Summer 2024 Bulletin
Hello Friends!
Thank you in advance for taking the time to read the Summer 2024 Townsend Real Estate bulletin. What a wild ride of weather we have been on this year! I am not sure if all of the rain or all of the mosquitos has been more frustrating!
For our family, Summer 2024 has begun with a busy work schedule, minimal cottage time but lots valuable family time! In early July, we were able to escape for a 5-day visit to Jill’s parents cottage on Prince Edward Island. The ocean air, beach time, and time spent with Nana & Grampa brought smiles, laughs and memories. Molly continues to grow and is now 9 months old. We have been working with her to improve her behaviour and engaged the help of an in-home dog trainer. She certainly has a lot of energy but is extremely smart and settling into our family very well. Last Friday we celebrated my sister Katie’s wedding to her long-time partner Zach. It was a beautiful day with over 100 guests attending Whistle Bear Golf Club in Cambridge. Charlotte was the cutest little flower girl and a big hit on the dancefloor later in the evening. Congratulations Katie & Zach! Stay tuned for wedding pictures in the fall bulletin. August plans involve a few more golf games, cottage time and making more family memories.
Professionally, the late Spring and early Summer has been quite busy for us. My business partner Tanya Tagwerker and I have continued to build quality relationships and earn word of mouth referrals. Currently, we have 4 properties listed together around Guelph, Cambridge and Wellington County. In addition to our work together we both also work independently to help clients with leasing, purchasing and a small amount of commercial real estate. The professional partnership we have built has been extremely beneficial for both of us. Clients love the opportunity to have 2 dedicated and hands-on Realtor’s for the price of 1. We strive for the highest level of service, communication and commitment to our clients at all times. Team work makes the dream work, as they say! Our market reach has expanded to listing and purchasing homes all over southern Ontario including Georgetown, Hamilton, Milton, Mississauga, Brantford Burlington and even a cottage listing in Kingston! These are in addition to servicing Guelph, Wellington County and Waterloo Region. Certainly, lots of time spent on the road and lots of time invested, keeping up on current local market conditions. When you love your job-it doesn’t feel like work!
The million-dollar question that Realtors always get is: “How is the market?” It has been a very interesting last 3 months. In late March and early April, we saw a short-lived surge in buyers jumping on properties quickly as many sellers chose to list when the snow melted. By May, it was starting to slow down with buyers and many sellers listing in anticipation of a June interest rate drop. This combination has brought us to a balanced market with about 50% of homes listed selling in the Guelph and Wellington County. Certain aspects of the market, such as homes under $750,000 are still seeing strong activity but conversely homes over $1,200,000 are seeing little to no activity. With inventory at the highest levels we have seen in over 10 years, prices have remained steady month over month in most categories with exception of Condos. An influx of condominiums in Guelph and Waterloo Region has left many units sitting on the market for an extended period of time. This provides opportunity to snatch up a great deal for first time home buyers, investors or downsizers. Personally, we have seen a lot of interest in our listings but most potential buyers are taking the “wait and see” approach in the hopes of price improvements and/or continued interest rate reductions.
Speaking of interest rates! We have now seen 2 consecutive rate drops by The Bank of Canada with the next announcement coming on Wednesday September 4th. It is still very preliminary but the industry experts are already predicting another BOC rate cut. As the rates continue to drop the demand and competition will rise.
Opportunity is now for buyers with the number of options on the market and slower demand during the summer months. If you are thinking of buying or selling in the near future it is definitely worth a conversation with a Realtor to discuss some strategies, options and the market outlook for the rest of 2024. Happy Summer to you and your family!
