Guelph has jobs! The Bank of Montreal’s Labour Market Report Card for the fourth quarter of 2018 ranked Guelph’s 2.3 per cent unemployment rate as the best labour market in Canada. By comparison, Guelph’s unemployment rate was at 6.2 per cent in December 2017 and at 7.3 per cent five years ago in December 2013. In fact, historical data provided by Statistics Canada that goes back to March 2001 shows Guelph’s unemployment rate has never been recorded as this low.
When consumers are working, they buy real estate so local demand for homes should be strong for 2019. Combined with the ever-present demand from GTA buyers, the Guelph real estate market should be stronger than the “balanced conditions” that are forecasted for much of the province. The investor market is off to a great start with many student rentals and other income producing properties selling over asking price so far in January.
The average Guelph resident will have slightly less purchasing power in 2019, due to new mortgage stress tests and growth in wages not keeping up with the increase in carrying costs for the average home. However, resale homes in Guelph will be relatively affordable compared to the overall province and within grasp for the average income earner. Demand for Guelph homes should remain strong.
Dean Manton is Guelph’s real estate expert. Buying or selling, put Dean’s 20+ years of experience to work for you!
