The Guelph real estate market has seen a near record-worthy year in 2016 with home sales continuing to be at or close to all-time highs.
This past September, Guelph narrowly missed setting a record for the month in home sales. The total number of homes sold was only four less than September of 2014, which was when the home sale record was set.
While the number of homes sold in September of 2016 didn’t surpass that of 2014, the 248 units sold did show an increase of 10.7 percent over the units sold in 2015.
Of the homes that were sold in September of 2016, the average price was $464,051. This figure is 17.7 per cent higher than the average price of the homes that were sold in the same month of 2015.
The total number of Guelph homes for sale that were still listed at the end of September 2016 is down 49.6 per cent from the total listed at the end of September 2015. A mere 301 listings were still active on the Canadian Real Estate Association’s system at the end of September this year.
Less and less units still have active listings because more and more units are being sold! There were 276 total sales of all property types in Guelph this past September. That is an increase of 15 per cent from September of 2015. This is evidence that there continues to be a great demand for homes for sale in Guelph.
The economic trends that have boosted the Guelph real estate market are also continuing to trend upward. With unemployment rates for Guelph declining to 4.9 per cent in September after they spiked at 5.7 per cent in May, mortgage rates are also slightly declining.
The current average mortgage rates in Guelph, as of September 2016, were lower than those of July and August for mortgages with 5-year terms.
With mortgage rates on a downward trend, now is the time to buy!
As your Guelph real estate agents, part of our responsibility to our clients is staying informed of the latest Guelph market news and trends. This knowledge allows us to continue offering competitive rates as well as other important mortgage related advice to our clients.
Contact your trusted Guelph real estate agent today for more information or with any questions you may have. We are here to help anyone on the move!
Source: http://creastats.crea.ca/guel/
Source: https://www.cmhc-schl.gc.ca/odpub/esub/64239/64239_2016_Q04.pdf?lang=en
