THE SEPTEMBER REGIONAL NUMBERS EDITION


Amazing that it’s Thanksgiving already! 



A number of people would argue that there’s not much to be thankful for in the real estate market right now.  For me, it’s not so black and white.  Much like the fall weather, we need to accept that real estate market conditions will be varied for a while. 


Jumping right in, it’s a mixed bag for the market in the entire region and as you dive into the different markets and submarkets, like condos or detached houses, we find a bit of something for everyone.  


One thing we can all agree on is that year over year for the month of September sales are down across the board.   Home sales for Guelph were down 25% in September over September of 2021.  Waterloo is down by 31.7%, Kitchener 28.9%, Centre Wellington (Fergus & Elora) 21.6%.  The bright spot is Cambridge is only down by 15.6%.  


Prices are also pretty consistent in that overall, they are now lower this month compared to September of last year.  Guelph, being Guelph, leads this category with the stickiest prices and only down 0.8% year over year. Kitchener is down 2.2%, Waterloo 6.9%, and Cambridge 5.1%.  With the exception of Waterloo, September’s prices were all marginally higher than  August 2022 prices.   


This is the variability I’ve mentioned in the past.  The market is bouncing around adjusting to the higher rates and the “end” of covid, trying to find a consistent level again.  August was a very quiet month. Interest rates and the last gasp of summer meant open houses were deserted and buyers were scarce.  September saw a bit of a bounce back.

The question on everyone’s mind is: have we found a bottom to the market, already? Or was September a bit of a bounce only to see October drop below August levels? 

Here’s the bright spot.  


If you bought your home or investment property anytime before August of 2021 you are still in positive territory. In fact, all four of our regional markets are currently in a balanced market as we head into what is traditionally the shoulder season for real estate.  

Have we found a bottom to the market?  Not likely until interest rates stabilize again or pull back.  Fundamentally, I still believe there is strong and growing demand for housing in our region.  I don’t see a mass exodus from Southwestern Ontario reversing the steady influx of newcomers to our area.  The regional September Stats are available for your reading pleasure and linked below. 

In the coming weeks we are going to be exploring the “affordability” challenge in our real estate market.  We will explore what it takes to own a home in today’s market, the cost, the income needed and does our region have those jobs that support our current and future housing market.  

Stay tuned.  

Happy Thanksgiving to you and your families. We live in a country and community of plenty. I’m grateful for this and all that our predecessors have done to contribute to our abundance.  

Enjoy the long weekend.  

Paul




 

CHECK IT OUT! WE’VE JUST RELEASED OUR

SEPTEMBER 2022 MARKET REPORT

THIS REPORT CONTAINS

  • September summary & analysis for Guelph

  • Neighbourhood breakdown for Guelph

  • Full home type breakdowns for Guelph, Kitchener, Waterloo & Cambridge

  • Township comparisons: Puslinch, Guelph/Eramosa, and Centre Wellington

 

THE PAST WEEK IN THE GUELPH REAL ESTATE MARKET

Take a look at the full key week comparison:

 

Are you curious what homes in Guelph are really selling for?

View today’s sales prices, plus photos, maps & property details – imagine realtor.ca, but for sold properties!

 

Learn more about the Home Group Realty Journey

 

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