Guelph Market Update for October 2024

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

The Numbers

The Guelph market has been holding steady. Home sales have remained flat over the past three months, with average sales price experiencing a slight dip of about 2% month-over-month.. Looking at the past year, prices have stayed relatively stable, fluctuating slightly from month to month.

While prices have stagnated recently, it’s essential to recognize the long-term trend: prices have risen significantly over the last 13 years.

Prices peaked in April 2022. During that month, the average home price reached an all-time high of just over a million. However, by January 2023, the average price had decreased by to just under $750,000.

Since then, prices have been gradually recovering, and it seems the correction period is over. Moving forward, we anticipate steady, sustainable price increases that support the long-unsustainable spikes of the past.

Interest Rates

On November 8, the jobs report for October is anticipated to indicate a weakened labour market. The Bank of Canada will consider this data ahead of its next rate decision in December, with analysts widely expecting a 50-basis-point rate cut on December 11. If this happens, it will mark the fourth rate cut this year, bringing the total reduction to 150 basis points. Interest rates are now entering an attractive range, creating favourable conditions for buyers.

Opportunities

I believe we’ll soon see home sales return to more typical levels after two slower years. The next two months may be an ideal window to buy, as inventory remains available, and many buyers may temporarily pause their searches, reducing competition. This could be a perfect opportunity to purchase your first home or invest in a property.

Questions? Reach out directly!