fbpx

Video Blog

Home Buyers & Sellers

Guelph & Tri-City Housing Market Stats – November 2022

Featured Video Play Icon

This video and report provides the Guelph & Tri City Housing Market Stats for the month of November, 2022.  All four of our local markets have incurred median sale price increases since October, but let’s first look at the year-over-year metrics.  The following are some of the key stats relative to November of last year:

Guelph Stats:

  • Median Sales Price was $732,950 – ↓ 10.6
  • Average Sale Price per Sq.ft. was $463 – ↓ 12.1%
  • Total Number of Listings was 172 – No Change
  • Total Number of Sales was 106 – ↓ 42.4%

Tri-City Stats:

  • Kitchener: Median Sales Price was $680,000 – ↓ 11.7%
  • Waterloo: Median Sales Price was $739,000 – ↓ 7.7%
  • Cambridge: Median Sales Price was $697,500 – ↓ 10.0%

To view our full market report, CLICK HERE.

Based on these year-over-year figures, it really looks like our local markets are struggling.  However, as I mentioned earlier, Guelph, Kitchener, Waterloo, and Cambridge all incurred median price increases over the past month.  In fact, all of these markets with the exception of Kitchener have rolling price increases if we look at the past five months worth of data (i.e., July through November).  And Kitchener’s median sale prices are only down by a small margin from July to November.  

The reality of our market is that the Bank of Canada’s interest rate increases have slowed down sales significantly.  The number of sales have generally been on the decline in all of our markets since the rates started going up.  However, new listing inventory has remained low throughout the year, which has kept months supply of inventory relatively low historically speaking.

In a nutshell, we have shifted from a hot sellers market to a balanced market.  With this shift comes a shift in how buyers and sellers should navigate this market.  This is something I would happily discuss with you if you are considering a move in the near future.  If the timing is right for your family to make a move, this market is in a good balanced state to make that happen.  

Please feel free to reach out any time.  Thanks for joining me, and have a great day!

Leave a Reply

Your email address will not be published. Required fields are marked *