Ryan would say it was an eventful year. Beth says it wasn’t. Technically, both are right. However, we’d be doing a disservice if we didn’t go back and review the good, bad and ugly from 2024 in Guelph real estate for you!

Interest rates declined as expected

It was pretty clear in late 2023 that interest rates were going to start declining in 2024. But, the timing and impact on the Guelph real estate market wasn’t exactly clear. Many REALTORS® and industry experts anticipated interest rates starting to decline in March. Then, it be followed by a strong sales period in the spring. In an interview with Global News on a “hot or cold” spring 2024 Ontario real estate market, we were cold.

Ultimately, the Bank of Canada didn’t start decreasing interest rates until June. In totality, the BoC decreased the overnight rate by 1.75% which included a few “jumbo cuts” of 0.5%. Our point in the Global News article? It was that the reason the rates were being cut were not just a government favour. It was because they saw trouble looming in the Canadian economy. The Ontario unemployment rate is now at 7.5% as of December 2024 data. Although a lower number, even in Guelph we’re not immune. Our unemployment rate is now reaching levels not seen since 2015 (excluding 2020-2021 COVID)

Source: 2025 CREA data

Nonetheless, lower rates mean everyday life for those with variable rates gets a little easier with each BoC decrease. But it didn’t mean that the market would take off as a result. Let’s remember, housing is still very expensive in Guelph.

In fact, there were many who continued to watch from the sidelines. Those with fixed rate mortgages (some under 2%!) were in no rush to do anything in 2024. They just didn’t want to rock the boat in any way. First time buyers were playing a lot of wait-and-see with rates and prices. Our 2025 Guelph real estate market predictions are that 2025 will be a lot more of 2024.

Guelph real estate market stats for 2024:

Here’s a brief summary of the Guelph real estate market for 2024:

Guelph real estate listings:

There was a significant increase in listings vs 2024 of over 17%. This should be taken with a grain of salt though. Although 2024 was up vs 2023, it was still below 2022 and 2021.

guelph real estate listings

Guelph real estate year over year sales

Overall, the year was unremarkable (as Beth mentions!) from a sales perspective. It clearly wasn’t the year that some people were anticipating on both the upside, or the downside.

The overall number of sales (actual # of houses sold) was up 5%. But the median price in which they sold at was down 1%. This could mean the mix of houses sold is changing (see below, sales by style). It’s worth noting that a decline of 1% does not mean that Guelph real estate in general decreased by 1%.

Sales by home style

By segment, you’ll see that detached homes make up over half of the sales in 2024 in Guelph. The other portion is made up of townhouses (traditional and stacked) and condos. We believe this will start to shift in 2025. This is as most of the new builds coming into Guelph are stacked towns and condos. In fact, there are very few new detached homes being built, which limits it’s share of the total.

For more information on the different home styles, read our blogs on detached homes, condos and townhouses.

Sales by Guelph neighbourhoods

It’s always interesting to look at sales by Guelph neighbourhoods as there are some surprises. The chart below is simply an overview of how each of the Guelph neighbourhoods performed in 2024 vs 2023. This is on a median price perspective. Therefore, it’s not a list of best Guelph neighbourhoods, or most popular. As we mention in our GuelphToday video, this is purely the median (middle) price. Say a lot more expensive homes sold in an area in 2024 and the median goes up 20%. It doesn’t mean that the entire neighbourhood increased in value by 20%.

3 highest value neighbourhoods in Guelph in 2024 (based on median price):

Kortright East, Kortright Hills and Village by the Arboretum

3 most affordable neighbourhoods in Guelph in 2024 (based on median price):

Downtown Guelph, St Patricks Ward and Onward Willow

All neighbourhoods data:

Guelph neighbourhood prices

Have more questions on the Guelph real estate market?

Have more questions on the Guelph real estate market? If so, feel free to book an appointment with Beth and Ryan! We’re happy to chat

Charts/images source: KW Home Group Realty annual summary 2024