Welcome to your March 2026 real estate market update for the Waterloo Region. Before we get into the numbers, note that this post includes interactive data sets that will allow you to look up any points we may not cover in the text. Simply hover over the chart to find the data you want.
Median Prices
To start, the overall median sale price for the Waterloo Region in February 2026 was $690,000. While this is good news in the sense that it represents a step up from January’s $665,000, but it is still lower than the $720,000 we saw a year ago in February 2025.
For historic context, we are still navigating the long road back from the peak of the market. Back in February 2022, the overall median price hit a staggering $955,000. We have been in a "one step forward, one step back" stabilization period for the last couple of years. To see what I mean, simply follow the graph for All Property Types from mid 2022 to today. Prices are simply not recovering.
Price by Property Type
When we break down the median price by property type for February 2026, the distinct realities of different market segments become very clear:
- Single-Family: $790,000
- Semi-Detached: $600,875
- Townhouses: $571,500
- Condos: $363,750
A special note on condos:
The condo market is experiencing significant downward pricing pressure compared to the rest of the housing stock. The median price for a condo has dropped substantially from $445,000 just a year ago in February 2025, down to $363,750 today. At the market peak in February 2022, condos were trading at a median of $561,000.
Average vs. Median Price
- Single-Family: Median $790,000 | Average $862,189
- Semi-Detached: Median $600,875 | Average $596,301
- Townhouses: Median $571,500 | Average $570,121
- Condos: Median $363,750 | Average $418,057
A special note on condos:
Total Sales
Transaction volume remains remarkably sluggish. We recorded just 338 total sales across the region in February 2026.
Looking at the historic context, this is a drop from the 370 sales we saw in February 2025. When we compare this to the frenzy of the pandemic era, the contrast is stark: February 2022 saw 793 sales, and the peak in March 2021 reached an incredible 1,400 sales. Buyers are clearly taking their time.
When we break down the 338 total sales by property type, we see exactly where the market activity is concentrated:
- Single-Family: 204 sales
- Townhouses: 73 sales
- Condos: 42 sales
- Semi-Detached: 18 sales
A special note on condos:
With only 42 sales in the entire region last month, condo demand is heavily subdued. Investors and first-time buyers have largely stepped back from this specific segment, leaving transaction volumes remarkably low.
Supply
Inventory is perhaps the most fascinating metric this month. Overall, the Waterloo Region is sitting at 2.6 months of supply.
Historically, a normal, balanced market hovers around 2.5 months of inventory. So we are certainly climbing down from where were sat at the end of 2025 and by that measure, we are right where we should be, (especially compared to the extreme 0.4 months of supply we had in February 2022!)
However, the overall number is deceiving until you break it down by property type:
- Semi-Detached: 0.8 months
- Single-Family: 1.9 months
- Townhouses: 3.0 months
- Condos: 6.4 months
What condos are doing to total supply: Condos are absolutely skewing the region's overall average upward. At 6.4 months of inventory, there is a massive oversupply of condos sitting on the market. If you remove condos from the equation, the core housing market—specifically single-family homes and semis—is actually experiencing relatively tight inventory levels that favour sellers.
Showing Activity
Conclusion
The market is a tale of two cities - apologies for the cliché - where inventory and prices vary drastically depending on the property type and quality.
- If you own a single-detached home, the market seems to be rewarding the upper end of the market. With the average sale price $790,000, we can infer that high-end, luxury detached homes are still successfully capturing buyer interest and pulling the region's averages upward.
- Meanwhile, if you own a semi detached home or a townhouse, pricing is highly predictable. The nearly identical average and median prices in these categories mean sales are evenly distributed across all price points. This, combined with tighter inventory levels (especially the very tight 0.8 months of supply for semis) owners of these property types are somewhat insulated and remain in a strong position should they choose to list.
- The condominium market requires some careful thinking. Beyond price, there also softening vacancy and rental rates to be considered if you are considering an investment. (Here are links to my Ontario Rental Market Forecast and Waterloo Region Multi Family Market Update ). The significant $418,057 and the median condo price of $363,750 reveals real split in the market. Larger premium condos are still transacting and keeping the average elevated, but the further you get from those units, it would appear the more you are facing downward price pressure. Further, the massive 6.4 months of inventory (and the CMHC noting weak demand from investors who make up a significant percentage of buyers), owners looking to sell are, to say the least, in a highly competitive space.
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