GUELPH, ON (April 8, 2020) –– There were 223 residential homes sold through the Multiple Listing System (MLS® System) in the City of Guelph in March, an increase of 16.1 per cent compared to the same month last year.
Total residential sales in March included 121 detached homes (up 31.5 per cent), and 37 condominium apartments (down 2.6 per cent). Sales also included 49 townhouses (down 2 per cent) and 16 semi-detached homes (up 33.3 per cent).
GUELPH, ON (Jan 6, 2020) –– There were 98 residential homes sold through the Multiple Listing System (MLS® System) in the City of Guelph in December 2019, an increase of 15.3 per cent compared to December 2018 – An impressive percentage increase in and of itself.
“Overall, it was an accelerated December for number of home sales in December particularly for single-family detached units.” says Adam Stewart, a Sales Representative with Chestnut Park West in Guelph. Total residential sales in December included 55 detached (up 41 per cent), and 18 condominium units (down 10 per cent). Sales also included 2 semi-detached homes (down 60 per cent) and 23 freehold townhouses (up 9.5 per cent).
Here’s were it gets interesting. The average sale price of all residential properties sold in December increased 14.9 per cent to $550,378 compared to the same month last year. Detached homes sold for an average price of $633,317 an increase of 11 per cent compared to 2018. During this same period, the average sale price for an apartment style condominium was $397,333 for an increase of 21.4 per cent. Townhomes and semis sold for an average of $476,652 (up 3.1 per cent) and $494,800 (up 11.3 per cent) respectively.
The median price of all residential properties sold in December increased 13 per cent to $520,000 and the median price of a single-family detached home during the same period increased 6.3 per cent to $575,000.
“A consistent theme this month, is the lack of supply as a hurdle for anyone who was trying to buy their first home, move-up from their current residence, or downsize. This ongoing state of the market is causing further escalation of home prices,” says Stewart.
The number of months of inventory was .7 in December (down 22.2 per cent), hitting its lowest point of the year (1-2 months supply is historically normal for The City of Guelph). The average days to sell in December was 29 days, compared to 39 days in 2018.
While the majority of residential MLS® System activity is properties for sale, REALTORS® listed 12 properties for lease in the City of Guelph in December, which is on par with 10 lease listings in December of 2018.
GUELPH, ON (December 8, 2019) –– 166 residential properties sold through the Multiple Listing System (MLS® System) in the City of Guelph in November, an increase of 6.4 per cent compared to the same month last year. Home sales in November included 92 single-family detached (up 13.6 per cent), and 33 condominium apartments (up 50 per cent). Sales also included 36 townhouses (down 16.3 per cent) and 5 semi-detached homes (down 50 per cent). “People moving to Guelph for an exceptional quality of life, and the strong economy is continuing to be a significant factor for our local market,” says Adam Stewart with Chestnut Park West. “Prices are increasing because homebuyer demand is exceeding the number of homes on the market—which is expected will continue throughout 2020.”
GUELPH, ON (November 5, 2019) –– 196 residential properties sold in the City of Guelph through the Multiple Listing System (MLS® System) in October, an increase of 16.7 per cent compared to the same month last year. Home sales in October included 114 detached (up 32.6 per cent), and 34 condominium apartments (down 2.9 per cent). Sales also included 38 townhouses (down 2.6 per cent) and 10 semi-detached homes (up 25 per cent). “Home sales were up again last month led by strong sales of detached single family properties,” says Guelph Realtor, Adam Stewart with Chestnut Park Realty Southwestern Ontario Ltd. Brokerage.
Guelph Real Estate Market Report | July 2019 | 227 residential properties sold through the Multiple Listing System (MLS® System) within the City of Guelph in July, representing an increase of 9.1 per cent compared to the same month last year. Guelph home sales in July included 129 detached (up 13.2 per cent), and 45 condominium apartments (up 36.4 per cent). Sales also included 44 townhouses (same as July 2018) and 9 semi-detached homes (down 47.1 per cent).
Thinking of upgrading to a bigger home, but can’t decide if you should sell your current property, or rent it out as an investment property?
As a landlord, there is no question that Guelph and area has a very strong rental market. According to the CMHCs Rental Market Report for the Guelph CMA (2018) the vacancy rate is at a low 1.4 percent with an average rent up 4.1% to $1,109 per month. So if you can afford to, now is a great time to upgrade into something bigger, and keep your current home as an investment property.
Download the CMHC Rental Market Report - Guelph CMA (2018)
“Provided you can afford it, you could make yourself income from the cash flow, and asset appreciation, if you hang onto your home and sell in the next two to three years.” – Adam Stewart, Realtor, Chestnut Park West
If you do decide to rent out your home, you will still have your usual rates to pay, plus ongoing maintenance and repairs. With a rental, hot water systems can fail, and air conditioning systems may need work. So provided that these costs won’t stretch you too thin, I would recommend holding onto your home for another two years or so.
Ideally, the choice to maintain your property and rent it out will still allow you to upgrade and afford the home you want. Sometimes by selling the property you could borrow an extra $100,000-$200,000… so maintaining your home and renting it out may reduce that capacity.
It’s a great time to see what’s around, and speak with your lender to see what you can afford. The lending rate is also nearing historic lows, so it’s an opportune time to get your finances in a position to upgrade, and secure some long-term capital growth.
If you find you can afford to keep your home as an investment property, consider whether you have the time, patience, and desire to manage your rental yourself, or if you’d like to hire a property manager to do it for you.
Finding a reliable tenant that pays rent on time and maintains your property.
Conducting regular routine inspections on the property.
Organizing prompt maintenance and/or repairs on the property.
Ensuring all legal paperwork and documentation are filled out correctly and signed (e.g. tenancy agreements, property condition reports, inspection reports, repair requests, etc.).
If you work full-time and have a family, you may find it difficult to give your tenant and rental the time and commitment it needs - it totally depends on your circumstances, and head space.
AND IF YOU’D LIKE A SECOND OPINION ABOUT WHETHER TO SELL OR RENT YOUR PROPERTY IN THE CURRENT GUELPH MARKET, FEEL FREE TO CALL ADAM AT 519.265.2602. HE’D BE MORE THAN HAPPY TO ANSWER ANY QUESTIONS YOU MAY HAVE.
Guelph Real Estate Market Report | July 2019 | 227 residential properties sold through the Multiple Listing System (MLS® System) within the City of Guelph in July, representing an increase of 9.1 per cent compared to the same month last year. Guelph home sales in July included 129 detached (up 13.2 per cent), and 45 condominium apartments (up 36.4 per cent). Sales also included 44 townhouses (same as July 2018) and 9 semi-detached homes (down 47.1 per cent).
Guelph Real Estate Market Report | July 2019 | 227 residential properties sold through the Multiple Listing System (MLS® System) within the City of Guelph in July, representing an increase of 9.1 per cent compared to the same month last year. Guelph home sales in July included 129 detached (up 13.2 per cent), and 45 condominium apartments (up 36.4 per cent). Sales also included 44 townhouses (same as July 2018) and 9 semi-detached homes (down 47.1 per cent).
