February's data tells a clear story: more time on market, softer prices, and buyers with more negotiating room than they've had in years. Here's a full breakdown by area — from the regional view down to West Galt and Galt East.
Waterloo Region — The Big Picture
At the regional level, February 2026 showed continued softening compared to the same month last year. Homes are taking longer to sell, prices are down year-over-year, and the multiple-offer frenzy has largely given way to a more measured market. That said, well-priced homes are still selling — the market is normalizing, not collapsing.
Key takeaway: The percentage of list price received dropped from 103.1% to 99.8% for single-family homes. The average seller is no longer getting over asking — a significant shift from the last few years.
Cambridge — Entire Area
Cambridge saw some of the sharpest price corrections in February. Single-family average sale prices dropped 10.6% year-over-year to $757,122, and days on market more than doubled — from 17 to 41 days. New listings were down 30%, meaning fewer homes came to market, but they stayed on longer when they did.
Notable: Cambridge condo/townhouse sellers received slightly more than list price in February (101.1% vs. 100.5% in 2025). Well-priced condos are still generating competitive interest. Months supply for condos has grown to 3.5 months — more choice for buyers than a year ago.
Kitchener
Kitchener stands out in February for one positive data point: townhouse and condo sales actually increased year-over-year, rising 16.7% from 60 to 70 transactions. Single-family new listings increased 8.6% — more supply coming to market. Prices softened but remained the strongest in the region for single-family product.
Notable: Kitchener condo/townhouse inventory dropped 17.6% while sales rose 16.7%. Months supply fell from 4.1 to 3.5 — a tighter dynamic than the rest of the region, suggesting Kitchener condos are finding their floor faster than elsewhere.
City of Waterloo
City of Waterloo area data was not available for this report. I'll include it in next month's update. If you have questions about the Waterloo market specifically, reach out directly.
West Galt — Neighbourhood Focus
West Galt is my primary farm area. February showed a mixed picture: single-family sales ticked up slightly (+7.7%) — notable given regional declines — but days on market jumped dramatically, from 11 to 47 days. Sellers who priced well are still moving homes, but the ultra-fast market of 2025 is gone.
West Galt context: With only 14 single-family sales in February, sample sizes are small. The more reliable picture is year-to-date: avg price of $798,056 is down 5.8% from the same period in 2025. Sellers need to price accurately. Buyers have negotiating room they haven't had since 2019.
Galt East
Galt East saw sharper declines in activity than West Galt. New listings fell 46% and single-family sales dropped 55%. The condo segment was particularly slow with only 3 sales recorded. Despite the lower volume, the single-family median price ($750,000) was actually up 7.1% year-over-year — though with only 9 sales, a few outliers can move that number significantly.
Galt East note: The YTD average sale price of $681,865 is more reliable than the February-only figure. That number is down 9% from $749,031 in the same period of 2025 — consistent with the broader softening trend across the region.
The Bottom Line
February's data confirms what I'm seeing on the ground: this is a more balanced market than we've had in several years. Buyers have time to think, negotiate, and make decisions without panic. Sellers who price realistically are still selling — but the days of listing anything and watching offers pile up are behind us for now.
If you're a homeowner in Cambridge or Waterloo Region thinking about what your property is worth in today's market, I'm happy to walk through the numbers specific to your street and property type. Market averages tell part of the story — the detail is always in the specifics.
