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Guelph, KW & Cambridge Real Estate Update

September saw a bit of a pickup from August, with more sales and new listings coming to market. Still, it was one of the slowest Septembers in the past decade for sales. October looks steady so far, we’re seeing more activity, more interest, and some welcome momentum returning over the last week.

Sales activity

Guelph: 135 homes sold in September: Up 11% from August, and down 4% year over year.
Kitchener-Waterloo: 315 homes sold: down 11% from last month and down 5% last year.
Cambridge: 134 homes sold : up 3% from July and 1.5% year over year.

Average sale price

Guelph: $845,224: up 3% from last month, and up 4% year over year.
Kitchener-Waterloo: $739,012: Up 6.5% month over month, but down 3% from last year.
Cambridge: $727,520: up 4% from last month and down 3% year over year.

In September, 20% more new listings came on the market in the Tri-Cities and Guelph compared to August.

Only about 22% of active listings sold in September, which is actually a bit lower than the month before. So right now, pricing and presentation are everything. Homes that show better — clean, well-staged, and in good repair — are the ones that stand out and sell.

We usually see things slow a bit in November and go pretty quiet by December, so there aren’t that many weeks left this year to sell.

Questions? Reach out directly!

Economic Update

Canada’s Economy: Holding Steady… But Not Exactly Strong

The most recent jobs report showed Canada added about 60,000 jobs in September.
Alberta led the way with around 42,500 new positions, followed by Ontario with about 8,800. Other provinces that saw gains included British Columbia, New Brunswick, Manitoba, and Nova Scotia.

Unemployment held steady at 7.1% nationally, but Ontario’s rate is higher at 7.9%.

There’s also been a lot of talk about Stellantis moving its Jeep Compass production from Brampton to Illinois. Now in Ingersoll, Cami has said they will no longer be making the Electric van. That’s concerning for Ontario, as auto manufacturing is a big piece of the province’s economy.

Many analysts believe the Bank of Canada may hold off on cutting rates for now, primarily due to the stronger-than-expected job growth and CPI rising to 2.4 in September from 1.4 in August. However, some feel the economy is weak, so they will go ahead with a cut before the end of 2025.

In short, the economy has remained relatively flat. Not horrible, but not healthy either.