2024 Guelph Real Estate Market Recap
Looking back at 2024, the Guelph residential real estate market initially faced challenges as it struggled to find momentum under the weight of high interest rates. These elevated rates created significant affordability issues for homebuyers, resulting in sales volumes well below normal levels for much of the year. It wasn’t until June that we saw the first interest rate reduction, and with the Canadian economy edging closer to a recession, the Bank of Canada responded quickly. Over the next several months, rates were reduced from their peak of 5% to 3.25%, through five quick cuts—including two of 50 basis points.
By October, we began to see the market react positively, with transaction volumes increasing by 44%, followed by a 40% jump in November. With further rate cuts expected in 2025 and home prices still below historic highs, we anticipate an improved market outlook for the coming year. By year-end, Guelph saw an increase in sales volume, while home prices were down overall by 1.3% compared to 2023.
2024 Home Sales in Guelph
In total, there were 67,610 home sales across the province, and Guelph saw a more balanced market with increased inventory levels throughout the year. By the end of 2024, Guelph’s market could be considered a buyer’s market, with 2.4 months of available home supply. This continued supply kept upward pressure on home prices in check. The average selling price for detached homes in Guelph was $918,358, a slight decrease of 3.2 from the 2023 average.
The semi-detached, and townhouse segments performed better in terms of price stability, but where still down. Many potential first-time buyers began entering the market as rate cuts started directly impacting the condo/apartment market in Guelph which was up 2% in 2024.
Looking Ahead to 2025
As we move into 2025, we expect renewed optimism in Guelph’s real estate market. Further interest rate cuts should help stimulate greater sales volume and price growth, particularly in single-family homes. However, the condo/towns market may continue to face headwinds, with a large number of newly completed condo/towns units come to market, many of which will be listed for sale or lease. Despite this, there will be certain condo types and locations that remain strong.
As always, we’re here to assist you with any real estate questions or plans in 2025. If you’re considering buying, selling, or investing in real estate this year, we’re just a call or text away. We’d love to help you navigate the market and find the best strategies to suit your needs.
Best wishes for a successful and prosperous 2025!
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