Guelph & Tri-City Housing Market Stats – November 2023
This video and report provides the Guelph & Tri-City Housing Market Stats for the month of November, 2023. The market is cooling, which is expected for this time of year. But before we dissect it, let’s take a look at the key month-over-month stats relative to October of this year:
Guelph Stats:
- Median Sale Price was $745,000 – ↓ 2.0%
- Average Sale Price per Sq.ft. was $498 – ↑ 1.6%
- Total Number of Listings was 205 – ↓ 22.6%
- Total Number of Sales was 101 – ↓ 9.0%
Tri-City Stats:
- Kitchener: Median Sale Price was $675,000 – ↓ 1.0%
- Waterloo: Median Sale Price was $714,000 – ↓ 8.2%
- Cambridge: Median Sale Price was $711,000 – ↓ 3.6%
CLICK HERE to view the full market report.
In my opinion, this past months stats can be significantly attributed to normal seasonal trends. It is normal for things to slow down in November and December, and that is exactly what we are seeing in the marketplace. As already noted, all four of our local markets had price decreases, with Waterloo having the greatest decline at 8.2%. This is a time of year in which we can expect to see both the number of new listings and the number of sales decline until we reach the Spring market.
Looking at year-over-year figures, both Guelph and Cambridge have slightly higher median sale prices, and Kitchener and Waterloo are both down slightly. Three out of the four markets have seen increases in new listings, and decreases in sales year-over-year. Kitchener is the only outlier, as the number of home sales in Kitchener is up by 2.6%.
The market is in a balanced state, with a relatively equal amount of supply and demand. Although, it should be noted that we have been trending from a seller’s market toward a buyer’s market, and if this trend continues we should expect to see ourselves in a buyer’s market before the end of the year. However, with the Bank of Canada’s recent announcement to hold the rate, perhaps buyers will gain confidence and buck this trend.
Stay tuned to find out what next month brings! Thanks for joining me, and have a great day!