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 298 units in October 2024. This was a gain of 22.6% from October 2023.

Home sales were 10.7% below the five-year average and 15.3% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 3,120 units over the first 10 months of the year. This was up modestly by 3.4% from the same period in 2023.

“Sales activity continued its steady pace of recovery in October, rising above levels from the same month in the past two years but still not quite reaching what we might consider to be average for this time of year,” said Bonnie Looby, President of the OnePoint Association of REALTORS®. “New listings, meanwhile, hit a new October record as sellers are out in force trying to capitalize on the gradual return of demand to the market. The Bank of Canada’s 50-point cut in October will help to restore some affordability on mortgages but it remains to be seen how many more rate cuts will come into effect from now on.”

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 $799,200 in October 2024, falling by 1.7% compared to October 2023.

The benchmark price for single-family homes was $900,500, down only 0.6% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $655,700, down modestly by 3.5% compared to a year earlier, while the benchmark apartment price was $518,300, a decrease of 4.1% from year-ago levels.

The average price of homes sold in October 2024 was $929,430, an increase of 7.7% from October 2023.

The more comprehensive year-to-date average price was $899,557, a slight gain of 0.1% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $277 million, a substantial gain of 32.1% from the same month in 2023.

The number of new listings saw a gain of 7.8% from October 2023. There were 592 new residential listings in October 2024. This was also the largest number of new listings added in the month of October in history.

New listings were 21.1% above the five-year average and 23.1% above the 10-year average for the month of October.

Active residential listings numbered 966 units on the market at the end of October, up by 11.4% from the end of October 2023. Active listings haven’t been this high in the month of October in a decade.

Active listings were 60% above the five-year average and 55% above the 10-year average for the month of October.

Months of inventory numbered 3.2 at the end of October 2024, down from the 3.6 months recorded at the end of October 2023 and above the long-run average of 1.9 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.