Hey There Clients and Friends,
We hope you and your loved ones had a cozy winter and took advantage of the few magical snowy days we had this season. Definitely a tough year for local ice rinks, snowmobiliers, and ice sculptors! With the seasons slowly changing, so is the market—let’s recap how things unfolded this winter, and talk about what we can anticipate this spring.
The winter market in Guelph slowed down through December and January as many people were enjoying their holidays, spending more time with family, and gearing up for the new year. Since then, we’ve seen a surge of activity in February and March as mortgage rates have levelled out and are predicted to drop throughout the year. As of March, listings in Guelph are selling in 2-3 weeks, significantly quicker than January where it was taking 4+ weeks. We are already experiencing a busy spring market in the $700,000 – $1,000,000 range for detached entry-level homes, sometimes selling with multiple offers. On the other hand, homes listed above $1,000,000 seem to be moving slower. As expected, the arrival of warm and sunny days is pushing our market into action. As the days get longer, trees get greener, and we all come out of our winter hibernation, there is a lot more activity in the market. Let’s take a look at how different types of homes have been selling so far this March.
The high price of rent in our city has been a hot topic for some time now. The rental market remains consistent, especially for student housing. High demand and low supply, coupled with increased mortgage rates for landlords, has resulted in students paying $800-$1,000/month per room. For the most part, 1 bed, 1 bath units in Guelph rent for ~$2,200, and 2 bed, 2 bath units for ~$3,000. It can be challenging to make the numbers work for an investment property in this market, but it’s not impossible!
With mortgage rates predicted to decline, warm weather on the horizon, and limited homes for sale, all signs are pointing to an increase in prices this year. Get in touch with us so we can help you get ahead of the chaos. We’ve been through fast, slow, and hectic markets—we can help guide you!
Check out our featured listings page. If you or anyone you know may be interested in one of these listings, give us a call. We appreciate your support!
John, Collette, and Owen