Video Blog

This video provides the Guelph & Tri City Housing Market Stats for the month of September, 2022.  For the first time in a while, housing prices have increased.  Let’s take a look at some of the key stats relative to September of last year:

Guelph Stats:

• Median Sales Price was $745,000 – ↓ 0.8%
• Average Sale Price per Sq.ft. was $480 – ↓2.0%
• Total Number of Listings was 253 – ↑ 15.5%
• Total Number of Sales was 143 – ↓ 25.1%

Tri-City Stats:

• Kitchener: Median Sales Price was $710,000 – ↓ 2.2%
• Waterloo: Median Sales Price was $701,000 – ↓ 6.9%
• Cambridge: Median Sales Price was $705,000 – ↓ 5.1%

As you can see, all four of our local markets incurred year-over-year price drops in September.  However, Guelph, Kitchener, and Cambridge all have month-over-month price increases relative to August.  

In Guelph, the median sale price was up by 2.8% month-over-month.  This is the first monthly price increase since March of this year.  This increase likely resulted from the 24.4% increase in home sales in September, relative to August.  Even though inventory is also on the rise, the higher number of sales created a small surge in the market and its prices.  This isn’t overly surprising, as September is generally a busy month in the market, with plenty of families looking to make a move before the New Year.

The question is, whether this upward price momentum will continue through October and into the winter.  Only time will tell, but the Bank of Canada’s next interest rate announcement is set to take place on October 26.  With the expectation of another increase and generally slower winter months, I expect that prices will flatline or begin to come down again.  Even if this does happen, the market is balanced with plenty of opportunities for both buyers and sellers.

If you are considering a move in the near future, now could be a great time!  Please feel free to reach out to me.  I would be happy to help you with your real estate needs.  Thanks for joining me, and have a great day!