Guelph Market Update for September 2024

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

The Numbers

September broke the usual trend in Guelph, with the market remaining stagnant. We didn’t see the typical uptick in sales. However, more sellers listed their homes, hoping to capture fall activity. Despite slower sales and increased inventory, prices have remained stable, contrary to expectations.
Here’s a quick breakdown of September’s numbers: Inventory saw the most significant change, with a 22% increase in listings. Sales remained flat, with a slight decline in homes sold. Year-over-year prices stayed consistent, with a modest 2% monthly increase.

Interest Rates

Recently, we’ve received more positive news, suggesting the housing market is poised to pivot. Several analyses indicate the Bank of Canada’s interest rate could drop to 3.75% by year-end and 2.5% by mid-next year. Inflation has hit the target 2%, and consumer confidence is rising.

Opportunities

The market presents opportunities. Investors are re-entering, often leading the way for other buyers. People anticipate price increases—some expecting modest growth, others more aggressive. Either way, it’s signalling an excellent time to buy.

Many potential upsizers delayed moving due to high interest rates, but with rates falling, they should feel more confident. For those looking to downsize to a condominium, now is also a great time, as the condo market remains slower than detached homes.

Questions? Reach out directly!