2020 brings with it hope of a strong real estate market in Ontario. Today’s economy features a number of favourable indicators- low unemployment rates, continued immigration, and rising wages. The sum of these factors, coupled with supply challenges, is expected to contribute to a stable, growing market.
Before we look forward to 2020, let us look back on 2019 and the year that was in Guelph Real Estate. The average sale price in Guelph in 2019 rose 6.1% from $506k in January 2019 to $539k in December 2019. The sector that saw the most growth, perhaps unsurprisingly, was the condominium market. Condo prices in Guelph rose approximately 9% in 2019, outperforming their counterparts in the market. Buyers’ confidence continued to be strong as well, as we saw a spike in the number of transactions taking place.
Looking ahead to 2020, we expect to see more of the same. Another year of market growth, perhaps even more than seen last year, would not come as a surprise.
Wondering why condominiums were the highest performing housing asset in Guelph? Consider that over the last 7 years, Guelph has seen a boom of high-end luxury condominiums being built. It began with RiverHouse at 160 Macdonell, in downtown Guelph. This development, built by The Tricar Group from London, Ontario, filled a gap in the market that consumers were demanding. Guelph’s aging population demanded a home with the same high-end finishes and space as their large detatched homes, without the maintenance and hassle of yard work and maintenance.
Following the RiverHouse development was its sister building across the street, River Mill. As did other developments such as Metalworks by Fusion Homes. Since then the resale market on these buildings has thrived, with multiple units now selling for $1 million+.
2020 sees a new development in the south end of Guelph:Gordon Square Condos, also built by the Tricar Group. Thishigh-end condo building caters to retirees, empty nesters, and young professionals. Phase 1 is over 75% sold with Phase 2 set to launch in the coming months. There are still 30+ excellent floorplans to chose from with a variety of square footages on multiple floors. In addition to the 30+ condo units are several 2 storey townhouses fronting onto Gordon Street. This unique combination of worry-free condo lifestyle and the privacy and security of a separate entrance is an extremely attractive option for a plethora of buyers. If Guelph’s recent condo market has told us anything, it is that these units are sure to perform well into the future.
To secure your unit in Guelph’s next premier condo development, visit our sales office at 1340 Gordon Street. Or you can contact myself, Karen Kessel at firstname.lastname@example.org.