Newly released statistics from the Waterloo Region Association of Realtors shows in February the average price for residential homes across the region was just over $750,000.
This marks a near 25 per cent decrease in sale prices compared to February 2022.
Megan Bell president of the Waterloo Region Association of Realtors said the dip was expected.
"February and March 2022 was the peak of where we saw that roller-coaster of housing prices hit. So that's why your seeing that dramatic of an increase," said Bell. "Since about August we've remained relatively stable with our average pricing because all knew that number was going to be here for January February and March."
In early 2022 the average sale price for houses reached their peak at over $1 million, and due to a variety of factors including an increase in interest rates and pandemic impacts, the price has since dropped to just over $750,000.
Bell said, however, she's seen a trend signalling the market will balance out and housing prices will stabilize.
"A balanced market is going to be better for everybody and I think we are trending a little bit more towards that. We're predicting housing prices will stay relatively level but, we might see small increases."
She said at the moment the market still remains favourable to sellers due to low housing supply and high demand.
For those looking to sell their home and increase their property value, Bell said there is a variety of things owners can do.
"A house that is very clean is always going to stand out in a buyers mind, well taken care of [homes] including updating mechanics, the roof, anything you can to improve those area's is always a good strategy."
Bell added owners attempting to sell their homes should switch back to pre-pandemic ways of thinking such as hiring stagers and marketing their homes in multiple spaces.
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