Guelph & Tri-City Housing Market Stats – October 2022
This video and report provides the Guelph & Tri City Housing Market Stats for the month of October, 2022. With another Bank of Canada rate increase announcement, let’s take a look at how the housing market did in October. The following are some of the key stats relative to October of last year:
Guelph Stats:
- Median Sales Price was $725,000 – ↓ 13.4%
- Average Sale Price per Sq.ft. was $462 – ↓8.7%
- Total Number of Listings was 193 – ↓ 4.4%
- Total Number of Sales was 149 – ↓ 23.2%
Tri-City Stats:
- Kitchener: Median Sales Price was $675,000 – ↓ 12.5%
- Waterloo: Median Sales Price was $740,000 – ↓ 9.0%
- Cambridge: Median Sales Price was $678,750 – ↓ 12.6%
Click Here to view our full Market Report.
As you can see, all four of our local markets incurred year-over-year price drops in October. The main driver of this is the diminishing number of home sales. With high inflation, increasing interest rates, and a shifting mindset about the state of the market, many buyers have hit the pause button with their searches. They are sitting on the sidelines waiting for a sign to know whether it is a good time to buy or sell.
For those looking to upsize, now may be a good time to do just that. When property values are declining as they are right now, the price difference between your current home and your ideal (larger) home decreases, making the increase in mortgage and/or moving costs less than what they would be in a higher market with increasing prices.
If you are considering upsizing, there are a few key considerations to keep in mind. You will want to first discuss the feasibility with your lender from an approvability perspective. And of course, you will want to ensure that the potential increase in mortgage payments is affordable, and that you have financial stability and job security.
This is just one example of an opportunity in this market, and there are plenty more. If you are considering buying or selling, I am happy to have an open discussion with you about the market, and help you with any of your real estate needs. Please feel free to reach out to me any time. Thanks for joining me, and have a great day!