It’s All About the Numbers

The November numbers have been calculated and are now available.

Let’s get into the numbers.

Guelph is red across the board compared to Nov 2021, with sale price and the number of sales down compared to last year. Overall sale price is down 10.6%, and sales are down 42.4%.

Compared to last month, it has remained relatively stable, with the median price in Guelph only up 0.7% since October and still hovering around the same price. 

Kitchener has also slightly increased since last month, up 0.3%, along with Waterloo up 0.1% and Cambridge up 2.7%. Centre Wellington is the odd one out, down 10.6%.

Our three month trend shows Centre Wellington, Guelph Eramosa, and Puslinch all have landed in a balanced market, while Guelph remains a seller’s market. 


While Guelph is technically not yet in a balanced market, we seem to be inching closer and closer to it - perhaps meaning more peace of mind as the market becomes more predictable after the crazy ride we’ve had the last couple of years.


This is all sounding like the market is finally becoming balanced and things are cooling off - right?

But the real estate market doesn’t develop in a vacuum.


Here’s the curveball. 


Throw in a 0.5% increase in the Bank of Canada prime rate and the developing story is that housing will be the sacrificial lamb in taming inflation.

 

In our opinion, there isn’t much else the Bank of Canada can do since the stated goal is to get inflation pushed down to the 2% objective. Tiff Maklem, the current governor of the Bank of Canada, also hasn’t ruled out 1 or 2 more increases before he’s satisfied that inflation has been tamed.  

The reality of this current economic situation is that the housing market is in for some pain for the next 12-18 months.  Prices are likely to back off even more as interest rates push affordability down even further. As this story line develops it’ll be interesting to see whether demand levels off or remains constant.  Remember, inventory levels still haven’t recovered to turn this into a buyers market. 

What impact will this have on prices, demand and overall activity in our local market? Particularly when the region is continuing to grow.  

2023 is looking to be anything but boring in the real estate market.  

So will this balanced market be here to stay? And how will inflation impact the market?

Stay tuned.

Enjoy your weekend.

Paul

 

CHECK IT OUT! WE’VE JUST RELEASED OUR

NOVEMBER 2022 MARKET REPORT

THIS REPORT CONTAINS

  • November 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 KW Home Group Realty Journey

 

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