Guelph & Tri-City Housing Market Stats – February 2023
This video and report provides the Guelph & Tri-City Housing Market Stats for the month of February, 2023. For the second month in a row, we have seen housing price increases in most of our local markets. The following are some of the key stats relative to January of this year:
Guelph Stats:
- Median Sales Price was $740,000 – ↑ 2.1%
- Average Sale Price per Sq.ft. was $507 – ↑ 0.8%
- Total Number of Listings was 209 – ↑ 33.1%
- Total Number of Sales was 137 – ↑ 38.4%
Tri-City Stats:
- Kitchener: Median Sales Price was $700,000 – ↑ 2.9%
- Waterloo: Median Sales Price was $749,000 – ↑ 2.3%
- Cambridge: Median Sales Price was $710,000 – ↓ 6.0%
With the exception of Cambridge, our local markets are seeing median sale price increases for the second straight month. The market appears to be rebounding with a healthy amount of buyers and sellers looking to trade in real estate. Both new inventory and number of sales are on the rise in all four of our local markets.
With this said, our current level of new inventory and new sales pale in comparison to what the market was like this time last year. In February 2022, there were roughly 30-50% more new listings and new sales than there were last month. But these lower activity levels are a good thing. As we found out throughout the remainder of 2022, the market we were in this time last year wasn’t sustainable.
While we are technically in a seller’s market in Guelph, Kitchener, Cambridge, and Waterloo, we are in a healthy market in which buyers are able to purchase with conditions, and sellers are able to get their homes sold relatively quickly.
With the most recent Bank of Canada rate hold, I expect to see the market continue to gain strength as we head into the Spring season.
If you are considering buying or selling in the near future, please reach out to me any time. I would be happy to help you. Thanks for joining me, and have a great day!
CLICK HERE for the full February market report.
