Isn’t the year flying by? It’s midsummer already. Kids are out of school; summer holidays are in full swing and the real estate numbers for the first half of 2018 are in.
Generally, in real estate it’s commonplace to talk about year over year data on a city-wide scale. But the housing market can be so much more fun than that.
Your Realtor® has the ability to dig deeper to provide you with neighbourhood insights. Real estate professionals can use these insights to help form recommendations for clients, whether you are buying or selling your home.
Neighbourhood data is influenced by a wide variety of factors like commercial development in the area, employment opportunities, traffic, schools and on a larger scale, gentrification. Demographics, which include age, income, occupation, family size and other factors related to your current status also play a key role in the process of homes changing hands in neighbourhoods and the prices associated to them.
Here are some interesting facts that you can quiz your neighbours on about the Guelph market year to date 2018. If you think they’d enjoy, please share:
The top 3 neighbourhoods of 2018 for 2-year average price growth:
The average home price in Guelph has appreciated 24.7% year to date 2018 vs 2016. In fact, every neighbourhood in Guelph has appreciated at least high double digits over this time period, but some areas are appreciating faster than others. There are a variety of factors that could influence average price including new development and different housing types.
Kortright Hills +37.9%
Kortright Hills is the area west of the Hanlon Expressway between Downey Road and College Ave, in a pocket of its own. With the key landmark of the YMCA, this area was mainly developed in the 1980’s and 90’s. Key features of the area include great elementary schools, easy access to the 401 and close access to Stone Road Mall.
Exhibition Park +34.7%
This neighbourhood just north of downtown is one of Guelph’s original residential developments and offers home styles suitable for all demographics. With Exhibition Park itself as the focal point of the neighbourhood, homes here are mainly from two eras: the original development of century homes and the newer post war era bungalows. With no room for new development, demand outpaces supply in this neighbourhood.
Willow West/ Sugarbush/ West Acres +31.9%
This area started to develop in the 1970’s, and like Kortright Hills, development exploded in the 1980’s and 90’s, featuring a wide variety of architectural styles. Bordered by the Hanlon, Wellington Street, Speedvale Ave and Fife Rd, this versatile neighbourhood has long attracted a wide range of price points, demographics and options of semis, condominiums and detached homes.
Best value for your money in Guelph in 2018:
With Guelph’s rapidly growing market, it becomes more difficult for those on a tighter budget, limited income or potential first-time buyers to get into the market. So far in 2018, the average cost per square foot has averaged $364, but there are still many neighbourhoods that offer greater value for your money. Commoditized to a cost per square foot, you can see the pockets of town that offer better bang for your buck in 2018:
$330/ square foot- Kortright East, particularly near Gordon and Victoria
$338/ square foot- Victoria North, particularly near Woodlawn and Victoria
$341/ square foot- Onward Willow, particularly Silvercreek Pkwy and Ajax St
Wondering why a house in your dream neighbourhood isn’t coming up for sale? Or, wondering why all of your neighbours seem to be selling? Here are Guelph’s hardest and easiest neighbourhoods to find a house for sale in 2018:
Hardest neighbourhood to find a house for sale in 2018: General Hospital (32 houses sold in 2018)
Most likely neighbourhood to find a house for sale in 2018: Grange Road (178 houses sold in 2018)
The above numbers perfectly illustrate changing demographics in a market- you will find a more established demographic in the area of the General Hospital who are less likely to move. In the Grange Road area, there are many young families, investors and first-time home buyers in semi-detached or condominiums who eventually upsize their homes as their circumstances change.
Source: Matrix data 2016-2018, sixteen GDAR identified neighbourhood areas with a minimum $10 million in residential sales YTD 2018.