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The Bank of Canada decided to keep its key interest rate unchanged at 2.75% in its June 4 announcement. That means no change to the overnight lending rate, which lenders use to set what you pay on things like variable-rate mortgages.
This is the second time in a row the central bank has hit pause, with the last hold happening on April 16. Before that, the BoC had been steadily cutting rates—seven times between June 2024 and March 2025. With the overnight rate holding steady, the prime rate at most Canadian banks stays put too, at 4.95%
The Guelph real estate market has responded positively to the warmer temperatures of May, even if only slightly. Sales (177) increased 16% from April but were still down 38% year over year. The average selling price was approximately $826,000 and average time on market for MLS sales decreased 7.6% from the previous month to 27 days.
Sellers received 98.5% of their asking price on average and 22% of sellers received more asking price. Keep in mind however, that this stat doesn’t take price reductions into account. Terminated or cancelled listings (135) increased by a whopping 68% from April although many cancelled listings were immediately re-listed at a new price. There are 645 active listings going into June. That represents 3.5 months of inventory at the current rate of sales.
Our local real estate market is improving, albeit very slowly. Let’s hope that the trend continues in June!
