Guelph Market Update for September 2023

Below, you will find a Guelph Market Update for September 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 August 2023

In September, the average real estate prices in Guelph increased by 7% compared to the previous month. However, the market dynamics seem to be shifting in favour of buyers due to sluggish sales and a surge in new property listings. Sales in September declined by 19% compared to August, and the number of available listings rose by 37%. While detached and townhouse prices increased, condominium prices dropped by 1% from August. These results were somewhat unexpected, as September typically witnesses an uptick in sales.

If the sales trend continues to remain lethargic, we might observe a potential decrease in prices in October, although I don’t anticipate it to be a significant drop.

September’s Inflation came in at 3.8, down from August’s 4.0, and core inflation dropped to 2.8 down from 3.3. Many analysts now believe that the BOC will continue to pause interest rates on October 25, which will be good news for Canadians.

Unless the real estate market experiences a significant upturn later this year, we can expect to find some attractive deals. This presents an excellent opportunity for first-time buyers with the necessary financing. Investors can also benefit from increased inventory, lower prices, and robust rental yields, making it easier to find properties with positive cash flow. For those looking to upsize their homes, it’s a favourable time, as properties in lower price ranges are selling better than their more expensive counterparts, narrowing the gap between selling and buying prices. For individuals buying and selling simultaneously, it’s advisable to sell first and then purchase.

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