Waterloo has recently ranked in the top three across the province when it comes to the number unoccupied homes.
The city's vacancy rate increased by nearly 30 per cent.
This data comes from a recent Point2 Homes report that suggests investor speculation and short-term rentals are largely to blame.
The vacant houses represent 8.7 per cent of the market in Canada.
Kitchener actually saw more than a 15 per cent decrease in vacant homes, while Cambridge saw a 21 per cent decrease.
The number of vacant homes in Canada altogether is on the rise.
It's estimated there were 1.34 million empty and temporarily unoccupied homes in 2016.