October 14, 2022 | Guelph Real Estate Market

Guelph Market Update for September 2022

Below you will find a Guelph Market Update for September 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 September 2022

For the 2nd month in a row, the Guelph market is looking like it has levelled off.  Is this really the bottom?  It’s still too early to tell, but it is looking that way.   

Across all housing types, the average sale price was up 2% from last month. That is the good news, but with April to July housing price reductions we are sitting equivalent to September 2021 prices. Basically at this point, we have lost a full year of appreciation. If you break it down by house type, both detached homes and condos were down slightly from last month while townhouse prices were up.  

The number of sales increased by 27% this month, but it is still a far cry from last September’s sales well into the bull market. More homes were listed in September than in August. Even more than last September.  

What does all this mean? It would appear the market is level. It is slower than we have seen in the last 24 months, but that market wasn’t sustainable.  

According to a recent survey commissioned by RE/MAX, 44% of buyers in Canada have decided to put their home-buying decision on hold for this year due to interest rates. Which makes no sense.  Are buyers waiting for prices to go up again? Yes, interest rates are up, but prices are down so much. Your payment right now will be similar to when interest rates were crazy low and prices were high.  But this is a much better scenario. Your downpayment is lower when prices are down.  And interest rates will not stay up for long, most financial experts agree the end of 2023 or 2024 interest rates will start to decline.

First-time buyers, upsizers and investors get out there & buy now before the 44% of buyers realize they missed the opportunity and go rushing back into the market next year causing prices to start accelerating again.   

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

 Neighbourhood Statistics

Central

Downtown, Exhibition Park, General Hospital, St. George, St. Patrick’s Ward, Dovercliffe Park/Old University

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West

Onward Willow, Willow West/Sugarbush

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North

Riverside Park, Victoria North

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East

Grange Road, York/Watson Industrial

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Kortright

Kortright East & West, Westview, Kortright Hills

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South

Clairfields/Hanlon Business Park, Pineridge/Westminster

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If you have any questions about the Guelph Market Update for September 2022 feel free to contact The GoWylde Team.

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