Guelph Market Review: 2023 So Far

As we reach the midpoint of 2023, it's a good time to look back and see how the market has been performing compared to last year. By analyzing the trends so far, we can gain insights for the second half of the year, helping you make informed decisions about your most important investment: your home and your family's future.

Detached Homes

Detached home sales have reached about half of the total sales recorded in 2022, which is a positive sign that we're on track to achieve similar figures as the previous year. This indicates a stable market condition with a similar level of activity compared to last year. The average sale price of detached homes has decreased from $1,020,248 in 2022 to $962,818. While this might affect those who bought homes last year, it still represents a significant 54% increase for those who made their purchases in 2019 when the average sale price was $624,464. Moreover, it shows a 6% rise compared to 2021 when the average sale price was $907,421. It's important to note that even though sales might be slightly lower than the same period last year, there's still potential for a rebound in sales volume and growth for investments made prior to last year.

What this means for Buyers

For potential buyers, the current moment presents a favourable opportunity. While qualifying criteria may have tightened, the good news is that home prices have decreased compared to the previous year. This means prospective buyers have a chance to enter the market or upgrade to a larger residence.

Another noteworthy trend in this market is the increased acceptance of conditional sales. This can be beneficial for both buyers and sellers because including financing conditions, for example, ensures progress with the assurance of available funds upon closing. Such conditions were more common before the market experienced a significant surge in activity.

Townhomes & Condos

Townhomes

As for townhomes, the average sale price is slightly lower compared to last year's figures, standing at $709,018 compared to $763,728 in 2022. Additionally, sales seem to be on track to reach similar levels as last year, with 242 sales so far compared to 448 in the previous year.

Condos

While the condo market in Guelph differs from larger markets like Waterloo region or Toronto, it's important to note that it's still in its early stages of growth. In response to increased housing demand, Guelph has made significant efforts to boost condo production. Recent changes in provincial regulations have led to a substantial increase in condo development to meet this demand. One key change involves adjusting zoning bylaws in the downtown area, allowing for the construction of buildings with up to 23 storeys, similar to the architectural structures at 150 Wellington and 160 MacDonell. While opinions may vary, this strategic decision will attract more residents to our lively downtown core, benefiting local businesses and fostering further growth. The city is actively making plans to accommodate these changes, including adjustments to roads and parking infrastructure. We're excited to see the final outcome, envisioning a transformed downtown landscape that caters to the evolving needs and aspirations of our community. 

Looking to buy or sell in Guelph?

For more information about our real estate services in Guelph and surrounding areas, contact us today! At Ghent Homes, we are here to help you navigate the local real estate market with confidence and ease. 

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