What just happened.
September recorded 502 sales, 2,094 active listings and 4.0 months of supply. Average price remained 4.7% below September 2024. These figures describe the Region, but they do not decide the market for every property type or street.
Average price was $753,162, up 3.2% from August and down 4.7% year over year. Monthly and yearly comparisons answer different questions. Neither one proves what the next month will do.
Property type breakdown:
- Detached: 325 sales, avg $858,872 (-5.9% YoY)
- Townhouses: 91 sales, avg $606,871 (up 1.7% YoY)
- Condominium apartments: 51 sales, avg $442,086 (-8.9% YoY)
- Semi-detached: 34 sales (up 6.3% YoY), avg $621,026
Townhouse average price rose 1.7% year over year, the only property type in this published breakdown with a yearly gain. Semi-detached sales also rose. The report does not show what caused either change.
HPI benchmarks.
| Type | K-W Sep 2025 | Monthly % | Yr/Yr % | Cambridge | Yr/Yr % |
|---|---|---|---|---|---|
| Composite | $673,100 | -0.3 | -7.6 | $701,700 | -5.4 |
| Single Family | $794,600 | -0.1 | -5.9 | $742,700 | -4.5 |
| Townhouse | $548,300 | -1.3 | -9.0 | $611,500 | -4.7 |
| Apartment | $406,200 | -0.9 | -6.8 | $453,100 | -5.9 |
September reported 4.0 months of supply and a different balance from lower-inventory months. That is regional context, not a universal switch that decides every negotiation.
For sellers, more choice can make price, condition, presentation and terms matter more. The report cannot prove that waiting costs money or predict whether a later month will be better.
For buyers, the supply figure may have created more room in some searches. It does not show that bidding wars disappeared or that conditions were accepted on every property.
Waterloo Region's schools, employers and communities are part of the long view. This monthly housing report is not enough to label the whole Region a buy or predict the next cycle.
What to watch in October.
- The next Bank of Canada decision. Compare any rate change with later local activity rather than assuming the response.
- Inventory levels. Compare October listings and months of supply with September before deciding how much negotiating room may exist in a specific search.
- Townhouse and detached differences. Compare the next report without guessing how buyers will shift.
Source & methodology.
Data from WRAR September 2025 release, ITSO MLS System.
For your specific situation, call 519-577-7588 or request a free home evaluation.