Guelph Market Update for August 2024

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

Video taken at our beautiful listing 204 King Street

The Numbers

The real estate market in Guelph is showing an interesting mix of trends right now. Even though the number of sales in August was down by 26% compared to the 10-year average, the average sale price still managed to increase by 5.8%, which is quite significant.

As for the start of September, things have remained slow despite the Bank of Canada’s recent interest rate cut. Typically, you’d expect lower rates to encourage more activity, so it’s likely that we’re just in a brief lull, and the market will start picking up soon, especially with the fall rally.

Interest Rates

On a broader scale, Canada’s unemployment rate rose to 6.6% in August, marking the highest level since May 2017 (outside of the pandemic). With two more interest rate announcements scheduled for the year, it’s anticipated that the Bank of Canada will continue cutting rates.

Opportunities

For sellers, there’s still a strong opportunity to capitalize on rising prices, especially if they prepare their homes well and price them competitively. However, with higher inventory and slower sales, not every home will sell easily, so you must make sure your home

For buyers, the current market presents a great opportunity. The recent interest rate cut, coupled with cooling market activity, means improved negotiating power and more favourable financing options. If you’re in a stable financial position, this could be a good time to find deals on homes that haven’t sold yet, particularly as the market adjusts.

Townhouses and condos have seen price decreases, making them particularly attractive to first-time buyers. Condos have been on a downward trend for a while, offering a unique chance for first-time buyers to enter the market at a more affordable price.