March 2024 Update: Toronto Commuter Markets – Guelph and Oakville-Milton

Guelph and the Oakville-Milton real estate markets are all within commuting distance of Toronto, and feature a strong demand for housing, as well as diverse housing options. They attract university students, faculty, and staff, creating rental demand, and offer other, varied housing and investment options, each area with its own, unique characteristics.

March 2024 Market Updates – Guelph vs. Oakville-Milton

Sales

Guelph’s market showed sales trailing 23.9% below the five-year average, while Oakville-Milton was even more slowed, with sales lagging 31.1% below the five-year average. 

Both markets demonstrated some resilience with increases compared to March 2023, however. Guelph experienced a slight uptick of 0.3% in home sales, while Oakville-Milton faced a modest decline of 5.9% compared to March 2023. This trend suggests relative stability in demand for residential properties in both regions.

They also both showed positive year-to-date sales growth. Guelph reported a 6.8% increase, indicating a steady recovery from the previous year’s market conditions. Meanwhile, Oakville-Milton exhibited a slightly higher growth rate of 9.3% compared to the same period in 2023, suggesting sustained market momentum and buyer interest.

Price 

Guelph’s average home price in March was $911,400, a slight decrease of 0.2% from March 2023, while Oakville-Milton had a greater decline of 6.5% over the same period, for an average home price of $1,377,713. 

According to the MLS® Home Price Index, which tracks price trends more accurately than average or median prices, both markets witnessed minor fluctuations in benchmark prices. In Guelph, the overall benchmark price was $809,600, dropping by 0.6% compared to March 2023, while Oakville-Milton experienced a small decrease of 1% in its benchmark price to $1,290,800 over the same period. 

More specifically, in Guelph, the benchmark price for single-family homes stood at $911,400, for a slight decline of 0.2% from March 2023. The benchmark price for townhouse/row units was $653,200, increasing 0.4% compared to the preceding year. The benchmark price for apartments remained steady at $523,700, similar to the price a year ago.

In Oakville-Milton, the benchmark price for single-family homes increased to $1,527,900, for a 0.7% rise compared to March 2023. Townhouse/row units reached $884,800, up by 2%. Apartments rose just 0.1% to $655,500.

Listings

Both areas saw significant increases in new listings compared to the previous year, signaling increased seller activity and greater housing options for potential buyers, with Guelph experiencing a rise of 21.7% in new listings from March 2023 to March 2024, while Oakville-Milton saw 17.7%.

Active residential listings in both markets also rose, for a growing inventory. Guelph witnessed a substantial increase of 37.7% in active listings from March 2023 to March 2024, while Oakville-Milton experienced a similar rise of 38.4% over the same period.

Despite an increase in new listings, Oakville-Milton’s figures remained below historical averages; its active listings, however, were rising and closer to historical norms. Guelph’s new listings, on the other hand, were closer to historical norms, with active listings that were above historical averages. 

Months of Inventory

Oakville-Milton exhibited slightly lower months of inventory at 1.8 compared to Guelph’s 1.9.

Rent

In March 2024, the median rent in Guelph was $2,292, up by 5% compared to 2023. For Milton, it was $2,250, dropping 12%, while for Oakville, it was $2,500, down 16%.

Joanna Gerber