The real estate market in Guelph and Wellington County is always of interest and last year, it ended on a high note.
That’s thanks to consistently stronger activity throughout the fall. The Bank of Canada reduced the overnight lending rate several times and there was greater consumer confidence. Even the weather helped, with milder temperatures enticing buyers and sellers into the marketplace.
There was, it should be noted, one significant change made to the way numbers are reported in December. That month the OnePoint Association of REALTORS® transitioned to a new Multiple Listing Service—and for this reason, there may be inconsistencies with the data. Even so, December was still very robust in terms of listing and sales activity, especially when compared against the previous year at the same time. This can also be said for other neighbouring municipalities that did not change their MLS systems.
Key figures for December 2024:
- Year-over-year sales volume was up almost 74%
- Sales increased by 57.8%
- New listings were up about 56%.
While this data may be slightly skewed, an increase in sales activity was apparent every day. Neighbouring markets also experienced similar increases in market activity.
Sales volume in neighbouring areas:
- Cambridge – up 44%
- Kitchener/Waterloo – up 25%
- Hamilton – up 18.48%
Unit sales saw similar increases, according to data collected by the Cornerstone Association of REALTORS®:
- 40% more sales in Cambridge
- Almost 20% more in Kitchener/Waterloo
- Up almost 16% in Hamilton.
“Overall, 2024 saw a general increase in activity over 2023. Sales volume and unit sales were up 6.49% and 6.37% respectively while new listings increased by 15.34%. However, while sales were closer to our ten-year average, they were still below sales levels seen in 2022,” says Jeff Morley, Broker of Record, Royal LePage Royal City Realty.
These trends were consistent across the country. According to the Canadian Real Estate Association, home sales rebounded nationally in the 4th quarter and were up 10% from the third.
There were several challenges in 2024, of course, including high interest and inflation rates. The volatility continues and there is some uncertainty moving into 2025, with tariff threats from the United States, continued inflation risks, and lower population growth forecasted for this year. This will also be an election year for Canada.
“In spite of all that, optimism remains after successive rate reductions in 2024 of 175 basis points and an additional 100 basis points in rate cuts anticipated for 2025. Moreover, many have waited on the sidelines for rates and market conditions to improve and are poised to enter the marketplace,” says Morley.
“We are expecting a busy spring market and, in general, a rebound year. 2025 should see a return to normalcy—at least for the real estate market.”
For more information, visit Royal LePage Royal City Realty. Follow the brokerage on Facebook, on Instagram @royalcityrealty and on YouTube @royallepageroyalcity.
This article was sponsored by ROYAL LePAGE Royal City Realty, a 2024 GuelphToday Reader Favourite.