Below you will find our real estate market Guelph market update for October which will provide you with information on the local real estate market and recent sales activity in your specific area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!
Guelph Market Update For October
There were 184 sales this October which was a 23% increase from this September. However, the number of sales are still slightly down from October last year. The average sale price in Guelph shot up substantially by 9.6% to $511,170. This is likely due to more higher-end houses selling this month. The number of active listings has dropped to 319 houses and we are still sitting with two months of inventory on the market which is a healthy absorption rate. The average days for a house to sell has remained flat at 25 days. All of these are good signs showing that the market is starting to bounce back
New mortgage rules were announced this month. The OSFC has released revised guidelines that state that all mortgages will have to go through “stress tests” as of January 1, 2018. Buyers must now qualify for mortgages based on the Bank of Canada’s five-year benchmark rate (4.89% as of today) or an additional 200 basis points on the contracted rate (2%). This will impact purchasers borrowing power by up to 21%. Currently, it is only buyers that are putting less than 20% down that have to go through the “stress test”. These new rules are expected to have the biggest impact on second time home buyers and investors as they are typically putting at least 20% down. This means that the affordability for these buyers will drop and this could slow the high-end markets. We may also see buyers from GTA searching in Guelph as the homes that they could afford in the GTA this year have become outside their reach in 2018.
Typically in November and December, we will see the market start to slow down as we approach the Holiday season. Having said that, with the new mortgage rules that are coming into effect in January, the end of this year is expected to be busier than previous ones as buyers try to purchase a house and lock in their financing under the current rules.
Neighborhood Statistics
Below you will find a real estate market update report which will provide you with information on the Guelph Market Update For November and recent sales activity in your specific area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!
Central
Downtown, Exhibition Park, General Hospital, St. George, St. Patrick’s Ward, Dovercliff Park/Old University
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West
Onward Willow, Willow West/Sugarbush
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North
Riverside Park, Victoria, Victoria North
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East
Grange Road, St.Gregory’s/Tait, St.Andrew/Southwood, York/Watson Industrial
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Kortright
Kortright East & West, Westview, Kortright Hills
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South
Clairfields/Hanlon Bussiness Park, Pineridge/Westminster
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Village By The Arboretum
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Guelph’s Surrounding Area
Guelph-Eramosa, Elora, Rural Puslinch, Aberfoyle, Morriston, Rural Centre Wellington, Fergus
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If you have any questions about the Guelph Market Update For October feel free to contact The GoWylde Team.