Guelph Housing Market Stats – 2021 Year in Review
This video provides a 2021 Year in Review for the Guelph Housing Market. The conditions that made for an intense seller’s market in 2020 continued to fuel the market in 2021. Let’s take a look at some of the key stats relative to 2020:
- Median Sales Price was $720,000 – ↑ 22.1%
- Average Sale Price per Sq.ft. was $456 – ↑ 14.0%
- Total Number of Listings was 3,479 – ↑ 11.2%
- Total Number of Sales was 2,917 – ↑ 12.0%
Dramatically low inventory, a surge of local and out-of-town buyers, and historically low interest rates were the key driving factors for continued price increases throughout the year.
As the citywide median sale price rose by another 22% in 2021, we saw a significant jump in demand for condos. While many buyers’ lifestyle changes made detached homes the highest growing segment for 2020, the condo’s rise in popularity in 2021 is more likely based on affordability, as opposed to preference. In fact, the increased value in detached and semi-detached homes outpaced the price growth of condos in Guelph and the tri-Cities.
We see a similar story of 2021 throughout our local markets, including Kitchener, Waterloo, Cambridge, and the local townships. Double-digit price increases for the second year in a row, record-breaking activity levels, and growth in all segments of the market are a commonality throughout the region.
As we head into 2022, many industry leaders and professionals are predicting that this hot seller’s market will continue. While the politicians continue to talk about affordable housing, they seem to be doing very little about addressing the real issue, which is an imbalance of supply and demand. Until this issue is rectified with an increase in housing starts, we may be in for another competitive market this year.
CLICK HERE to view the full Market Report for November 2021, which includes a full statistical analysis of both Guelph, Wellington County, and Waterloo Region.
If you are considering buying or selling in 2022, please feel free to reach out to me. I would be happy to help you.
