Guelph Market Update for December 2024

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

The Numbers

The Guelph market seems to have missed the memo that it’s November, and the market should be slowing. Sales in November increased by 12% over October, a time when sales typically begin to taper off. Even more impressive, the number of homes sold this November was up a staggering 58% compared to last year. The average price of a home in Guelph is now $801,433—4% higher than last year.

Interest Rates

Adding fuel to an already heating market, the Bank of Canada announced a 50 basis point cut to the overnight rate—the fifth rate cut this year—and hinted at more reductions to come in 2025. This move makes variable-rate mortgages even more appealing. Starting December 15, new mortgage rules will allow Canadians to purchase homes up to $1.5 million with lower monthly payments, further driving buyer interest.

Opportunities

We’re already seeing buyers eager to purchase before year-end, anticipating price increases early next year. For buyers, time is of the essence—December is what I call the “golden period” for buying, with opportunities to secure deals on homes that have been sitting on the market without much competition. For investors, there are already cash-flow-positive properties available, and with the recent rate cut, they’ve become even more attractive.

If you’re planning to sell or upgrade next year, now is the time to prepare your home. The market could pick up quickly, and being ready will help you take advantage of the optimum timing.

Questions? Reach out directly!