Guelph Real Estate Market Update: Trends, Tips, and What’s Next for Buyers
Hey everyone! I hope you all had a great Halloween and that the kids are still enjoying their candy stash. October is behind us, which means it’s time to take a closer look at the latest trends in the Guelph real estate market and what you can expect over the next few months as we head toward spring.
I pulled these stats from the MLS back end, focusing specifically on Guelph to give a clear picture of what’s happening locally. The trends we’re seeing are very telling, and if historical patterns hold, they offer some valuable insights for both buyers and sellers.
October Snapshot: Sales and Pricing Trends
In October, we saw 139 property sales within Guelph. October typically brings a slight bump in sales compared to September, but things often start slowing down by November and dip further into December. This seasonal trend aligns with what we’ve observed in previous years, where sales volume hits a low in December. The pattern is already beginning to emerge with a small dip in the median sale price from September to October.
What to Expect Moving Forward
Based on past years, it’s likely that prices will stabilize or dip slightly from now until December. But here’s the critical part: January traditionally marks the beginning of an upward trend. Given that interest rates are beginning to ease, we could see an even stronger climb this time, starting in early 2025. February through June is typically the peak season in Guelph, with prices and activity levels both increasing steadily during this period.
If you’re considering buying, December may be the best opportunity to take advantage of lower prices and quieter market conditions before the inevitable uptick. Locking in a deal during this time could allow you to capitalize on price growth expected in the spring.
Interest Rates and Mortgage Options
With interest rates expected to decline further, we might see two more rate cuts within the next several months. This is likely to bring more buyers back into the market, especially as we move into January. If you’re ready to take action, consider speaking with a mortgage agent about a variable rate that can be converted when rates reach their lowest. Or, if you prefer stability, there may still be competitive fixed rates available. Starting December 15th, buyers can also access a 30-year amortization, which could make those monthly payments a bit more manageable.
Preparing for a Strong Spring Market
The spring market in Guelph is typically strong, and with the current conditions, we’re likely in for a particularly busy season. Interest rate cuts, coupled with a buildup of potential buyers who’ve been waiting on the sidelines, are set to create increased competition, especially from investors looking to align with the University of Guelph’s rental market schedule.
Final Thoughts
If you’re on the fence about buying, now is the time to start preparing. Talk to your agent, or reach out to our team if you’re looking for guidance. Whether you’re in the Guelph area or beyond, we’re here to help you navigate your options and find the right opportunity.
Stay tuned, and I’ll keep you updated on market trends as we move through the final months of 2024. Looking forward to a strong start to 2025!