OnePoint Association of REALTORS® - Guelph & District

The number of homes sold in Guelph & District via the MLS® System of the OnePoint Association of REALTORS® totaled 305 units in November 2024. This was a jump of 46.6% from November 2023.

Home sales were 3.7% above the five-year average and 0.3% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 3,426 units over the first 11 months of the year. This increased by 6.3% from the same period in 2023.

“Similar to other markets in our region, demand has been building momentum since the beginning of the year. However, November marked an explosive increase in sales activity beyond what we expected given current trends,” said Bonnie Looby, President of the OnePoint Association of REALTORS®. “If more demand continues to return in the wake of impending mortgage regulation changes and further interest rate cuts, we may be right on the cusp of a tipping point where the market balance could shift suddenly in favour of sellers. The winter months are typically quieter for activity but it’s possible that some keen buyers may not want to wait until competition heats up in what will undoubtedly be a very busy spring season.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $800,600 in November 2024, edging up 0.9% compared to November 2023.

The benchmark price for single-family homes was $901,100, a modest gain of 2.2% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $666,700, nearly unchanged, down only 0.3% compared to a year earlier, while the benchmark apartment price was $509,200, a decrease of 4.3% from year-ago levels.

The average price of homes sold in November 2024 was $945,069, a modest gain of 3.7% from November 2023.

The more comprehensive year-to-date average price was $901,077, nearly unchanged, up only 0.2% from the first 11 months of 2023.

The dollar value of all home sales in November 2024 was $288.2 million, a substantial increase of 52.1% from the same month in 2023.

The number of new listings saw a moderate decrease of 6.9% from November 2023. There were 406 new residential listings in November 2024.

New listings were 8% above the five-year average and 10.6% above the 10-year average for the month of November.

Active residential listings numbered 768 units on the market at the end of November, decreasing by 2.4% from the end of November 2023.

Active listings were 54% above the five-year average and 47.9% above the 10-year average for the month of November.

Months of inventory numbered 2.5 at the end of November 2024, down from the 3.8 months recorded at the end of November 2023 and above the long-run average of 1.8 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.