Guelph Market Update for February 2024

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

Guelph’s housing market saw notable growth in prices and sales in January and February. January sales surged by 65% compared to December, with February expected to continue the trend with a 24% increase. Prices rose moderately, with January up 1.8% from December and February up 1%.

Year over year, the market increased by 1%. Homes sold quickly, averaging 32 days on the market, and closely approached list prices at 99.1%.

In January, inflation dropped by 2.9%, leading 58% of the analysts in the money market to anticipate an April/June rate decrease. The upcoming March 6 announcement is expected to maintain current rates.

Many buyers consider delaying purchases for lower rates, but pent-up demand may lead to higher prices. Buyers should consider purchasing now with a longer closing or a variable mortgage to benefit from lower rates, expected in April or June.

The condominium market remains relatively stagnant, presenting an opportunity for first-time buyers or downsizers to enter. It’s a great time to sell a detached house and downsize to a condo.

There are great opportunities for investors with increased invenoptry and reduced prices. Rents are currently very high and when interest rates decline these investors can benefit from increased cash flow and equity increase from rising prices.

For those upsizing, well-presented homes are selling quickly, and there is a decent amount of inventory for buying. The decision to buy or sell first varies depending on the person’s specific situation however most sellers are choosing to sell first and buy second.

I am Brad Wylde with GoWylde Real Estate, a group of real estate professionals passionate about helping people grow their wealth through real estate.c