Average price of local home drops under $800,000: Canadian Real Estate Association
WELLINGTON COUNTY – The average price of a home in Guelph and Wellington County was $795,100 in November, according to data from the Canadian Real Estate Association.
That’s just the second time since June 2021 that real estate prices have dropped below $796,000 for an average home in the area.
In February 2022 average home prices in Guelph and Wellington County reached over $1,000,000.
After that February peak, area prices dropped steadily for almost a year, reaching $791,400 in January 2023.
Averages then increased until July, when they reached $852,000.
Though there has been a decline of two per cent over the last year, in the last decade the average home price in Guelph and Wellington County has increased by 126%.
These patterns are similar to provincial and national trends, though homes in Guelph and Wellington County cost less on average than other places in Ontario and more on average than other places in Canada.
Canadian Real Estate Association chair Larry Cerqua said, “I wouldn’t expect anything too headline-grabbing from the resale housing market for the next few months.
“That’s a good thing,” he noted, “because a market that looks to be stabilizing in balanced territory increasingly suggests the soft-landing scenario.”
For more information visit stats.crea.ca.
