Guelph & Tri-City Housing Market Stats – March 2023
This video and report provides the Guelph & Tri-City Housing Market Stats for the month of March, 2023. For the third 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 February of this year:
Guelph Stats:
- Median Sales Price was $742,000 – ↑ 0.6%
- Average Sale Price per Sq.ft. was $511 – ↑ 0.2%
- Total Number of Listings was 250 – ↑ 19.6%
- Total Number of Sales was 185 – ↑ 34.0%
Tri-City Stats:
- Kitchener: Median Sales Price was $730,000 – ↑ 4.3%
- Waterloo: Median Sales Price was $751,000 – ↑ 0.3%
- Cambridge: Median Sales Price was $686,000 – ↓ 3.4%
For the third month in a row, all of our local markets with the exception of Cambridge have experienced a median sale price increase. And as we head into the Spring market, new listings and new sales have increased month-over-month. Given the current sales to new listings ratio, all four of our local markets are currently considered to be a seller’s market.
With this in mind, the current Real Estate market is not nearly as active as it was this time last year. The number of new listings in Guelph, Kitchener, Waterloo and Cambridge range between 30-50% lower than they were in March 2022. And the number of new sales are 28-43% lower. Full details for each individual market can be viewed in the full report.
The next scheduled date for announcing the overnight rate target is April 12, 2023. The Bank of Canada will publish its next full outlook for the economy and inflation, including risks to the projection, in the Monetary Policy Report at the same time. Most industry experts believe that rates will be temporarily held again, and if this happens market prices may continue to rise over the next few months.
In a nutshell, the current market is one in which buyers can buy with moderate competition levels, and seller’s can expect to sell quickly at increased price levels. It is a good market to both purchase and sell. If you are considering a move, please feel free to reach out to me. I would be happy to help you out!
Thanks for joining me, and have a great day!
CLICK HERE to view the full market report.
