6,177 total home sales, an 8.8% drop from 2024. That's 25.3% below the previous ten-year annual average. For context, the report records nearly 10,000 sales in 2021. The 2025 total was about 62% of that figure.
The annual average sale price came in at $754,199, down 3.7% from 2024. Every property type dropped:
- Detached homes: annual avg $876,896 (down 3.7%)
- Townhouses: annual avg $611,256 (down 4.3%)
- Condominium apartments: annual avg $437,084 (down 7.4%)
- Semi-detached: annual avg $635,412 (down 4.1%)
New listings rose while annual sales fell. That combination increased the amount of choice available compared with the prior year. It does not explain any one buyer's or seller's decision.
December alone: 306 sales.
December 2025 saw 306 sales, a 9.5% drop from December 2024 and nearly 20% below the previous ten-year December average. The average sale price was $716,911 (down 5.9% YoY but actually up 0.5% from November 2025). Days on market in December: 45 days, up from 36 days in December 2024 and well above the five-year average of 24 days.
The December property breakdown:
- Detached: 192 sales, avg $839,394 (-6.0% YoY, +1.4% MoM)
- Townhouses: 52 sales, avg $568,249 (-9.8% YoY, -4.4% MoM)
- Condominium apartments: 35 sales, avg $366,784 (-22.9% YoY)
- Semi-detached: 26 sales, avg $601,535 (-6.7% YoY)
Condo apartment average price was down 22.9% year over year. Townhouse average price was down 9.8%. These are segment averages for one month, not a value for every unit or complex.
Annual HPI benchmarks.
The MLS Home Price Index adjusts for changes in the mix of homes sold. It is one useful measure of price movement, not a value for a specific home. Here is how 2025 closed:
| Type | K-W 2025 | Yr/Yr % | Cambridge 2025 | Yr/Yr % |
|---|---|---|---|---|
| Composite | $679,600 | -5.4 | $712,200 | -4.0 |
| Detached | $799,800 | -5.1 | $756,300 | -3.4 |
| Townhouse | $554,400 | -6.3 | $617,500 | -4.0 |
| Apartment | $415,500 | -7.5 | $451,600 | -5.9 |
December monthly HPI benchmarks add a month-end view:
| Type | K-W Dec 2025 | Yr/Yr % | Cambridge Dec 2025 | Yr/Yr % |
|---|---|---|---|---|
| Composite | $640,100 | -8.8 | $674,300 | -6.1 |
| Single Family | $752,200 | -8.1 | $714,100 | -5.8 |
| Townhouse | $527,600 | -8.8 | $597,100 | -4.5 |
| Apartment | $392,000 | -11.6 | $430,600 | -8.3 |
The gap between the annual HPI average and December month-end HPI gives useful context. K-W's composite annual average was $679,600 and December was $640,100. The year ended below its annual average. That does not prove December was the bottom.
Careful preparation still matters, but this regional report cannot measure its effect or divide every buyer and seller into winners and losers.
For buyers, lower prices and more inventory in parts of the market may have created more choice. Program rules and eligibility can change, so confirm current details with the responsible government source and your financial adviser.
For sellers, current comparable sales, active competition, condition, presentation, terms and marketing all belong in the plan. This report cannot prove which factor caused one home to sell sooner or for more.
December ended below the annual HPI average. That shows a softer year-end, not a guaranteed bottom or a forecast for spring. Use the next reports before making a current decision.
What to watch in early 2026.
- First-time buyer programs. Confirm the current rules and effective dates with the responsible government sources.
- Bank of Canada decisions. Compare rate changes with later affordability and local activity.
- Spring listings and sales. Watch both sides of the market before drawing a conclusion.
- Condo apartment pricing. Compare several months and the exact building instead of calling one reading an opportunity or a warning.
Source & methodology.
All data comes from the Waterloo Region Association of REALTORS December 2025 release, which pulls from the ITSO MLS System operated by Cornerstone Association of REALTORS. Annual figures are full-year cumulative. Monthly HPI benchmarks come from the MLS Home Price Index. Average prices reflect actual SOLD transactions.
For specific information on your home or a property, call 519-577-7588 or request a free home evaluation.