Video Blog

This video provides the Guelph & Tri City Housing Market Stats for the month of August, 2022.  With the summer interest rate increases, we shouldn’t be too surprised to see continued downward momentum in the market.  Let’s take a look at some of the key stats relative to August of last year:

Guelph Stats:

• Median Sales Price was $665,000 – ↓ 8.3%
• Average Sale Price per Sq.ft. was $364 – ↓19.3%
• Total Number of Listings was 228 – ↓3.4%
• Total Number of Sales was 140 – ↓ 29.3%

Tri-City Stats:

• Kitchener: Median Sales Price was $650,000 – ↓ 4.3%
• Waterloo: Median Sales Price was $565,000 – ↓ 17.8%
• Cambridge: Median Sales Price was $663,500 – ↓ 8.2%

Each of our local markets have seen month-over-month price drops over the past few months, but this is the first month in which year-over-year median sale prices are down in all four of these areas.  Guelph was the last City to hold its prices, but is now down 8.3% year-over year.  The lack of sales is the key metric driving the lower prices, as inventory is down by only a small margin.

It seems clear that the desperation for buyers to enter the market has subsided, the Covid affect of people wanting change has diminished, and the continuous interest rate hikes have increased the cost of borrowing and subsequent mortgage payments enough for many buyers to hit the pause button on their searches.

With all of this in mind, all of our local markets are currently in a balanced state.  Despite all of the news headlines, it is actually a good market for making a move.  Buyers are able to purchase without competition in most cases, and sellers who price aggressively are still able to sell.  Buyers are even able to purchase with conditions again, and we are seeing a lot of sale of property conditions being accepted as well.  

If you are considering a move in the near future, please feel free to reach out to me.  With a little bit of patience and persistence, it is actually a good time to make your move.  Thanks for joining me, and have a great day!