THE PATH FORWARD

And just like that – it’s almost over.

It’s the final weekend of summer vacation, and I’m suffering from a case of vertigo because it feels like the Victoria Day holiday was only a few weeks ago, the market has been cruising in the stratosphere, we’re in a fourth wave of a never-ending pandemic – and then the fed’s throw an election at us!

Stop the ride! I’d like a few weeks of just hearing the wind in the trees and the lake lapping at the shore.

In all seriousness, as the seasons change, people’s priorities and goals change as well.

There is a strong pull to see life return to “normal”. While we won’t completely be going back to life the way it was pre-pandemic, we will be pulled back closer to the median. Schools are reopening to re-establish in-person learning, companies have adapted to new ways of doing business, and our local markets are settling in at new levels.

For the local real estate market, July and August saw the return of the summer doldrums. Sales levels dropped significantly, as you saw in the July Market Report, and we expect to see that trend intensify when we release the August reports in the following weeks.

While activity levels are down dramatically and competition has eased since spring and early summer, we did not experience a significant drop in the median or average sales price – and yes, there was still some crazy multiple offer madness going on. We felt a lot of the tension leave the market as many buyers took time to step back and enjoy the summer, while sellers held back from listing due to the lack of urgency with buyers.

Our sense is that September will return to “normal” – in that listings and sales activity will pick up significantly. With the number of sellers we have waiting in the wings, it looks like buyers will have more inventory to look at than in previous months, which should help keep both prices and the bidding wars in reasonable check.

Having said that, we don’t expect wholesale price decreases just because inventory levels could pick up. Despite an uptick in listings hitting the market, the overall demand is still very strong and remains higher than the supply can handle, which when combined with low mortgage rates and the ongoing economic recovery, prices will continue to move higher.

We anticipate that September and October will see a return to a very active real estate market. Supply will continue to struggle to keep up with demand. While it might begin to feel like a balanced market, expect the years-long seller’s market conditions to persist – just not quite as strong as earlier this year. We expect buyers to be a little more patient and reluctant to join bidding wars if they anticipate them.

THE PAST WEEK IN THE GUELPH REAL ESTATE MARKET

Activity levels in the past week were on par with what we’ve seen in past years. Keep an eye out in the following weeks for an increase in new listings as we enter the fall market.

Take a look at the full key week comparison below:

View the new sales reports at soldinguelph.ca

We’ve upgraded our sales reports! View the same weekly sales data you’re used to, with the addition of photos, maps & property details – imagine realtor.ca, but for sold properties! To access these new reports, you’ll just need to set up a login – it takes less than 2 minutes, and you can access the reports any day of the week!

HOW TO CREATE YOUR ACCOUNT

Click here to begin

Sign up using the email address you have subscribed to our blog with
You will receive an email – click the longer link in that email
On the page that opens, click “Log In” and create a password, confirm your password, and click “Submit”

HOW TO ACCESS THE REPORTS

Once you are logged in, click the “Menu” button in the top right corner. All of the reports you’re used to are available here, but instead of PDF reports, you’ll notice they look much like Realtor.ca property listings. Feel free to explore the new features of the site, and let us know your feedback.

NOT A SUBSCRIBER?

Sign up for our weekly blog and receive up-to-date information on local market conditions, plus receive exclusive reports with each week’s homes sales & sales price, for all of Guelph’s neighbourhoods and nearby cities. Sign up below to get instant access to this week’s sale prices.