Guelph Market Recap & 2023 Predictions

Below you will find a Guelph Market Recap & 2023 Predictions, which will provide you with information on the local real estate market and recent sales activity in specific Guelph neighbourhoods. 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 Recap & 2023 Predictions

The Guelph Real Estate market in 2022 was a rollercoaster of highs and lows, good and bad, craziness and calm. January/February were the last months of the bidding insanity in the real estate market. For Sellers exiting the market, it was a dream. For many first-time buyers, those first few months were crushing their dream of being able to afford a home. But that market rapidly shifted…

At the end of the year, prices had reverted back to that of July 2021. The average sale price was down 17% from the previous December, and 26% fewer homes were sold in 2022. This is fewer homes sales than in any other year in the last decade

Housing prices have increased 24.6% since pre-pandemic, a robust appreciation over two and ¾ years. Although Inventory increased substantially compared to what we have been seeing earlier this year, it is only at 1.9 months which is low.

2023 Predictions

Interest rates appear at the end of their hike, or real close, and prices seem to be at their bottom or very close.

In 2023, I believe in Q1, prices and interest rates will stabilize. Prices will start to go up, and we will have modest growth this year. I also think we will begin to see interest rates decline in the 2nd half of this year or early 2024.

When the market starts to pick up, there will be a lot of pent-up demand, and supply will likely be relatively low, which could spark another rapid price increase.

Opportunities In the Current Market

The current market is an excellent opportunity for first-time buyers; it is a friendlier market to buy in. I recommend a one or 2-year fixed or variable because the interest rate will decrease.

For investors, rents are high, prices are down, and if it can cash flow with the current interest rate, it will only improve as the interest rates go down

If you want to upsize to a detached home from a condo or townhouse, now is the time. Townhouses and condos have done much better than detached. Upsizers planning to move to a larger detached home, this is a great time for you as well since the price gap is less.

GoWylde Real Estate Recap

This was a fantastic year for our team and our business; we grew so much and made remarkable progress. In January, we set out to improve our customer service. We tore apart our client processes and looked for areas to add “wows” and to remove pain points.

We hired several support staff, including Lauryn, our listing manager; Alexis, our stager & Curtis, our client concierge. All of these roles have significantly helped us serve our clients better.

We invested heavily in mindset training to help us be a positive, strong support in assisting our clients in navigating through highly stressful times.

Our website was a magnet for attracting buyers and sellers. Over the years, we have realized the value of using the best technology providers and having a content-rich site. This year we made huge strides, with over 1 million visitors (most top teams in larger cities struggle to achieve even 500,000).

Our efforts didn’t go unnoticed, and we were awarded the Consumer Choice Award for Real Estate in Guelph for 2023. The award is selected by an independent third-party organization based on the merits of the business. We are so happy and grateful to have been able to serve Guelph and the Tri-cities this year. It is our commitment to continue to raise the bar, and share our love for real estate.