We hope you enjoyed the holidays and wish you health, happiness, and success in 2018!

Below you will find a real estate market update report which will provide you with information on the Guelph Market Update For December 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 December

What a crazy year 2017 was for Guelph real estate. We started the year in one of the strongest seller’s markets that Guelph had ever experienced, and then abruptly transitioned into a more balanced market where prices dropped throughout the summer. We had 2 interest rate hikes in the second half of this year which was the first time the Canadian government has raised rates in 7 years! To top things off in October, OSFI announced that all mortgages were going to have to qualify under the new stress test rules as of January 1, 2018.

So with all this change, how did the Guelph real estate market finish up at the end of 2017? The total number of sales in 2017 were down 6% from last year. The average sale price in Guelph was up 11% from last year with the average price being $483,456. Breaking it down, detached houses are up 13% from last December. Attached houses are up 18%, and apartment style condos are up 8%. It is normal for us to see 4-6% increases in Guelph so overall 2017 has been an exceptional year.

When we look at months of inventory, which is basically our supply and demand, we currently have just under 2 months of inventory on the market which means we are still in a strong seller’s market.

So what are our predictions for 2018? Overall, we think 2018 will be a good, healthy, sellers’ market. We don’t think that it will be the same crazy market as the first half of 2017 but the market will level out and prices will start to go up at a more gradual rate. We might see a bit slower of a start this year as people hold off waiting to see what impact the new stress test rules will have on the market.  However, we don’t believe that the new stress test rule is going to have any long-term effects, they didn’t in 2016 when they were implemented for high ratio mortgages. These new rules don’t address the real issue, which is our low housing supply not meeting the current demand. The Canadian government has announced that it is letting in another 310,000 immigrants to Canada this year which will further increase the demand. As long as our demand exceeds our supply we will continue to be in a seller’s market and prices should continually rise.

Neighborhood Statistics

Central

Downtown, Exhibition Park, General Hospital, St. George, St. Patrick’s Ward, Dovercliff Park/Old University

Guelph Market Update For November

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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

virtual-tour-183831-01

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Kortright

Kortright East & West, Westview, Kortright Hills

virtual-tour-223125-01

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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 December feel free to contact  The GoWylde Team.

If you would like a free online home evaluation  click here

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