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GUELPH HOUSING MARKET HOT.....Prices going up!
About five per cent of houses recently sold in Guelph sold for more than the asking price. That is not out of control, a real estate insider said, but it can be frustrating for buyers who long to live in a single detached home in one of the city's more desirable neighbourhoods.What may be more telling about how hot the local market has become, is that all houses that
recently achieved an average of 98.5 per cent of the list price. That is very good, said Kim McKenzie, the president of the Guelph and District Association of Realtors.She said if homes are priced well and they show well, they will sell. People may be under the impression that it is easy to sell a home in Guelph, but the price still has to be right.The average time on the
market for homes is 31 days, which is also very good. But not all sellers are lucky enough to sell in that short period of time. Some homes are sitting unsold."My advice is always to
contact your local Realtor, get a fair market value for your home, list on MLS, and then properly expose it," she advised. "If you do those things you will get the activity, and you will get a
good price on you home. Anthony Passarelli, CMHC market analyst said the city currently has one of the strongest housing markets in Ontario for price appreciation for resale
homes.The harsh winter weather kept market activity under wraps for the first two months of the year, leading to more pent up demand, he said. That demand is now starting to actively
jump into the market. A small drop in the already low five-year posted interest rate has also encouraged more home buying activity in Guelph.But perhaps the most significant market
factor in the city is the demographics. There are a higher number of households moving into the 45-64 age group and that group has the highest propensity for home
ownership."Some of them were renting but now they want to own and we are seeing more of that shift," he said. "That alone will bring more home ownership demand into th area .
"Guelph grows by about 1,200 people every year, which is also driving demand for homes, and driving up housing prices.There are fewer single detached homes being built in the city,
with apartments making up more of the new home construction compared to historical levels. Buyers looking for a single detached home are turning to the resale market more."So what
that's doing is increasing the competition for those resale homes," he said.All of these factors push home prices in Guelph higher than in neighbouring cities like Cambridge and
Kitchener. The average house price in Kitchener is $294,465, nd in Cambridge it is $372,587, whereas in Guelph the average price is $385,591.Migration to Guelph is primarily from
other parts of the province. The age of households in Waterloo Region is also younger than Guelph."Currently Guelph is a seller's market and Kitchener is a balanced market," said
Passarelli. "Both have price appreciation. The balanced market still gives you some price appreciation, but the seller's market gives you the stronger one."
noel myers Sales Representative
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