First Home

My first home was in Waterloo Ontario, on Pinegrove Street.  I can still remember a handful of my neighbours: the Amos’, the Ritchters, the Gubishives. I only lived there until I was 5, but I could tell you so many stories about time shared with some of these people.

Second Home

After my first year of kindergarten at Cedarbree elementary school, my parents divorced and I moved to a townhouse in Beechwood.  I went to Mary Johnston PS for grade 1 & 2 and then moved again.

Third Home

The third move was from Waterloo to Kitchener, to an older suburban family neighbourhood  where we lived on Westchester Street for grade 3 to 8. At the time Lackner Blvd. was more forest and industrial then it was residential homes like it is now. I would spend nights after school riding bikes with friends to the Grand River, until the construction trucks rolled in and began to develop the once small neighbourhood.

Didn’t Move Houses This Time, Just Schools

Right after grade 3, I found out that I would be attending Breslau PS, not because we moved, but because the current school I was in was over capacity so the kids on the west side of Lackner Blvd had to move schools. It was a wonderful blessing and I was there from grade 4-8.  Breslau was an incredible school and that change in boundary was a gift I didn’t know I wanted.

Fourth Move

I remember the day after grade 8 graduation, the class spent the evening at a classmates house for a pool party in Mary Hill, because kids from all the surrounding areas went to Breslau at the time. The next day, there was a giant moving truck in front of our house as everything was packed up and shipped to Wasaga Beach. Even though I lived in Wasaga Beach I attended a high school in the neighbouring town of Elmvale since Wasaga doesn’t actually have a high school, there was one elementary school at the time but no high school. So, if you lived in Wasaga and depending which side of the river you lived on that would dictate what high school you would attend. You either went to Collingwood if you lived on one side of the river or Elmvale if you lived on the other side.

Fifth, Sixth, Seventh, Eighth & Ninth Move

After high school I headed back towards Waterloo Region but stopped short in Guelph where I spent my first year in residence at UofG. While at university I moved four more times, some nice and not-so-nice places, and I will leave it at that.  After graduating I had two options, 1. go back to Wasaga and find a job up there or 2. look for work in Guelph or the Tri-Cities (Kitchener, Waterloo, Cambridge).  It was an easy decision to make, since there weren’t too many job opportunities that appealed to me in Wasaga, but there were more if I stayed, so that’s what I did, and made Cambridge home.  I have officially lived in Cambridge almost as long as all those previous places combined.  I have had a few homes in Cambridge, a couple rented and 3 owned, but it’s definitely the one place that won my heart. 

Why This Matters

I share all this because the my childhood was not picture perfect, we moved a lot, and I learned to adapt, be resilient, be open to change and expect the unexpected. At each new place I would get to decorate my room and I was the type of girl that would rearrange my furniture every few months, as my room was my special place that I found comfort and peace in. It gave me a creative outlet that today has grown into a passion and love for interior design.  The moving has also given me a great appreciation for my clients who sometimes have to move not because they want to but because they have to, or who are on the fence about moving because they don’t want to disrupt their kids school year and friend group. Moving is emotional, it can be an exciting and even if it’s exciting there’s always an element of stress as you plan and organize the logistics of it all.

Moving so often taught me that home isn’t just a place—it’s a feeling. It’s the people you meet, the memories you make, and the spaces you create for yourself and your loved ones. Every move I’ve made, whether as a child or an adult, has shaped my perspective and my heart for helping others find their perfect home.

Now, as a realtor, I see beyond the walls and the floorplans—I see the potential for joy, growth, and new beginnings. Whether you’re moving by choice or by necessity, I understand the emotions and challenges that come with it. My goal is to make the process as seamless and meaningful as possible because I know firsthand that every move has a story, and every story deserves a happy ending.

Here’s to finding not just a house, but a home that truly fits your next chapter.

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form below and we can chat more over coffee. And be sure to follow me on Facebook or Instagram for all the behind the scene and up to the minute news.

Poised for a dynamic shift nationally and locally, 2025 will be the year of politics, headlines and smart moving decisions.

As we look ahead to 2025, the Waterloo Region’s housing market is set for notable developments influenced by political changes and economic shifts in Canada.

Political Landscape:

January has already been a very exciting month politically, just 6 days into the new year, and Prime Minister Justin Trudeau announced his resignation as Liberal leader and prime minister after nearly a decade in office.  Trudeau has been facing pressure from both inside and outside his party for months. A growing number of Liberal parliamentarians have been asking him to move aside and let someone else tackle the Conservative Party, which has a commanding lead in the polls, in the next election. Trudeau will remain in Parliament until at least March when we expect to hear who has been selected as the new leader of the Liberal Party, and just a few short months later we will likely be lining up at the polls come June to vote for the next leader of our federal government.

On January 20, 2025, Donald Trump was inaugurated as the 47th President of the United States and within the first 24 hours he had already got to work.  During the day’s proceedings, Trump signed off a number of executive orders, memorandums and proclamations at Capital One Arena, before heading to the Oval Office where he sat down to sign off even more.  Some of the orders he’s signed off on include withdrawing from the Paris Climate Agreement and the World Health Organization (WHO), as well as changes to birthright citizenship and delaying the TikTok ban.

Trump’s 2025 agenda focuses on strengthening national security, promoting domestic energy and manufacturing, and advancing conservative social policies. Key initiatives include immigration reforms, tariff increases, reassessment of foreign alliances, and investment in emerging technologies like AI and Bitcoin.

The year ahead is going to be like the ride Space Mountain at Disney; you’re in the dark the whole time, but you can feel all the twists and turns and dramatic drops and slow painful climbs.  As the Canadian federal election approaches, we should prepare for potential shifts in domestic policies and international relations, particularly concerning trade and economic strategies which will all be broadcast, exploited, slandered, manipulated, and capitalized on through every media channel available.

Headlines:

Some headlines grab our attention and some don’t; usually the ones that do are spicy.  So, as we look ahead, knowing there is a new President in the US, an upcoming election in Canada as well as hot topics like wildfires, housing affordability, Tariffs, immigration, drug trafficking, and crime just to name a few, this year there won’t be a shortage of headlines to get our attention.  With a federal election slated for June or October, the media will play a crucial role in shaping public opinion and informing voters about key issues, from economic policy to healthcare and international trade. As the political climate heats up, attention-grabbing headlines will set the tone for debates, fuel party platforms, and influence how Canadians perceive their leaders.

Beyond politics, headlines will also reflect the nation’s response to global pressures, such as U.S.- Canada trade relations and environmental challenges. With media outlets vying for readership in an increasingly competitive digital space, there’s a heightened risk of sensationalism, leading to polarized narratives. However, these headlines will also highlight the broader concerns of Canadians, including affordability, housing, and climate action. As a result, this year’s headlines won’t just report the news — they’ll help define it, serving as a barometer of the nation’s priorities and collective sentiment.

The Bank of Canada, unemployment rates, and the broader Canadian economy will also dominate headlines as Canadians grapple with economic uncertainty. The Bank of Canada’s interest rate announcements will be closely watched, as monetary policy decisions will influence inflation control, borrowing costs, and economic growth. Businesses and households alike will feel the impact of these rate adjustments, shaping financial planning and spending habits nationwide. Media outlets will definitely grab these stories and spin them. They’ll write pieces that are spicier than the hot wings at Moose Winooski’s.

Unemployment trends will also be a hot topic, reflecting the health of the labor market and the resilience of Canadian industries amid global challenges. A strong job market could signal economic recovery, while rising unemployment might highlight vulnerabilities that require targeted government intervention. Together, these factors will form the foundation of economic discussions across the country, shaping public confidence and informing political strategies leading up to the federal election. The interplay between monetary policy, employment, and economic growth will remain central to understanding Canada’s financial outlook this year.

Smart Housing Decisions:

This year brings hope for Canadians looking to make smart moving decisions as potential interest rate cuts and new mortgage rules aim to make homeownership more accessible. First-time buyers, long sidelined by affordability challenges, may find themselves with renewed opportunities to step into the market. Lower borrowing costs combined with targeted measures to support buyers could open the door to homeownership for many, allowing them to move beyond renting and start building equity in their own homes. Empty nesters, too, may seize this moment to downsize from their larger properties, freeing up much-needed family homes for younger generations eager to step up.

For those renewing their mortgages, this could be the year of re-evaluation. As some homeowners face higher rates and reconsider their financial priorities, many will opt to leave behind homes that no longer align with their goals. Instead of focusing on keeping up appearances, Canadians are shifting toward homes that meet their actual needs—whether that means moving to a more affordable property, downsizing, or relocating to a community that offers a better lifestyle. This renewed focus on practical decisions over status-driven choices could reshape the market, leading to a more balanced supply and demand across all segments of housing.

Cambridge Housing Market Outlook:

Given these factors, the Waterloo Region’s housing market is expected to experience a resurgence in 2025. Falling interest rates are likely to make mortgages more affordable, stimulating buyer interest. However, potential trade tensions and political uncertainties could introduce volatility. Staying informed and working with trusted advisors, such as experienced realtors, will be crucial in navigating these changes. With professional guidance, you can confidently make decisions that align with your goals, ensuring you’re well-prepared to thrive in any market conditions.

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form below and we can chat more over coffee. And be sure to follow me on Facebook or Instagram for all the behind the scene and up to the minute news.

As we reflect back on 2024, the housing market in the City of Cambridge has demonstrated resilience amidst evolving economic conditions.

Let’s dive into key metrics — Average List Price, Sale Price, Days on Market, and Inventory levels — and compare them to the previous year to provide a comprehensive overview.

Average Sale Prices

In 2024, the average sale price for a single detached home in Cambridge was $834,558, representing a 2.6% decrease from 2023, but nearly 28% since 2020 when the average house was selling for around $652,207.

This upward trend indicates sustained demand and confidence in our local real estate market.

Average Days on Market (DOM)

Homes in 2024 spent an average of 21 days on the market, up from 17 days in 2023.

This slight increase suggests a modest shift towards longer selling periods, potentially offering buyers more time for decision-making.

Months of Inventory

The city maintained approximately 2 months of inventory throughout 2024, relatively consistent with 2023 levels.  This low inventory continues to favor sellers, contributing to competitive market conditions.

Sales Volume

In 2024, there were 1,082 single detached homes sold through the Multiple Listing Service® (MLS®) System, marking a 0.5% increase compared to 2023. However, this figure represents an 31% decline since 2020 when there were 1,564 homes sold which reflects a broader trend of reduced sales activity.

Market Comparison and Trends

When compared to the five-year average, the decrease in sales volume suggests a cooling trend, possibly influenced by factors such as interest rate fluctuations and economic uncertainties. Despite this, the increase in average sale prices indicates that property values have remained robust, underscoring the resilience of the City of Cambridge’s housing market.

While sales volumes are low, the rise in average sale prices and sustained low inventory levels highlight a market that continues to favor sellers. For buyers and sellers navigating this dynamic landscape, staying informed and consulting with a local real estate professional can provide valuable insights tailored to individual circumstances.

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form below and we can chat more over coffee. And be sure to follow me on Facebook or Instagram for all the behind the scene and up to the minute news.

Cambridge, Ontario, is a diverse and expansive city that provides a wide range of housing options for individuals and families. From charming historical homes to modern condominiums, there is a housing style to accommodate the unique needs and preferences of every homeowner.

One of the key advantages of residing in Cambridge is the diverse array of housing options that span various price ranges, neighborhoods, demographics, school districts, architectural styles, and family sizes.

Whether you are seeking a comfortable one-bedroom apartment in the heart of the city or a spacious single-family home in a tranquil residential area, Cambridge has a housing solution for everyone. Families can find homes with generous yards and multiple bedrooms in neighborhoods boasting excellent schools. Simultaneously, young professionals may opt for the convenience of a trendy condo or loft with easy access to transportation and vibrant nightlife.

This article will delve into the different housing types available in Cambridge, showcasing how they cater to various needs and lifestyles. Whether you are a first-time buyer, downsizing, or expanding your family, this guide will assist you in navigating the real estate landscape of Cambridge, helping you find the perfect place to call home.

Detached:

A detached house in Cambridge, Ontario, refers to an independent residential structure that does not share any walls with adjacent properties. These single-family homes typically stand on their own parcel of land, affording residents enhanced privacy and autonomy. Detached homes in Cambridge exhibit diverse sizes, designs, and styles, encompassing both charming historic residences and modern, open-concept properties. With yards and outdoor living spaces, these homes are especially well-suited for families with children or pets.

In terms of location, detached homes in Cambridge can be found across various neighborhoods, spanning urban enclaves like Galt, Hespeler, or Preston, to more residential areas such as West Galt, East Galt, or Blair. Depending on the neighborhood, detached homes may command higher prices compared to semi-detached or townhouse properties, but they offer unparalleled privacy and independence within the city.

Regardless of their size, location, or condition, a detached house in Cambridge is often regarded as the epitome of homeownership.

Right now in spring of 2024, the average single family detached home in Cambridge will cost on average $822,005.

Semi-Detached:

A semi-detached house, commonly referred to as a “semi” or “half house,” is a residential building that shares a common wall with another dwelling. This type of structure typically features its own separate entrance and a modest yard or garden area, with the land and walls separating it from the neighboring house being jointly owned.

Semi-detached houses exhibit variations in age, size, and design, often spanning two or three stories and ranging from compact and inviting to spacious and luxurious. They serve as a popular choice for families, couples, and individuals seeking a middle ground between the privacy of a single-family home and the affordability of a townhouse or apartment.

This variety offers residents a broad range of living options based on their preferences and lifestyle and can be a great option if you’re wanting more space for more value.  Additionally, most semi-detached homes are freehold, meaning there is no additional fee you need to pay each month like you may see for townhouses or apartments.

In Cambridge right now, the average sale price of a semi-detached home is $651,188.

Row-House:

A row house in Cambridge, Ontario, is a type of attached residential building grouped together in a continuous “row,” commonly known as townhouses. Each unit in the row house typically shares a common wall with its neighboring unit and has its own front and back entrances.

In some of Cambridge’s older row homes, it’s not uncommon to discover a shared attic space extending across the entire row length. To enhance safety, a firewall is often incorporated as a standard feature in these row homes. The firewall is designed to contain a fire within the unit where it originates, preventing its spread to other homes through the attic. Typically constructed from fire-resistant materials like concrete or masonry, the firewall is engineered to withstand high temperatures and inhibit the spread of flames.

Row houses in Cambridge exhibit diversity in age, size, and style, generally being older, more compact, and smaller than detached homes. This makes them a popular choice for first-time homebuyers, young families, and urban dwellers, providing the benefits of a single-family home without the significant price tag associated with detached residences.

Typically situated in densely populated urban areas, row houses in Cambridge offer residents convenient access to various top-notch amenities, including public transportation, shopping, dining, and entertainment options.

In recent years, row houses have gained increasing popularity in Cambridge as people seek a more urban lifestyle and the “affordability” and convenience associated with this type of property.

Freehold Townhouse:

A freehold townhouse in Cambridge, Ontario, resembles a row house or traditional townhouse but differs mainly in its ownership structure compared to conventional condo townhouses. Unlike a traditional condo townhouse, which is owned by a condominium corporation, a freehold townhouse is individually owned by the homeowner and is not part of a condominium corporation. This distinctive ownership model grants the homeowner complete control over the property, allowing for alterations, renovations, and additions without the need for condominium board approval.  Freehold townhouses in Cambridge vary in size, quality, and design, typically offering the convenience and affordability associated with attached properties. The close proximity of neighbors often creates a sense of safety and security. Situated primarily in urban areas, freehold townhomes in Cambridge provide residents with convenient access to amenities, public transportation, and other urban conveniences. Many townhomes, whether freehold or condo, are constructed on infill sites, referring to vacant or underutilized properties within already developed areas suitable for new development or redevelopment. This approach has become increasingly popular in addressing Cambridge’s growing housing demand and the need for densification in established neighborhoods. Popular among first-time homebuyers, young families, and urban dwellers seeking the benefits of a single-family home but at a much lower price point.

In Cambridge right now, the average sale price of a freehold townhouse is $688,170. 

You may have noticed the average price is higher than the average sale price of a semi-detached home, and that is due to the fact that there are a lot of new builds or newer townhouses being built due to the demand in housing and towns provide high density housing on smaller parcels of land.

Condo Townhouse:

A condo townhouse in Cambridge, Ontario, is a type of attached residential building under the ownership and management of a condominium corporation. This implies that individual units are privately owned, while common areas like parking spaces, and exterior home features and exterior landscape spaces are collectively owned and maintained by the condominium corporation.  In Cambridge, condo townhouses vary in size and quality but generally tend to be smaller and more affordable than freehold properties.

In Cambridge right now, the average sale price of a condo townhouse is $611,944.

While a condo townhouse costs significantly less than it’s freehold equivalent, consumers need to be aware, that in addition to the mortgage amount there will be a monthly condo fee, which often times will bring the home owners monthly housing budget more in line with the freehold homeowner’s.  When shopping for a freehold or condo townhome, it is very important to know what you are getting for your money and to take into consideration how old the property is as this will effect whether imminent maintenance costs are on the horizon or not.

Condo Apartment:

The landscape of our city’s are changing as the demand for more housing echoes throughout the province.  In Waterloo Region there has been a recent abundance of apartment building being built and we are starting to see more and more in Cambridge, whether they’re built already or are on the books to be built in the near future.  The majority of high rise condo buildings are typically located near major transportation routes such as Hespeler or Preston which is close to the HWY 401 or downtown Cambridge which is close to major businesses as well as the bus terminal.

Condo apartments are a great option for first time home buyers, couples or downsizers who may or may not split their time between here and more southern destinations in the cooler months. Like condo townhouses, condo apartments provide homeowners with such luxury as maintained exterior and interior spaces, as well as other benefits including, indoor parking, entertainment rooms, exercise facilities, and some utilities could be covered as well.

A condo apartment in Cambridge sells for on average in Q1 of 2024 for $540,268.

Conclusion:

Cambridge, Ontario’s real estate landscape is rich and diverse, providing a plethora of options for homebuyers with varying needs, lifestyles, and budgets. From serene single-family homes in family-oriented neighborhoods to contemporary lofts in the heart of the city, Cambridge offers residences to suit every individual. However, delving into the intricate realm of real estate can be overwhelming, particularly for first-time buyers or those unfamiliar with the Cambridge housing market. This is where an adept real estate team becomes invaluable. A professional realtor can assist you in understanding your requirements, preferences, and finding residential properties that align with your criteria, budget, and timelines. They offer valuable insights into different neighborhoods, school zones, and guide you through the sometimes intricate home-buying process. With the support of a realtor like myself, discovering the ideal home in Cambridge tailored to your unique needs becomes a seamless process. Whether you’re a young professional, a growing family, or an empty-nester looking to downsize, Cambridge has a perfect home for you. Embark on your search today and find your dream home in this remarkable city!

Contact Me (I’m pretty nice to work with).

Residential home sales were up 49% in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate mortgage products. New listings were also up 30% year-over-year. The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market.

“January is traditionally a slower time of year for home sales, but it’s reassuring to see the increase compared to last year,” said Christal Moura, president of the Waterloo Region Association of Realtors, in a release. “This time last year, we hit an all-time low in January home sales, and while this year has begun with sales below the historical average, the market is showing signs of improvement.”

In January, the average sale price for all residential properties in Cambridge was $733,759, which is down 6.5% from $785,175 in January 2023.  Looking at the change month over month, there was only a 1% decrease from December 2023, which turned out to be the slowest month in sales in over 20 years in Waterloo Region.

Breaking it down further we see the following changes year over year:

• Single Family Detached Home: Down 2.9% from $826,380 in January 2023 to $802,640
• Single Family Attached Home: Down 16% from $785,175 in January 2023 to $658,778
• Condominium Home: Down 4.3% from $644,933 in January 2023 to $616,956

Looking ahead we will see interests rates continuing to dictate the outcome of the housing market in Cambridge and across Canada. The first half of the year will likely be slow as the Bank of Canada (BoC) maintains its policy rate at a two-decade high. However, once the BoC starts to cut the rate we will see an active housing market as the high pent-up demand finally feels confident and comfortable to make the move (literally!).

Another major contributor to the affordability of housing, rests in the booming population and the lack of inventory.  The provincial government has directed Kitchener, Waterloo and Cambridge to add 70,000 homes between 2022 and 2031 as part of the province’s bid to add 1.5 million homes in 10 years.  In total for 2023, Kitchener, Waterloo and Cambridge had 4,380 housing starts (Apartment 2569, row 1121, semi-detached 30 and single family 660), which is 22% more than the previous decade (3,582).

It’s encouraging to see policy makers starting to work together with those closer to those living and working in the community.  On February 2, 2024, Prime Minister Justin Trudeau, made an announcement that the federal government has reached an agreement with the City of Waterloo, Ontario, to fast-track 650 new housing units over the next three years. This work will help spur the construction of more than 15,000 homes over the next decade and help meet the demand in Waterloo.  News like this wouldn’t be possible without strong leaders like the Mayors of the respective cities advocating and bridging the gap in communication between the federal and municipal government.

The Region of Waterloo remains to be considered one of Ontario’s best cities to live in.  Our community is diverse and vibrant, and continues to be a leader in how we approach the housing affordability issue.  January 2024, marks the start of a new year, and if we can continue to build on these strong sales numbers in our region, I think we will find that the future looks bright.

If you have any questions and want to talk about this or anything real estate related, please send me a message, I am always happy to help.

Embarking on condo living as a senior is a journey filled with exciting opportunities and new found joys. If you’re contemplating the shift from a sprawling family home to a more simple and enriching lifestyle, this blog highlights some of the many joys of downsizing into a condo.

“The belief that youth is the happiest time of life is founded on a fallacy. The happiest person is the person who thinks the most interesting thoughts and we grow happier as we grow older.” – William Lyon Phelps

As you gracefully navigate through the golden years, many seniors find themselves contemplating a change in their living situation. The idea of downsizing from a larger home to a more manageable and maintenance-free condo often becomes an appealing option for many reasons. 

If you’re feeling overwhelmed in your current home with keeping up with the bills, cleaning, cutting grass and tending to the gardens, then the idea of downsizing might have crossed your mind.  It’s a lot to take care of all the duties around the house and it can become burdensome when you just want to be able to go out and enjoy a lunch with the ladies or a round of golf with your friends.  The expense of these activities might worry you as you feel like you shouldn’t be indulging, but why did you work so hard all your life? You deserve to enjoy every minute of your life, because it is the joy in life that makes it so memorable.  

Here are five reasons to why downsizing will bring you more joy

Unlocking Tied Capital

One of the primary advantages of downsizing is the liquidation of capital tied up in your current home. By selling a larger property, you can free up funds that can be wisely invested into a more affordable condo, as well as used to enhance your quality of life. Condos offer an excellent opportunity to maintain financial flexibility while enjoying a more compact, yet comfortable, living space. Sometimes, it might be wise to re-invest and continue to own, but it might also be wise, to rent a condo. Everyone’s situation is different, so the solutions vary depending on what is best for you to live your best life. 

No More Property Maintenance Worries

Bid farewell to the burdensome tasks of mowing the lawn, shoveling snow, or worrying about roof repairs. Condo living brings with it the luxury of a maintenance-free lifestyle. Exterior upkeep, landscaping, and common area maintenance are typically taken care of by the condo association, allowing you to redirect your energy towards activities you truly enjoy.

A Healthy and Social Community

Condos are not just about four walls; they’re about building a community. Residents of the condo can relish in the companionship of like-minded individuals, creating a supportive and social environment. From organized events to shared amenities, condo living fosters a sense of belonging, providing ample opportunities for social interaction and shared experiences. 

Security and Peace of Mind

Security is a top priority for many, and condos often come equipped with advanced security features. Gated or secured entrances, surveillance systems, and secured access points contribute to a reassuring living environment. This sense of safety allows you to enjoy you condo without unnecessary concerns. Another benefit might also be underground parking, so not only will you not have to worry about scrapping snow off your car but you also will feel safe as you drive into a secured parking garage knowing that the only ones with access are other residents like yourself.

Amenities Tailored to Your Lifestyle

Condos frequently offer a variety of amenities tailored to meet the diverse needs and interests of their residents. From fitness centers and community gathering spaces to libraries and gardening areas, condo living provides an array of options to stay active, engaged, and fulfilled.

For many seniors looking to embark on a new chapter in their lives, downsizing to a condo offers a myriad of advantages. By unlocking tied capital, embracing a maintenance-free lifestyle, and immersing themselves in a vibrant community, seniors can savor the golden years with newfound freedom and enjoyment. It’s time to make the move, declutter the worries, and relish in the pleasures of a condo lifestyle tailored for your needs. My team and I are here to help guide you through the whole process of downsizing, whether it selling unnecessary furniture and household items (you won’t need a lawnmower anymore), packing, staging and selling your family home, we do it all so you can get busy enjoying life.

To receive more information about what’s involved with downsizing, what the condo market is like in Cambridge or to be more in the know about the real estate market in general.  Sign up for my newsletter today.  I promise it will be filled with lots of great information and I most definitely will not spam your inbox, because who likes that?

We have officially closed the chapter on 2023 and as we look back at the real estate landscape in Waterloo Region, we see a tale of deceleration and indecisiveness. So what will this new year bring? Before, I dive into my thoughts about what lies ahead in 2024, let’s take a quick look at what went on this past year.

Quick Review of 2023

Interest Rates:

• In 2022, there were 6 interest rate hikes, and 2 in 2023
• In January 2022, the key rate was 0.25%, and in January 2023, it was 4.5 percent
• By end of 2023, the Bank of Canada held it’s key rate at 5 percent which was set in September

Inventory:

• Yearly New Listings: In 2023, 11,528 new listings were added to the MLS® System, a 14.4% decrease from 2022
• Days to Sell: The average number of days to sell 2023 was 19 days
• Kitchener, Waterloo and Cambridge aimed to start building 5,133 homes last year, but altogether were only able to achieve 56% of the target goal

Impact:

• Annual Sales Declined: The total number of homes sold through the Multiple Listing Service® (MLS®) in 2023 in Waterloo Region witnessed a 14.8% decrease compared to 2022, marking a significant 23.2% decline from the previous 5-year average.
• Average Sale Prices Declined: The average sale price for all residential properties in 2023 was $786,033, a decrease of 7.7% year over year
• Housing continues to be less accessible to too many people in our region, whether it be a lack of inventory, high interest rates or timing, it all impacts the market

The Mindset for the Year

I believe that 2024 holds the potential for a transformative year.

This will be a year of strategizing, a year where you will do your homework, work on establishing good habits and just exercising that muscle and to make the change you desire.  I am a big believer in having a growth mindset, but let me be clear, growth can come at different intensities and paces depending on where you are at. So perhaps you have a goal of buying your first home, downsizing or upsizing, whatever goal you have, this year is about what it takes to get you to the final destination.

The Housing Market this Year

For 2024, I see a lot of what we saw in 2023.  Last year was a year of testing and recalibrating and then doing that again in an attempt to get to a point of comfort, which we found ourselves in by the end of the year.

Now that we are in a more comfortable position, I feel like this is the year to prepare.  In the first half of the year, I anticipate little change to interest rates, demand will pick up in the spring as it typically does and the news outlets will report that “the market is rebounding”. But in the background are 2.2 million homeowners needing to renew very low interest mortgages at almost double the rate.  This will hedge the worry that plagues the market and will become the new topic of conversation.

The Bank of Canada already knows if they don’t address the interest rates there will be very costly and consequential impacts, so by the last half of the year I believe rates will start to drop.  We have already started to see some lenders advertise promotions of lower rates to incentivize homeowners to renew, thus reducing the impact the lenders have coming with so many renewals to do on the horizon.

Lenders are leveraging a marketing concept known as loss aversion, which targets people who are motivated by the fear of losing something, rather than gaining it.  The idea that this promotion is only good right now and I better renew quick because who knows what will happen with the rates next month. This is the kind of thinking that’s happening already and we will see more of it this to come this year.  What happens with this sort of thinking though, is that the pessimistic outlook causes consumers to make hasty and irrational decisions.  They are motived by fear, and whenever they sense something uncomfortable they want to prevent it from happening. It’s important to talk to a knowledgeable mortgage broker to help you understand your options and who will help set you up for success.

Additionally, as mortgages come up for renewal, homeowners will undoubtedly re-evaluate whether to renew and stay, or move.

Canada currently has a population of over 40 Million, nearly 39% of those people live in Ontario (15,606).

Recent trends have been a migration of Ontarians out of the province, and the loss is balanced by new immigration.  Therefore, demand within Ontario will remain consistent year over year.  With interest rates anticipated to begin dropping as soon as Q2, we will likely begin to see a lot of market activity.  Since inventory is still low, and despite the region coming up short on housing starts, they are continuing to work towards their 2031 goal of 70,000.  The lower interest rates will help encourage development and with new motions brought forward by the City of Kitchener and the City of Waterloo to champion the creation of a multiplex zoning bylaw for low-density areas both municipalities may reach their targets.

Final Note: The Pathway to Progress

To quote my Royal LePage CEO and one of Swanepoel Power 200 most powerful and influential leaders, he is dubbing 2024, the year of the “Great Adjustment“. Minor interest rates will fuel the national aggregate home prices and consumers will settle in to the idea of tolerable mid-single-digit borrowing costs.

How I would dub 2024 is the “pathway to progress“.  Soper is spot on with the sentiment of adjustment, but what I think he left out is that this adjustment will lead us to a better tomorrow.

So, what’s the purpose of all this progress? It’s to continue to help our communities thrive and grow, it’s to provide basic needs for living, and housing is at the top of the list for me.  We are getting there, and that growth mindset I began this piece with, is alive and well – 2024 is the year of the pathway to progress.

It’s the last month of 2023 and yet it’s a similar snapshot of the market from the previous month of November. Sales, inventory and prices were all slowing down as consumers seemingly put a pin in their home ownership goals.

December ended up being a month of slower housing market activity, but likely the shopping online and in stores for holiday gifts and goodies was picking up.  The price of a Single Family Detached home dropped from $864,949 to $808,780, that’s a 6.5% drop month over month. For Freehold towns and Semis, the price dropped 3.75% to $632,568 and condos had better news with an increase in average sales price by 9% to $603,282.

What’s interesting to note is that there was a new record low of inventory, but as we know with demand, that hasn’t seemed to let up any.

One would consider this now a Buyer’s Market based on the Annual Sales to New Listings Ratio in Waterloo Region which was 57.7, and a ratio below 60 would qualify it as a Buyer’s Market, where as anything between 60 and 80 is a balanced market and anything above 80 would be considered a Seller’s market.  You can see the pendulum has swung significantly since the pandemic when we saw an acute Seller’s market caused by low interest rates, strong demand and low inventory.

Now, interest rates are the highest in 5 years at 5%, but thankfully the Bank of Canada announced no change to rate at their last announcement in December.  This also came with another update that inflation has dropped to 3.1% which is essentially right in line with their revised target of 3% at year’s end.

A Look At 2023 Overall

Looking at the year as a whole across all property types compared to 2022 there were some significant changes to note, but much like what we saw from November to December in 2023, the stary year over year isn’t that different.

The last few years we have been fortunate to see an increase in average sale price, but not this year. In fact, this year, there was a 5.8% drop from over $800,000 to just under at $775,000 (rounding up).  This is due to the lack of inventory, higher interest rates and uncertain Buyer confidence.  The demand is there as our population in Ontario is increasing.

In Q3 2023 there was a 36% increase in population compared to Q3 2022, with a total of 191,418 people immigrating internationally.  That’s a considerable jump in our population which will only cause more pressure in the housing market, particularly the homes that are accessible and desirable to the majority of families, which many coin as the “missing middle”.

Thankfully our local governments here in the region are responding to our (Realtors and other advocates) request to help ease the red tape on developing more of the missing middle.

Recently, the City of Kitchener and the City of Water brought forward motions to champion more missing middle housing by asking staff to create a multiplex zoning bylaw for low density areas.

Once developed and active this will allow builders and developers to build a semi instead of a detached single family home, or perhaps a four plex instead of a duplex with out having to go through the rezoning process.

2023 was a year of discomfort for many, whether you were pinching pennies due to the increased cost of living, or maybe even pinching to save a little more for a down payment since the rise in interest rates had you re-evaluating your home purchase budget.  I had Sellers press pause on listings as they re-evaluated their current situation, and Buyer’s step back to either change the course and buy something more affordable or wait and save more so they could come back strong for 2024.  Whatever your situation was in 2023, I have good news that 2024 is looking like there will be brighter days ahead.

Keep your eye out for my next blog post were I will be making a few predictions of my own on what to expect in the housing market here in Waterloo Region in 2024.  In the meantime, keep tracking with me on social media, whether it’s Facebook or Instagram, I’m always posting about what’s happening in the market but also what’s happening in my life as Mom, Wife, Realtor and President of the Waterloo Region Association of Realtors.

The month of May saw further increases in the sale price of housing which is anticipated to continue as demand is still outpacing supply (inventory). Larry Cerqua, CREA’s 2023-2024 Chair stated that, “over the last few months, there have been signs that housing markets were going to heat back up this year, so it wasn’t a surprise to see things take off after the Easter weekend, which often serves as the opener to the spring market”.

Though the month-over-month increase is not significant enough to plaster all over news outlets, the consistently small increase each month since January is a significant reflection that consumers are feeling more confident in entering the market again.   CREA’s Senior Economist, Shaun Cathcart said that “with interest rates at a top, and home prices at a bottom, it wasn’t all that surprising to see buyers jumping off the sidelines and back into the market”. But with supply a little lagging, buyers are finding themselves in competing situations for certain homes.  It isn’t the frenzy we saw during the Pandemic, but some homes just have that something that buyers are drawn to and it only takes two buyers to make a competition.  That being said, there are also homes sitting longer on the market or accepting offers with conditions, whether it is a condition of finance or even the condition of selling the buyer’s home.

Most residential properties are selling within two weeks and for over asking.  We are also noticing though that single-family detached homes listed over $800,000 are often the homes where there is less competition, likely reflective of the higher interest rates.  Buyers who were once able to afford these higher price tags when borrowing costs were lower are now finding that their buying power has weakened forcing them to look at homes below that $800,000 mark, which is making the demand for single detached homes between $500K – $800,000 a hot item.

If you want to discuss what’s happening in the market, or maybe the process of buying or selling, I am always ready to have that conversation.  All you have to do, is reach out by filling out the form below and we can chat more over coffee. And be sure to follow me on Facebook or Instagram for all the behind the scene and up to the minute news.