Q3 Report for 2023
Throughout the third quarter of 2023, we saw sales decline while inventory increased. We are now experiencing greater supply than demand. Sale prices throughout Q3, however, have remained relatively stable.
Guelph’s South end and midtown have maintained an average sale price of over $1M+, for detached homes. The West end saw a surge compared to last year in the list to sale ratio. This may be the only area still showing signs of a slight seller’s advantage. The East end of Guelph may still be a popular area for buyers moving from the GTA, where we saw a bump in detached sales. The North end saw a decline in sales which is likely due to the deceleration of new builds. Compared to Q2, there was a significant decline in condo sales in the downtown area.
There are buyers who will be looking and waiting to capture a “deal” in this market. We strongly believe that if you feel it is the right time to buy, you have spoken with your lender, you have your pre-approval and are comfortable with your budget, then the next step is to begin touring and viewing houses. Take your time to understand the market with the help of your trusted real estate team, and you will have a successful buying experience.
The Bank of Canada recently announced that there will be no further rate increases for now. This is welcomed news for many. We are predicting buyers may begin feeling more confident to buy now as things level out. It is a great time of year to get out and see houses!
As always, let us know if you have any questions about the current market, or buying or selling your home. We’re always happy to talk about real estate!