The Monthly Numbers Issue

It’s that time again: the October Stats are out!

Let’s dive into the latest trends in the Guelph real estate market for October 2024. The median sales price increased by 1.3% to $770,000 compared to October 2023. Although still below the January 2022 peak of $951,000, this marks a 19% decrease from those heights.


Home sales in Guelph reached 144 in October, a rise of 29.7% from the previous year. The number of homes for sale surged to 445, up 30.9% from October 2023. New listings totaled 311, a 15.6% increase. Consequently, the average Days on Market rose to 22 days, a 46.7% increase, while the sales price per square foot dropped 3% to $455.


Thankfully, the market is stabilizing and normalizing, showing signs of health. According to RBC, October saw strong gains across Canadian markets, driven by a 125 basis point reduction in the Bank of Canada rate. This caused increased activity as buyers and sellers entered the market. Inventory levels have been sufficient to meet rising demand, keeping prices steady.

While this doesn't resolve the housing crisis, it unlocks certain market segments. September and October have brought positive news to Guelph's real estate market. Looking ahead, November is expected to outperform last year, continuing the positive trend from September. With the next Bank of Canada rate announcement just weeks away, the market anticipates a rate decrease.

The end of Q4 2024 could be intriguing if major mortgage lenders seek more market share by reducing retail mortgage rates. Will banks increase their margins, or will they compete for a larger share of the market? Stay updated with the latest Guelph real estate news and trends. Looking for more information? Reach out to one of our agents - their number one priority is keeping you up-to-date on what’s happening in today’s market.



And now for a unique opportunity…

The Deal of the Week!

This may not be for everyone.  This week’s deal is a purpose built 4-plex in Guelph. Renovated, updated (3 of the 4 units)  market rents, and located in a highly desirable neighbourhood.  This great little investment property shows a 4% Cap rate and a gross income of over $68,000 per year, and is ideal for a small residential investor as it still qualifies for residential financing.  

List Price:  $1,300,000 

Interested? Reach out to Paul Fitzpatrick directly for details and more information.



As always, thank you for reading & following along with us. We’re glad to have you along for the ride.

Enjoy the weekend!

Paul Fitzpatrick





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October 2024 Stats

THIS REPORT CONTAINS

  • October summary & analysis for Guelph

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

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

 
 

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!

 

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