Wellington County Real Estate Market Review – December & 2024 Year End: Key Trends and Insights for Buyers and Sellers
As 2025 begins, Wellington County’s real estate market continues to evolve, bringing exciting opportunities and trends for buyers and sellers alike. Whether you’re planning a move or just staying informed, here’s what you need to know. After transitioning to a balanced market in fall, the region moved back into a seller’s market at the last part of the 4th quarter of 2024, highlighting steady growth across key indicators.
Whether you’re planning your next move or just staying informed, here are the standout insights from December’s and 2024 year end market activity:
1. Rising Sale Prices:
- Median sale price jumped by 5.99%, reaching $779,000—a clear signal of the market’s growing strength and seller confidence.
- Average sale price rose by 8.72%, now at $844,158.
- Year-to-date (YTD) average sale price for 2024 stood at $829,208, up 0.87% from 2023.
2. Substantial Growth in Sales Volume:
- December sales volume reached $137,597,700, a significant 73.74% jump from the previous year.
- YTD sales volume grew 6.49% to $2.38 billion, compared to $2.24 billion in 2023.
3. Increase in Unit Sales:
- December 2024 recorded 163 units sold, a 59.08% rise from December 2023’s 102 units.
- YTD unit sales increased by 6.37% to 2,871 units, up from 2,699 units in 2023.
4. High Seller Confidence:
- New listings surged 56.2% year-over-year in December, totalling 189.
- Expired listings saw a minor decline of 0.86%, indicating homes were selling faster.
- The sales-to-listings ratio in December reached 86.24%, highlighting a seller’s market.
5. Diverse Price Range Activity:
- YTD sales in the $750,000–$999,000 range increased by 4.65% to 946 units.
- Higher-priced properties ($2M+) saw a notable 12.5% rise in sales.
- Lower-priced homes ($0–$199,000) dropped by 22.22%, signalling affordability challenges.
6. Extended Market Timing:
- Average days-on-market for 2024 increased by 16.76%, rising to 34.25 days from 29.33 days in 2023.
What This Means for Buyers and Sellers
For Buyers:
- For buyers, rising prices mean the competition is starting to heat up. Crafting strong, competitive offers—especially in higher price ranges—will be key to securing your dream home.
- A slower pace of sales (longer days-on-market) offers more time for evaluation but underscores the importance of thorough market research.
For Sellers:
- The strong sales-to-listings ratio and significant price growth make this a lucrative time to list properties.
- Higher demand in mid-to-upper price ranges reflects an opportunity to attract buyers willing to pay premium prices.
These numbers underscore the ongoing strength of the Wellington County market, with favourable conditions for sellers and challenges for buyers navigating a competitive environment.
Now if you’ve been following real estate news in Canada, you’ve probably noticed some exciting updates—especially in the world of mortgages! Whether you’re gearing up to buy your first home, helping your children purchase their first home or considering your next move, these changes could make a big difference in your plans.
In exciting news for buyers, Canada has introduced updates to make homeownership more accessible. From expanded mortgage options to first-time buyer incentives, here’s how these changes could impact your plans:
Recent Mortgage Changes:
- Higher Price Cap for Insured Mortgages: The $1 million price cap has been raised to $1.5 million.
- Expanded 30-Year Amortization: First-time homebuyers and those purchasing new builds can now qualify for 30-year mortgage amortizations.
- Easier Mortgage Renewals: Insured mortgage holders can switch lenders at renewal without going through another stress test.
First-Time Home Buyer Incentives:
If you’re stepping into the market for the first time or have children journeying into the real estate market for the first time, there are also great programs to help with this next step.
- First Home Savings Account (FHSA): Thinking of buying your first home? This account lets you save up to $40,000 tax-free, with an $8,000 annual contribution limit—helping you get closer to your goal.
- Home Buyers’ Plan (HBP): Withdraw up to $60,000 tax-free from your RRSP to buy your first home.
- Home Buyers’ Amount: Get a non-refundable tax credit of up to $1,500.
- GST/HST New Housing Rebates: Claim a rebate on some of the taxes you pay when buying your home.
Let’s Make Your Next Move Together
Whether you’re buying or selling, navigating this competitive market requires expert guidance. With my experience in Wellington County real estate, I’m here to ensure you’re equipped to make confident decisions.
Ready to make a move? Let’s talk about how I can help you navigate this market with confidence. Call me at 519-824-9050 ext. 235, and together we’ll turn your real estate dreams into an address!
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