First-time buyers and investors are particularly active, drawn by Guelph's strong local economy, proximity to major urban centers, and excellent quality of life. Detached homes and townhouses are seeing the most interest, while the condo market remains healthy with stable prices. As we approach the fall season, market conditions are expected to remain favorable for both buyers and sellers, though potential interest rate adjustments could influence future activity. Overall, Guelph's real estate market continues to be a dynamic environment with opportunities for growth. Key Insights Understanding the real estate market goes beyond a surface-level view, requiring a close examination of key metrics like Average Days on Market, Average Sales Price, Average Sales Volume, and Monthly Supply of Homes. These insights are essential for identifying market trends, gauging buyer and seller behavior, predicting future shifts, and making informed decisions. Sales Volume: The sales volume in Guelph has remained relatively stable throughout 2024, with a slight uptick in activity during the spring and summer months. However, overall transactions have seen a modest decline compared to previous years, reflecting a cautious buyer market. Sales Price: Home prices in Guelph have continued to show resilience despite fluctuating market conditions. The average sale price has seen a gradual increase, driven by strong demand for detached homes and a limited supply of new listings. Price growth has been particularly notable in sought-after neighborhoods and for properties with unique features. Average Days on Market: Properties in Guelph have generally been selling faster in 2024, with the average days on market decreasing. Well-priced and desirable homes have been moving quickly, often within a few weeks, as buyers aim to secure their preferred properties before interest rates or other economic factors shift. Monthly Supply of Homes: The monthly supply of homes in Guelph has remained tight throughout 2024, contributing to the competitive market environment. The supply has struggled to keep up with demand, leading to a seller’s market in many segments. Limited new construction and fewer new listings have further constrained the inventory Advice for Tenants: For tenants in Guelph, it's crucial to stay informed about the rental market trends and manage expectations in light of the evolving real estate landscape. Given the tight housing supply and increasing home prices, rental demand is likely to remain high. Tenants should consider securing leases sooner rather than later to avoid potential rent increases or shortages. Additionally, exploring different neighborhoods and rental options may help find more favorable terms. Staying aware of local tenant rights and potential rent control measures can also provide leverage in negotiations with landlords. Policy Interest Rate The Bank of Canada (BoC) has lowered the Policy Interest Rate by 25 basis points on September 4, 2024, balancing the need to contain inflation with supporting economic growth. The BoC’s Policy Interest Rate is currently set at 4.25%.