Welcome to the million dollar club, Guelph.
The latest report from the Canadian Real Estate Association (CREA) shows that the average price of homes sold in December 2021 was a record high of $1,063,530.
The dollar value of all home sales in December 2021 was $225.5 million, up 9.7% from December 2022.
The total dollar amount of all home sales is a new high for the month of December.
December sales put the City of Guelph for the first time in the category of cities like Toronto and Vancouver where the average price of a home sold exceeds $1 million.
In November, the region flirted with the seven-figure mark, less than $5,000 below the million-dollar mark.
On Friday morning, a search on realtor.ca showed that the City of Guelph is limiting a total of 10 homes or properties currently for sale with a minimum price of $1 million.
As the average home sale surpassed $1 million in December 2021, the MLS Home Price Index (HPI) tracks price trends much more accurately than is possible using measures of average or median prices. The global MLS HPI composite benchmark price was $874,100 in December 2021.
This represents an increase of 30.1% compared to December 2020.
On a yearly basis, home sales totaled a record 5,402 units throughout 2021. This is a 15.1% increase from 2020.
Neighboring areas are in the same situation as the Kitchener-Waterloo Association of Realtors said the average price for a detached home was $1,021,353. This represents a 34.7% increase from December 2020 and a 3.4% increase from November 2021.