Is it a Buyer’s or Seller’s Market in Guelph?
Our Conclusion: Guelph is a Seller’s Market
In Guelph, we can see that it is indeed a seller’s market. The influx of buyers from the GTA and higher employment rates have influenced this market. According to the CMHC, over the remainder of 2015, sales will increase to 3,550 units. This sales growth will continue through 2016 and 2017. Low mortgage rates, improving employment, and population growth will support sales and increase demand. GTA buyers are looking for more affordable homes within Guelph because these buyers are within commuting distance to the GTA (easy access to 401 and other methods of commuting). This has led to home price growth that exceeds the rate of inflation growth. In 2015 a single detached home within Guelph costs an average of $547,000.
How does this impact buyers?
For buyers, it means that your home search could take longer than expected. Due to the increased number of buyers, competition has risen dramatically and it is now harder than ever to secure the dream home of your choice. Real estate agents can help you through these difficult market conditions. They can assist you with developing a viewing plan (to go see homes not on peak hours), assist you with securing your finances (putting down an offer that takes a few days to finance rather than a week or longer), and assist you with the negotiation of the home price.
Our Final Thoughts
The influx of GTA buyers, coupled with a rise in employment has led to a seller’s market within Guelph. Demand is growing substantially and home prices are now exceeding inflation growth. Real estate agents can assist you through these tough market conditions. The market is competitive, but if paired with the right agent, the search will be smoother.
This article was written by a fivewalls writer. fivewalls has a database of over 150 real estate agents profiles in Guelph, KW and London with thousands of independent reviews. We believe that people should be able to research agents before choosing one to work with.
Sources: Canada Mortgage and Housing Corporation
