December 14, 2023 | Guelph News

2023 Guelph Market Recap & 2024 Predictions

Guelph Overview

Last year witnessed a slight slowdown compared to 2022, largely attributed to escalating interest rates. This made it more challenging for first-time buyers to enter the market while investors struggled to locate cash-flow-positive properties. Additionally, many looking to upsize delayed their plans due to difficulty qualifying for larger mortgages.

The BOC overnight rate increased from 4.25% in January 2023 to 5% at the end of this year, marking a stark 20x increase from the 0.25% rate in January 2022. This year, prices fell by 4.8%, and the total number of homes sold decreased by 8%. However, compared to pre-pandemic February 2020, prices have risen 30%, which is a very healthy growth in 4 years.

2024 Predictions

Anticipated trends suggest a forthcoming decrease in interest rates of 25 to 50 basis points around March or April, continuing into 2025. Limited housing construction in 2023 and an influx of a million new renters will likely sustain high rents. The heightened demand, coupled with lower interest rates, might pave the way for increased sales and a resurgence in price growth in 2024.


Now is an excellent time to consider investing in real estate, especially in Guelph’s student rental market, which peaks in January and February. First-time buyers should seize the opportunity before the anticipated drop in interest rates, as the market may become more competitive. Prices will likely increase much quicker than rates drop, making affordability more challenging. If buying and selling simultaneously, consider selling your current home first for a safer strategy.

Neighbourhood Statistics

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

Onward Willow, Willow West/Sugarbush

Riverside Park, Victoria North

Grange Road

Kortright East & West, Kortright Hills

Clairfields/Hanlon Business Park, Pineridge/Westminster

Property Type


The sale price of detached houses rose 7.52% since January. 17.4% fewer detached homes sold year over year. Also, 18% fewer people decided to list their homes in 2023 compared to 2022.


Townhouse sales prices rose 1.3% since January. However, 17% fewer townhouses sold year over year. Also, 21% fewer people decided to list their townhouses in 2023 compared to 2022.


Condominium sales prices rose 9% since January. 8% fewer condos sold year over year. Also, 4% less people decided to list their condo in 2023 compared to 2022.

If you have any questions about the Guelph Market, feel free to contact us!

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