Guelph and Area Home Sales Post Quieter November
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totalled 202 units in November 2023. This was down by 4.7% (10 sales) from November 2022.
Home sales were 31.9% below the five-year average and 33.8% below the 10-year average for the month of November.
On a year-to-date basis, home sales totalLed 3,207 units over the first 11 months of the year. This was a substantial decrease of 10.8% from the same period in 2022.
“Home sales continued to decline in November, a trend that begin in July after the Bank of Canada introduced the most recent rate hike,” said Tyson Hinschberger, President of the Guelph and District Association of REALTORS®. “As buyers have tepidly moved back to the sidelines sellers have been coming out in force, with November posting a new record for the month for new listings. With buyers holding the upper hand in negotiations and benchmark prices at their lowest in over two years, some prospective buyers willing to re-enter the market may find that there are plenty of good deals to be had even before the busy spring market picks up again next year.”