Note: this is a weekly post that updates on the sales within the Guelph real estate market. There are both video and audio/podcast versions of this same thing linked at the bottom.
The second week of March seems to be moving in the direction that you’d expect a spring market to be like. Less snow, more people out to open houses and generally, busier in the real estate market.
With warmer weather returning, we’ve noticed an uptick in sales. Last week we started off at 2.75 houses selling per day. At 2.75, it’s a tad concerning for the spring. It’s moved upwards and from March 1-15 we are now at 3.67 sales per day. Still very low, but improving.
The Bank of Canada made an announcement this week that they were lowering the overnight lending rate to 2.75% from 3%, a 0.25% drop. This helps those with variable rate mortgages and lines of credit. Some believe lower rates bring out buyers, which is true but many buyers aren’t going to get off the sidelines for a single 0.25% rate decrease.
March 1- 15, 2025 sales update:
There are now 55 units sold in the Guelph real estate market during the period. As mentioned earlier, this translates to sales per day of 3.67 houses. This volume is significantly lower than the seasonal average:
March 2020: 7.1 houses per day average
March 2021: 11.6
March 2022: 8.3
March 2023: 5.9
March 2024: 5.4
March 2025: 3.67 (March 1-15)
What sold in the Guelph real estate market during the period?
- 25 were condo/ townhouse/ stacked townhouse (properties with fees)
- 30 were detached and semi detached (properties without fees or “freehold”)
Condos/ townhouses/ stacked townhouses:
Of the 26 units that sold:
$465,000 was the low price
$1,350,000 was the high price
Overall average was $628,433 (an increase vs last week)
Total homes sold at an average of 97% of the original asking
3 of the 25 sold over asking (12%)
2 sold at the asking (8%)
20 sold under the asking (80%)
This is consistent with our predictions for this segment, in particular the stacked townhouse segment that is strugging with oversupply. The supply should increase over the next few years with a number of projects in all areas of Guelph coming to completion. Of course, this isn’t EVERY unit, it’s just overall.
Detached/ semi detached freehold
Of the 30 units that sold:
$425,000 was the low price (vacant land)
$1,455,000 was the high price
Overall average was $846,195 (a decline vs last week)
Total homes sold at an average of 100.8% of the original asking
13 of the 30 sold over asking (43%)
1 sold at the asking (3%)
16 sold under the asking (54%)
A trend is emerging: If you’re selling a detached house between $600-$800K, it is very competitive. This is especially true in the downtown areas. Of the 11 sales here this month, 7 have sold with multiple offers and over the asking price. We continue to believe this segment will outperform as there is limited new supply. Buyers will have to choose from available inventory and sometimes that involves competing.
There have been 4 sales above $1M this month (13% of sales). This is inline with historical sales, where units over $1M make up between 10-20% of total units.
We have started to see some situations of holding offers. This strategy works best in a sellers market where there is limited supply. Currently, we are in a balanced market – buyers market where this isn’t overly effective. However, depending on the sellers objectives it may be the best option.
Have questions on the Guelph real estate market?
As always, you can get in touch with Beth and Ryan Waller to book an appointment, have a chat or get a valuation of your home.
You can also get more info on the local market from these sources:
