Here's something first-time buyers in Waterloo Region don't hear enough. You might not have to pay full asking price right now.
This week in Waterloo Region, 90 sellers lowered their price. Only 28 raised it. That's more than three price drops for every price increase.
So here's the short answer. For townhouses and condos, many buyers are paying a bit less than asking. For detached houses, most buyers still pay close to full price.
This covers Kitchener, Waterloo, Cambridge and the townships.
What happened in the Waterloo Region market this week?
Here are this week's numbers in plain words.
| What happened | Homes | What it means |
|---|---|---|
| New homes for sale | 169 | New choices came on the market |
| Price went down | 90 | The seller lowered the asking price |
| Price went up | 28 | The seller raised the asking price |
| Sold | 149 | These deals closed this week |
| Came off the market without selling | 153 | 75 listings ran out of time. 78 sellers took their home off the market. |
Look at the last two rows. More homes came off the market without selling than sold. Some of those sellers may come back later at a lower price.
How much under asking are buyers paying?
The latest monthly report came out in September. It's from the Cornerstone Association of REALTORS®.
Here's how townhouses and condos compare with detached houses.
| Latest monthly report | Townhouses and condos | Detached houses |
|---|---|---|
| Middle price (median) | $510,000 | $761,500 |
| Price paid for every $1,000 asked | $988 | $1,003 |
| Days to sell | 48 days | 30 days |
| Days to sell a year ago | 35 days | 29 days |
Here's what that means for first-time buyers in Waterloo Region. Say a seller asks $510,000 for a townhouse. At that average, it would sell for about $504,000. That's about $6,000 less than asking.
Detached houses are different. On average, buyers paid a little over asking.
Townhouse and condo prices are also lower than last year. The middle price fell from $546,550 to $510,000. That's a drop of 6.7%.
Keep in mind that these are averages. Every home is different. A great home in a great spot can still get more than one offer.
What can first-time buyers in Waterloo Region do with this?
- Check how long a home has been for sale. A home that has sat for weeks may have a seller who is ready to talk.
- Look at the price history. If the price already dropped, ask why.
- Don't rush. Townhouses and condos are taking longer to sell than they did last year. You have time to compare townhouses and condos.
New to buying? Our step-by-step guide to buying a home in Kitchener-Waterloo walks you through it.
Common questions from first-time buyers in Waterloo Region
Do first-time buyers have to offer over asking in Waterloo Region? Not for most townhouses and condos right now. In the latest monthly report, they sold for 98.8% of asking on average. Detached houses sold for 100.3%, which is just over asking.
Are home prices going down in Waterloo Region? Yes, compared to last year. The middle price for townhouses and condos fell 6.7% compared to a year ago. For detached houses, it fell 3.0%.
What does a price drop mean? It means the seller lowered their asking price. This week, 90 sellers did that.
Have interest rates changed? No. The Bank of Canada has kept its rate at 2.25% since October 2025. Its next decision is on October 28, 2026.
How long are homes taking to sell? In the latest monthly report, townhouses and condos took 48 days on average. Detached houses took 30 days.
For the full picture on down payments, land transfer tax refunds and the 2026 programs, read my first-time home buyer guide for Kitchener-Waterloo.
Sources
- Cornerstone Association of REALTORS®, Monthly Indicators, Waterloo Region (released September 2026)
- Waterloo Region MLS® weekly listing activity, week ending October 1, 2026
- Bank of Canada, policy interest rate
