Steady fall market anticipated in majority of regions across Canada
According to the RE/MAX 2024 Fall Housing Market Outlook Report, the long-anticipated decline in interest rates is expected to have a ripple effect on the market this fall, with consumer confidence rising and average sale price increasing in most regions by year’s end.
With the long-anticipated decline in interest rates finally starting to materialize, early indicators from RE/MAX brokers and agents across Canada suggest steady housing market activity this fall, with average sale prices across all housing types expected to increase between one and six per cent in most regions by year’s end.
CLICK TO READ THE REPORT https://blog.remax.ca/canadian-housing-market-outlook/
CLOSER TO HOME
August is usually one of the slowest months for real estate and in that regard this year’s version did not disappoint. The total number of MLS sales for Guelph in August was 133, down 11% from July. The average sale price increased 5% to $798,500 and the average time on market increased 22% from the previous month to 23 days. Guelph homes sold for $498 per square foot on average and received 98% of the list price.
The coming fall real estate market is a source of optimism for many as the prospect of even lower interest rates making housing more affordable for Canadians, is welcome news. Going into September we have 387 active listings which is a 2.8 month supply of homes at current market conditions. I would be very pleased to see an active but balanced market this fall but I expect a full recovery will take longer than we all would hope.
