Higher interest rates continue to impact Canada’s housing market, with existing-home sales 4.11% lower than November of 2022 as many Buyers wait in hopes of falling rates in 2024.
The median price for a detached home in the region over the previous 12 months is 840,000, up 2.38% from the low hit in May. Attached homes are having a tougher time rebounding and have clawed back only 1% since the low that market experienced in June.
While prices appear to have stabilized, market activity is still depressed with only 6,619 sales in the Region in the past 12 months, down 16.7% from November 2022 and down 41.48% from the peak that we experienced in June 2021.
Canadian housing starts have continued along at a solid pace, as homebuilders strive to keep up with the country’s booming population. According to the Canada Mortgage and Housing Corporation, the standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas of Canada came in at 274,681 units as of last measure, a 1% increase from the previous month.
Downloadable Neighbourhood Reports
Galt East Galt North Galt West Grey County
Guelph Hespeler Kitchener North Dumfries
Oxford County Perth County Preston Waterloo
Wellington County Woodstock Woolwich and Wellesley
Statistics compiled from information available on the ITSO Database as of December 8, 2023. The Median Historical Sale Price in the graphic represents year-to-date value. All other values represent a 12 month rolling.