Guelph Market Update for November 2022

Below you will find a Guelph Market Update for November 2022, 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 November 2022

https://youtu.be/GF3Z8flVH0I

The Guelph real estate market in November was a bit frosty, but I see sunnier days ahead.

The number of homes to sell this month was 33% less than the pre-pandemic numbers and significantly lower than they have been in the past 10 years. The average price of homes dropped by 1% from October. Detached dropped 5%, but that number is skewed because there were very few luxury homes to sell.

In November and December, we normally see both the number of sales and prices drop and then pick up in 2^nd half of January. There was 29 days on market, which is one day higher than it was last month. All of this is indicating the Guelph market is levelling off.

The BOC announced another interest rate increase of 50 basis points which brings the overnight rate to 4.25%. This is a 4% increase from the overnight rate in February this year. Most analysts are predicting that this will either be the last interest rate increase at least very close to the last one.

The good news is that we will likely see interest rates start to drop in the 2nd half of 2023, giving some relief to homeowners with variable-rate mortgages. This market will bounce back, demand is high, and immigration numbers are high. Most immigrants settle in Ontario and BC, which will put additional demand on housing here in Guelph.

For first-time buyers and investors, it is an opportune time to buy, prices are low, and the high-interest rates are predicted to start to decline in 2023 or latest, 2024. There are houses on the market, and some sellers are motivated to sell.

If you passed on looking for a house during the crazy bidding wars, this is your market to buy. If you are thinking of upsizing, these are this is the best market to do that in. You can either sell first with plenty to buy or buy first and use a sale of property condition. Also, the gap between higher-end homes and your current home is the lowest in this market.

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