Hope all is well with you. Below you will find a market update for October which will provide you with information on the local real estate market and recent sales activity in your specific area. 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

The Guelph market is still starving for listings, in the month of October, we had 198 active listing this is down 41% from the same period in 2015. The average price for a detached home in Guelph reached $484,000 in October. The average days on market for September and October was 9 days for detached homes. It hasn’t reached this low in this decade.

According to CMHC last market update for Guelph, the price of a house in Guelph is 50% less than an equivalent home in the Greater Toronto Area. We continue to see people moving from the GTA to the more affordable housing in Guelph. The warm weather has also helped to keep this market hot. Normally, the market begins to cool in November but this year there is no indication of it cooling.

Some buyers that were pre-approved prior to October 17, 2016 are still within their commitment period and are hunting for a home before their affordability drops when they have to use the post October 17th rules to qualify.

November 15, 2016 the finance minister announced that first-time buyer rebate on Land Transfer Tax is going to double from the current $2,000 rebate to $4,000. Under the current rules, if you purchase a single family home up to $227,000, you will not have to pay any land transfer if you are a qualified first-time buyer. Under the new rules, you would not have to pay any land transfer tax up to $368,000. The government has implemented this to give first-time buyer a break. The recent mortgage changes from October 17th of this year affected first-time buyers more than any other group with the new stress test. All indicators are for a very strong sellers’ market over the next few months.

Neighborhood Statistics

Below you will find a market update report which will provide you with information on the Guelph Market Report and recent sales activity in your specific area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!