The average home price last month in Guelph and district was $829,900, a 2.3 per cent bump from April.
The district includes Elora, Fergus, Rockwood, Mapleton, Centre Wellington, Puslinch, Aberfoyle, and Morriston.
This is information based on the home price index from the Canadian Real Estate Association (CREA). The price index is based off of home sales from the Canadian MLS systems.
Nationally there was a 2.1 per cent increase in home sale values from April to May.
Compared to one month earlier, in April the average home price in Guelph and district increased by 2.3 per cent. It has increased by 4.9 per cent since three months ago.
Six months ago it has increased by 0.6 per cent.
A year ago the average home price is down by 10.6 per cent.
Three years ago the average price is up 40.6 per cent. Five years ago it is up 59.4 per cent.
“A rebound in housing activity this year was never really in doubt because we knew the demand was there – the only question was around timing and that was answered this spring,” said Shaun Cathcart, senior economist at CREA, in a press release.
“The 2023 housing puzzle piece that was less obvious was the reluctance of existing owners to take advantage of a slower market to make a move because they don’t want to mess with the ultra-low fixed rates they locked in during the COVID-19 pandemic. Without existing owners supplying the market with new listings, this housing demand rebound may play out more acutely than might have been expected on the price side this year,” said Cathcart.
