Guelph & District Association of REALTORS®

The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 361 units in June 2024. This was down sharply by 12.2% from June 2023.

Home sales were 15.3% below the five-year average and 21.5% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 1,912 units over the first six months of the year. This was a minor decrease of 2.8% from the same period in 2023.

“Sales activity may have declined from last June but actually pulled together a surprisingly strong surge compared to the last several months,” said Dillon Fraser, President of the Guelph and District Association of REALTORS®. “Whether this was simply a number of buyers finally taking advantage of the many great deals available on the market or sidelined homebuyers taking the Bank of Canada’s rate cut as a signal that rates are no longer climbing remains to be seen over the coming summer months. Regardless of the reason, our inventories remain at above-average levels and prospective buyers should take note that the level of choice in the current market hasn’t been this plentiful in several years.”

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 $816,100 in June 2024, a modest decline of 3.9% compared to June 2023.

The benchmark price for single-family homes was $915,300, down modestly by 3.5% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $676,000, a minor decrease of 3.5% compared to a year earlier, while the benchmark apartment price was $533,600, a small reduction of 3.6% from year-ago levels.

The average price of homes sold in June 2024 was $917,879, a small reduction of 2.7% from June 2023.

The more comprehensive year-to-date average price was $900,698, edging down 0.4% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $331.4 million, a sharp decrease of 14.5% from the same month in 2023.

The number of new listings was up by 6.1% from June 2023. There were 712 new residential listings in June 2024.

New listings were 2.4% above the five-year average and 3.1% above the 10-year average for the month of June.

Active residential listings numbered 1,039 units on the market at the end of June, a substantial increase of 75.8% from the end of June 2023. Active listings haven’t been this high in the month of June in more than five years.

Active listings were 58.7% above the five-year average and 42.1% above the 10-year average for the month of June.

Months of inventory numbered 2.9 at the end of June 2024, up from the 1.4 months recorded at the end of June 2023 and above the long-run average of 1.7 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.