Guelph & Tri-City Housing Market Stats – June 2023
This video and report provides the Guelph & Tri-City Housing Market Stats for the month of June, 2023. With the Spring market passing by, market prices have dipped in most of our local markets. The following are some of the key month-over-month stats relative to May of this year:
Guelph Stats:
- Median Sales Price was $819,250 – ↓ 2.3%
- Average Sale Price per Sq.ft. was $538 – ↑ 3.0%
- Total Number of Listings was 306 – ↑ 8.5%
- Total Number of Sales was 188 – ↓ 7.4%
Tri-City Stats:
- Kitchener: Median Sales Price was $760,000 – ↓ 2.9%
- Waterloo: Median Sales Price was $775,000 – ↓ 1.8%
- Cambridge: Median Sales Price was $785,005 – ↑ 2.6%
CLICK HERE to view the full June market stats report.
Since the start of the year, we have seen housing prices steadily rise. Not the kind of spikes we encountered during the pandemic, but a more stable rise that was largely due to a continuous shortage of listing inventory and steady demand. However, with new listings on the rise and slightly lower demand, it makes sense that three out of four nearby cities incurred decreases in home prices last month.
If we look at year-over-year prices, all four of our local markets have seen median sale price increases. Guelph is up by 3.1%, while Kitchener, Waterloo, and Cambridge are up by 4.1%, 6.0%, and 7.5%, respectively. These types of year-over-year price increases are what we would commonly perceive as normal, reasonable growth in a healthy market.
The next couple of months will be interesting. With the Bank of Canada increasing rates in early June, coupled with a seasonal slow down, I can certainly see lower prices being the trend throughout the summer.
If you are in the market to buy, the next couple of months may provide you with a good opportunity to purchase without too much competition. It will still be important for you to be ready and have your ducks in a row, as we are still experiencing a seller’s market. Homes are still selling within two weeks on average, and the good ones are selling faster than that!
If you are considering a move, please feel free to reach out to me. I would be happy to help you navigate the market and find the right home for you. Thanks for joining me, and have a great day!
