As always, with better weather, the Guelph and Wellington County real estate market is coming to life and gaining some momentum. At the beginning of the year, buyers were adjusting to this new environment of normalized interest rates, lower prices, and a more stable and accessible market.

Since the New Year, we have had two interest rate pauses by the Bank of Canada, with another decision scheduled for this June 7.  Subsequently, consumer confidence is on the rise, while our client’s motivation to make a move persists. As such, we have seen the Guelph and Wellington County real estate market gain momentum. First in the lower price ranges of listed homes and now we are seeing the upper price ranges of the market start to move as well.

A scarcity of inventory, which is at a 20-year low, continues to hold back the market. According to statistics from the MLS® system, new residential listing activity in Wellington County in April was down approximately 37% from last year, while sales were down only 7.98%.

This lack of supply and persistent demand is helping to drive prices upward as our year-over-year average price gap is now closing. The Canada Real Estate Association (CREA) uses the MLS® Home Price Index (HPI),, which is far more accurate than traditional average or median price measures.

According to CREA the overall MLS® HPI composite benchmark price in Guelph and Wellington County was $824,500 in April 2023, down 16.3% compared to April 2022, but it wasn’t the decline of 22% we saw at the end of 2022.

Instead, over the last quarter, we have seen consistent increases in price. Since December 2022 median prices in Wellington County and Guelph have increased by 8.58% and 12.0%, respectively, according to MLS® statistics. Average prices have followed the same trends, with 7.33% and 11.63% increases in Wellington County and Guelph.

While the lack of inventory has delayed the spring market, we expect sales momentum to build throughout the next few months as larger homes come to market and buyers are able to upgrade. With more listings, we are expecting more sales and more activity.

Guelph and Wellington County continue to be vibrant places to live with balanced economies, low unemployment, plenty of green space, and amenities while being one of Canada’s top ten safest places to live. Our real estate prospects remain strong and stable heading into the rest of the year.