Welcome to the million-dollar club, Guelph.
The latest report from the Canadian Real Estate Association (CREA) shows the average price of homes sold in December 2021 was a record $1,063,530.
The dollar value of all home sales in December 2021 was $225.5 million, up 9.7 per cent from December of 2020.
The total dollar amount of all home sales is a new record for the month of December.
The sales in December places the City of Guelph for the first time into the category among cities such as Toronto and Vancouver where the average price of a home sold is in excess of one million dollars.
In November, the region flirted with the seven-figure mark, coming in less than $5,000 shy of the million-dollar mark.
On Friday morning, a search on realtor.ca showed within the City of Guelph city limits a total of 10 houses or properties currently for sale with a minimum price tag of one million dollars.
While the average home sale topped one million dollars in December 2021, the MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS HPI composite benchmark price was $874,100 in December 2021.
This represents an increase of 30.1 per cent over December 2020.
On an annual basis, home sales totalled a record 5,402 units throughout 2021. This was an increase of 15.1 per cent over 2020.
Neighbouring regions are in the same situation as the Kitchener-Waterloo Association of Realtors said the average price of a detached home was $1,021,353. This represents a 34.7 per cent increase from December 2020 and an increase of 3.4 per cent compared to November 2021.