Guelph Market Update for April 2024

Below, you will find a Guelph Market Update for April 2024, 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 Update for April 2024

The Guelph real estate market remains stable, though we’ve seen less of a spring surge compared to previous years. We anticipate potential acceleration soon. Typically, April sees over 200 sales, but this year, we’re closer to 180.

Prices increased by 1%, but that was primarily due to fewer condos selling. Detached home prices are holding steady, while townhouse prices took a hit of 5% back to February prices. Condos also took a minor price dip of 1%. The average days on the market increased by two days this month. The number of houses on the market in April increased 21% compared to March.

Several economists are calling a rate cut at the next announcement on June 5th, while a few are more are expecting it by July or September. This suggests easier mortgage payments and a more active market in the near future. In March, inflation rose slightly to 2.9% from February’s 2.8% due mainly to gas prices. The Bank of Canada Governor Tiff Macklem said he is happy with the economy’s progress in returning to his 2% target. When questioned if he felt the Federal budget impact their direction, he replied it made no significant financial changes to their direction.

For those scouting the market, there’s plenty of room to navigate. With sales plateauing and an uptick in listings, more options exist for buying. This makes it a good opportunity for first-time buyers, upsizers, and investors. For those looking to get out of the market, you might want to wait for those interest rates to drop before making your move, as prices are likely to climb.

I am Brad Wylde with GoWylde Real Estate, a group of real estate professionals passionate about helping people grow their wealth through real estate. Give me a call, and let me know what your best options are in the current market!