Ontario

Kitchener-Cambridge-Waterloo Multifamily Market Report 2025 — Prices, Cap Rates & Trends

In the Kitchener-Cambridge-Waterloo multifamily market, the median recorded sale price is $2,466,501, across 383 recorded transactions, between 2021-09-07 to 2025-12-29.

Analyze a deal

$2.5M

Median sale price

383

Recorded transactions

-1.7%

YoY change in median

Price distribution

Where Kitchener-Cambridge-Waterloo multifamily sale prices sat across 383 recorded transactions.

Median sale price by year

5 of 5 years in the window carried enough recorded sales to plot a median for Kitchener-Cambridge-Waterloo multifamily.

Recorded transaction volume by year

Year	Recorded transactions
2021	31
2022	76
2023	83
2024	84
2025	109

This market vs. Ontario overall

Metric	Kitchener-Cambridge-Waterloo	Ontario
Median sale price	$2,466,501	$2,194,500
25th percentile	$1,357,500	$1,325,000
75th percentile	$5,965,000	$4,750,000
Recorded transactions	383	29,749
Year-over-year change	-1.7%	-5.5%

Asset classes in Kitchener-Cambridge-Waterloo

Asset class	Median price	Transactions
Industrial	$4M	242
Land	$4.7M	109
Multifamily	$2.5M	383
Office	$2.5M	118
Other	$2.2M	226
Retail	$2M	158

Multifamily across Ontario markets

Market	Median price	Transactions
Barrie	$1.7M	94
Belleville	$2.1M	24
Brantford	$2.1M	60
Greater Sudbury	$1.5M	71
Guelph	$2.5M	75
Hamilton	$1.8M	295
Kingston	$1.8M	104
Kitchener-Cambridge-Waterloo	$2.5M	383
London	$2.2M	198
Oshawa	$2.1M	150
Ottawa	$2.1M	467
Peterborough	$2.6M	35
St. Catharines-Niagara	$1.7M	174
Thunder Bay	$1.3M	29
Toronto	$2.9M	1,462
Windsor	$1.8M	107

Rental market context

The CMHC Rental Market Survey reports a 4.1% purpose-built rental vacancy rate for Kitchener-Cambridge-Waterloo (2025). This is residential rental context, not a commercial metric.

Recent recorded sales

Month	Area	Price band	Type
2025-12	Waterloo, ON	$2.5M–$3.0M	Multifamily
2025-12	Kitchener, ON	$500K–$750K	Multifamily
2025-12	Kitchener, ON	$3.0M–$3.5M	Multifamily

Municipality, month and price band only.

Common questions

What is the median multifamily sale price in Kitchener-Cambridge-Waterloo?

$2,466,501, across 383 recorded transactions in our dataset.

Are Kitchener-Cambridge-Waterloo multifamily prices rising or falling?

The median recorded sale price changed -1.7% year over year in the most recent full comparison.

Methodology

This page draws on 383 recorded commercial transactions in Kitchener-Cambridge-Waterloo between 2021-09-07 and 2025-12-29, from the EVALUAITE Market Intelligence dataset. A city and asset class is published only once it carries at least 50 recorded transactions.

Too few of these sales reported a cap rate to publish a range, so none is shown. All 5 years in the window carried enough sales to plot a median. The year-over-year comparison had enough sales on both sides to compute. CMHC rental context is available for this market.

Prepared by the EVALUAITE Market Intelligence team.