Guelph Market Update for March 2023

Below you will find a Guelph Market Update for March 2023, 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 March 2023

The Guelph market in March continued to rebound, with the number of homes sold increasing by 40% from last month. The average sale price of detached homes rose by 2%, while townhouses and condos were down 3% and 7%, respectively. However, the 3-month rolling average prices are trending upward across all housing types. 30% of the homes went to multiple offers, and we are in a healthier market with more sales due to increased buyer confidence.

Interest Rates

March was filled with good news; on March 8th, the Bank of Canada paused its interest rates, and inflation dropped to 5.2% in February, which was better than expected. The BOC anticipates that inflation will be 3% by mid-summer, which is at the high end of the target range. The USA did raise its interest rates by 25 basis points on March 17th, but with the bank failures in the USA, they will likely pause them, which makes it more likely for BOC to continue to hold. Many previously hesitant buyers have started looking again; others indicated they would jump back in after a few months of paused rates.

Opportunity

This market presents opportunities for specific sellers and buyers. For buyers looking to purchase an investment property, rents are high, prices are down, and vacancies are low. All these are major positives. A window of opportunity exists for first-time buyers; plenty of homes are available, prices are relatively flat, and you can purchase with conditions. If you currently own a home in Guelph and want to move to a less active area, it is a great time to sell and purchase. For sellers looking to buy and sell, this is a safe market. It is a risky time for flippers if they are looking for quick profits.

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