Guelph Real Estate ResilianceThis place is not like other places
If you’ve been paying attention to the news recently, you probably encountered some “dire” reports about the state of the real estate market. Much of this news is derived from data provided by the Canadian Real Estate Association (CREA) based on MLS ® data from across the country.
If you’ve also been reading our Guelph Housing Market Report, though, you’d see that the national real estate market (or even more local ones, like Toronto, KW, and larger southwestern Ontario) doesn’t always follow the same trend or produce the same conclusions.
For example, this August 15th article on CBC News provides some Canadian MLS® data for July 2017. Let’s compare and contrast some of the statements from the article with our own July 2017 Guelph Housing Market Report (GHMR).
CBC: The average selling price has fallen 0.3% in July 2017 vs. July 2016.
GHMR: Guelph’s July 2017 median sales price increased 20.8% compared to July 2016.
CBC: The sales price has also fallen 5% compared to last month (June 2017).
GHMR: The Guelph median sales price has increased 4.3% compared to last month.
CBC: The number of sales in July 2017 fell 12% vs. July 2016.
GHMR: The number of Guelph sales fell 28.3% in July 2017 vs. July 2016.
The lesson to take away from this simple comparison is clear: when reading about national real estate stats, remember that the local Guelph market may behave quite differently than the rest of Canada.