As of October 26, 2026, Waterloo Region is a balanced market: 3.4 months of supply, and homes selling at a median 98.6% of their list price over the last 90 days.
A seller's market is a housing market in which there are few homes for sale for the number of buyers, so homes sell quickly and close to or above the asking price. A buyer's market is the reverse: a housing market with plenty of choice, where homes sit longer and sell below asking more often. A balanced market is a housing market that sits in between, where neither side has a clear edge.
The verdict above comes from Basara's analysis of Waterloo Region sales data and updates every day. Basara's methodology uses two signals, how much supply there is (months of supply) and how close homes sell to their list price (the sale-to-list ratio), and only calls a buyer's or seller's market when both point the same way.
What buyer's, seller's and balanced mean
The type of housing market (buyer's, seller's or balanced) describes who has more negotiating power: buyers or sellers. Market type comes down to supply (how many homes are for sale) compared with demand (how fast they're selling).
| Seller's market | Balanced market | Buyer's market | |
|---|---|---|---|
| Homes for sale | Few, compared with sales | Enough to meet demand | Many, compared with sales |
| How fast homes sell | Quickly | At a steady pace | Slowly |
| Sale price vs asking | Often at or above | Close to asking | Often below |
| Multiple offers | Common | Some | Rare |
| Conditions in offers | Often waived to compete | Usual conditions accepted | Buyers can ask for more |
These are tendencies, not rules. Even in a seller's market, an overpriced home can sit, and in a buyer's market a well-priced home in a popular neighbourhood can still draw several offers.
Months of supply
Months of supply (also called months of inventory) is how long it would take to sell every home on the market at the current pace of sales, if no new listings came on. Basara calculates it as active listings divided by the monthly sales pace, where the pace is the number of sales in the last 90 days divided by 3.
- Under 4 months points to a seller's market.
- 4 to 6 months points to a balanced market.
- Over 6 months points to a buyer's market.
Sale-to-list ratio
The sale-to-list ratio is the sale price divided by the final list price. A home listed at $700,000 that sells for $714,000 has a ratio of 102%. Basara uses the median of each sale's own ratio, so one unusual sale can't tilt the figure.
- Above 101% points to a seller's market.
- 98% to 101% points to a balanced market.
- Below 98% points to a buyer's market.
How Basara calls the verdict
Basara only calls a buyer's or seller's market when both signals agree; otherwise, the verdict is balanced. If months of supply says seller's market but homes are selling below 98% of list, the two signals disagree, and the label is balanced. That keeps a single number from deciding.
The full definitions, windows and data sources are on the methodology page.
Sales-to-new-listings ratio (SNLR)
The sales-to-new-listings ratio (SNLR) is the number of sales in a month divided by the number of new listings that came on, and it's a measure you'll often see in market reports. A high ratio means homes are selling about as fast as they're listed. According to the Canadian Real Estate Association (CREA), a national reading of roughly 45% to 65% is generally consistent with balanced conditions, though the balanced range varies by local market. Basara doesn't calculate SNLR; it uses months of supply and the sale-to-list ratio instead.
Today's reading in each city
Each Waterloo Region city's verdict, months of supply, sale-to-list ratio and average days on market, over the last 90 days, are in the table below. The table is calculated from Basara's sales data when the page loads.
| City | Market | Months of supply | Sale-to-list (median) | Days on market (average) |
|---|---|---|---|---|
| Kitchener | balanced | 3.7 | 98.9% | 30 |
| Waterloo | balanced | 3.2 | 98.4% | 33 |
| Cambridge | balanced | 3.2 | 98.3% | 30 |
| Woolwich | balanced | 3.2 | 98.9% | 25 |
| Wilmot | balanced | 3.0 | 98.7% | 32 |
| Wellesley | balanced | 2.8 | 99.1% | 39 |
| North Dumfries | balanced | 3.1 | 98.0% | 35 |
All property types, the 90 days of sales ending October 26, 2026. The verdict is only called when months of supply and the sale-to-list ratio agree. How we calculate this.
How to read it:
- Verdict is the result of the two-signal rule above.
- Months of supply compares today's active listings with the last 90 days' sales pace. Small townships have few listings and few sales, so their figure can swing more from week to week than Kitchener's.
- Sale-to-list is the median of each sale's sold price divided by its final list price. A home relisted at a lower price is measured against its last list price, not its first.
- Days on market is the average time from listing to sale. A home that was taken off the market and relisted starts its count again, so this can read lower than the time a home was really for sale.
For more detail on any city, including price trends and the market by property type, open its market page: Kitchener, Waterloo, Cambridge, Woolwich, Wilmot, Wellesley and North Dumfries.
A region-wide or city-wide verdict is an average over many kinds of homes. Detached houses, townhouses and condos can be in very different markets at the same time, and so can neighbourhoods within one city.
What it means for buyers
In a seller's market, buyers usually need to move faster and compete harder; in a buyer's market, they have more time and room to negotiate. Your budget doesn't change with the market, but what you can ask for does.
In a seller's market:
- Get your financing ready first. A mortgage pre-approval tells you your limit before you start competing.
- Expect competition on popular homes. Some homes are listed with an offer date and draw several bids. Decide your maximum before you get emotionally attached.
- Think carefully about conditions. Buyers sometimes waive financing or inspection conditions to compete. That shifts real risk onto you, so understand it with your lawyer and lender before you do it.
In a buyer's market:
- You have time. Homes stay listed longer, so you can see more and compare.
- There's more room to negotiate on price, closing dates and conditions.
- Look at why a home has sat. Long days on market can mean it's overpriced, or that something about the home needs a closer look.
In any market, what matters most is what you can afford. See what you can afford with your own numbers →
The first-time home buyer guide covers the full buying process, and the closing costs guide shows the cash you need on top of the price.
What it means for sellers
In a seller's market, homes tend to sell faster and closer to asking; in a buyer's market, pricing and presentation matter even more. The market shapes the strategy, but the price still has to match what buyers will pay.
In a seller's market:
- Pricing still matters. A home priced well above recent comparable sales can sit even when the market is tight.
- Consider your next purchase. If you're buying again in the same area, you'll face the same competitive market as a buyer.
In a buyer's market:
- Price to the market from day one. Homes that start too high often end up selling for less after several price reductions.
- Condition and presentation count. Buyers have choices, so homes that look cared for stand out.
- Expect more conditions in offers, and more negotiation after an inspection.
The best time to sell guide shows how the season affects selling speed and price here.
Track what your home is worth →
Why reports can disagree
Different reports often give different readings for the same market because they measure different things over different periods. None of them is necessarily wrong.
The usual reasons:
- Different signals. Some reports use the sales-to-new-listings ratio, others months of supply, others price changes.
- Different windows. Basara uses the 90 days ending on the newest completed sale. A monthly report uses a calendar month, which can read differently, especially when the market is changing quickly.
- Different areas. A board's area, a census area and a city boundary don't always match.
- Medians versus averages. An average moves when the mix of what sold changes, even if no individual home changed in value.
A market label is a summary. For a decision about one home, look at the numbers for that city, property type and price range.