Guelph Market Update for June 2024

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

The Numbers

Hello Guelph, Summer is in full swing & we are halfway through the year already! Let’s chat about what’s happening with the Guelph real estate market. It’s been slow and hasn’t turned around as some might have hoped. Sales are down and active listings are up, indicating a sluggish market.

From January to June last year, we had 992 sales, but this year we’re seeing a slight decrease to 960 sales. Meanwhile, more sellers are listing their homes, so active listings are up 38% year-to-date compared to the same period last year.

If we look at June specifically, prices have dropped by 9% compared to last year, and months of supply is up a whopping 69%. We haven’t seen this much inventory on the market in a decade. Condos are having a tough time, but townhouses are holding up better. Guelph being a university town might be contributing to townhouse fairing better, especially with a shortage of 1,300 houses for UOG students.

Opportunities

Overall, the detached market under $800,000 is our best-performing segment, which creates some good opportunities for buyers who are looking to upsize.

So, what does all this mean? If you’re selling, expect that your home may sit on the market for a while before you find the right buyer. Some homes are selling fast, but that’s not the norm right now. Your home must show well and be priced competitively. If you’re thinking of buying and selling, sell your current home first, or you might end up regretting it.

Buyers, this market is in your favour. Prices are down from last year, and so are interest rates. There’s plenty of inventory allowing you to find some great deals. Investors, it might be time to break open the piggy bank and pick up some cash-flowing properties.

Bank Of Canada

Where the market goes next will depend a lot on how quickly the Bank of Canada decides to lower interest rates. Inflation was up in May, so some are expecting rates to hold at 4.75% until September. We’ll get the employment numbers for June on July 5 and inflation figures on July 16, which will significantly influence the BOC’s decisions.

If you’re wondering what to do in this market, I’m Brad Wylde with GoWylde Real Estate, and we’re passionate about helping people build wealth through real estate. Let’s navigate this together!