Guelph Market Update for July 2024

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

Video taken at our beautiful listing 209 Hume Road

The Numbers

So, what’s happening in the Guelph market?

Inventory in Guelph saw a slight uptick, rising by 1% from last month, while sales dropped 24%. Prices finally decreased for the first time since January, down 2% month-over-month and 9% year-over-year.

It’s normal to see a slowdown in sales and a softening of prices in July, but this year, the drop is more pronounced.

Interest Rates

This could be temporary. July marked the second consecutive month of interest decreases, with interest rates down to 4.5% and more rate cuts expected to come this year.

The U.S. may start lowering rates in September, and predictions suggest the Bank of Canada might reduce rates in all three remaining announcements this year. If that happens, interest rates could drop to 3.75% by year-end.

Opportunities

For the GTA and Guelph markets, we expect sales to pick up from September through the end of the yea as there is a lot of pent-up demand from those waiting for lower rates.

First-time buyers, families upsizing, and downsizers looking to maximize equity could all jump in. Even investors might act before prices rise again.

If you’ve been on the sidelines, this is your wake-up call. I’m Brad Wylde with GoWylde Real Estate, passionate about helping people build wealth through real estate. Let’s navigate this market together.