Guelph and Wellington County Real Estate Market 2024 Year in Review

Guelph and Wellington County Real Estate Market 2024 Year in Review

Guelph and Wellington County Real Estate Market 2024 Year in Review

The Guelph and Wellington County real estate market closed out 2024 on a high note, showcasing robust activity throughout the fall. Several factors contributed to this surge, including increased consumer confidence, consistent rate reductions by the Bank of Canada to the Overnight Lending Rate, and mild weather that encouraged both buyers and sellers to engage in the market.

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MLS Transition in December

December also marked a transition for the OnePoint Association of REALTORS® as they moved to a new Multiple Listing Service (MLS®). While this may result in some data inconsistencies, the month still reflected strong listing and sales activity, outperforming the same period in 2023. This positive trend was mirrored in neighbouring municipalities unaffected by the MLS® change.

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Year-over-Year Growth in December

December 2024 saw remarkable year-over-year growth:

  • Sales Volume: Up by 74%
  • Sales Transactions: Increased by 57.8%
  • New Listings: Rose approximately 56%

Neighbouring markets also experienced significant growth:

  • Cambridge: Sales volume up 44%, unit sales increased by 40%
  • Kitchener/Waterloo: Sales volume up 25%, unit sales rose nearly 20%
  • Hamilton: Sales volume grew 18.48%, unit sales increased by 16%

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Overall 2024 Market Performance

The overall market in 2024 reflected a steady rebound:

  • Sales Volume: Increased by 6.49%
  • Unit Sales: Rose by 6.37%
  • New Listings: Up by 15.34%

While sales returned closer to the 10-year average, they remained below 2022 levels.

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National Trends and Optimism for 2025

The trends in Guelph align with national data. According to the Canadian Real Estate Association, home sales nationally rebounded in Q4, with a 10% increase compared to Q3. Despite challenges such as inflation and geopolitical uncertainties, optimism remains high for 2025. The Bank of Canada’s rate reductions of 175 basis points in 2024, coupled with an expected 100 basis points in 2025, are poised to stimulate further market activity.

Looking Ahead

2025 promises to be a rebound year for real estate, with many prospective buyers and sellers ready to re-enter the market. We anticipate a busy spring season and a gradual return to normalcy in market dynamics.

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