Guelph Market Update for October 2023

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

As we enter November, the real estate scene is still pretty slow. The number of homes sold in October didn’t change much from the not-so-great numbers in September. In Guelph, the average price of homes took a hit, dropping by 4%. On the flip side, condo prices went up by 10%.

Usually, the market tends to soften in November and December, then rev up again in January. In most years, the available homes become scarce. But this year, we’ve got plenty of houses on the market, and the prices are down. So, if you’re a buyer, this market is in your favour.

On October 6, the Bank of Canada hit the pause button on interest rates for the second month in a row. Most experts think there won’t be any more hikes this year. Even though the Bank of Canada says they’ll raise rates if needed, analysts are betting that interest rates will start to drop in the second quarter of next year. With 60% of Canadian mortgages coming up for renewal in the next couple of years, keeping interest rates where they are would be a disaster.

If you’re a buyer, now’s the time to snatch a property. If you’re selling, make sure your home is priced right and looking its best. It is a good time to get a real estate consultation to boost your home’s value and presentation. To lower your financial risk, sell first and then buy.

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