Five Desirable Guelph Neighbourhoods
Five desirable Guelph neighbourhoods
There is no doubt that Guelph continues to be one of the hottest real estate markets in Ontario, and it’s easy to see why. Even though some of the smaller, more idyllic areas have evolved and changed as the city has expanded over the past three decades, Guelph as a whole contains a variety of unique and highly attractive neighbourhoods immediately appealing to new home buyers.
To help buyers discover all the great reasons to consider Guelph as a real estate option, local Realtor Hudson Smith will be publishing a series of ongoing articles that will showcase select neighbourhoods in the area. For this initial article, Smith is focusing on five of the city’s more mature areas.
“October couldn’t be a better time of year to be looking at these neighbourhoods,” said Smith, head of a team of local Realtors at the Hudson Smith Real Estate Group. “With the mature trees and fall colours, these are the kinds of areas you would drive to if you were interested in fall photography.”
ST. PATRICKS WARD
“This up and comer for many years is now more than just a burgeoning area,” said Smith. “The walking score is comparable to some of Guelph’s most expensive real estate with condo development and fresh new commercial components pushing it onto everyone’s map.”
“This is a neighborhood to watch. If you’re a foodie, you know this area well. The patio dining, café’s, local restaurants, small businesses and sporting events are all within walking distance. Guelph Storm games attract a lot of excitement, smiling faces and proud locals to this area of town.”
RIVERSIDE PARK
“This is a nostalgic one for me as this is where I grew up,” Smith said of Riverside Park. “The smell of wood stoves this time of year brings back memories of trick or treating in this stunning neighbourhood. It’s classic north-end Guelph. ”
“This part of town has arguably the most well-groomed landscapes and stunning bungalows in Guelph. It’s no wonder the properties in this area rarely come up for sale, or stick around long when they are on the market. Not to mention, you’re within walking distance to the city’s annual Ribfest, trails by the river, fireworks and a winter wonderland of lights during the holiday season.”
EXHIBITION/ST. GEORGE’S PARK
“Although they’re different sides of downtown, people are drawn here for many of the same reasons,” he said. “Some of the finest old Guelph real estate can be found here, with stunning mature lots that radiate instant curb appeal.”
“The character of the properties you find in this area truly make them unique; much like the community of people themselves. This neighborhood is nothing short of active and family oriented. You’ll find ice skating rinks, tennis courts, free book exchange, community gardens, and Guelph’s newest and most exciting playgrounds.”
KORTRIGHT EAST
“This is the easiest one for me to speak about as I’ve lived here for the last 10 years,” said Smith. “Few areas if any offer such large practical homes on mature lots in one of the best locations already having those two features.”
“This central area of Guelph is home to some of the friendliest neighbours. Since these homes are larger in size, you will find these streets are filled with kids walking to school, learning to ride their bikes, playing hopscotch and challenging their friends to a game of road hockey.”
OLD UNIVERSITY
“As you drive through this neighbourhood, you’ll see the changes that have happened here. Whether it’s drastic renovations or infill projects, this area works for many because of the large mature lots and one of the best walking scores to downtown parks and the university.”
“The boathouse is one of Guelph’s finest attractions. Don’t let the line up scare you, it moves quickly and with every flavour of ice cream available, there’s something for everyone. The trail along the river is a sight to see whether the trees are changing colour in the fall or snow covered in the winter. You can rent canoes and take in the view of the waterfront properties right from the river.”
Navigating the real estate landscape Welcome to the first instalment of our monthly series dedicated to Baby Boomers and even some Gen X’ers navigating the real estate landscape and embracing lifestyle changes. In this series, we will delve into various aspects of the home-selling journey, offering valuable tips and insights specifically tailored to the unique needs of this demographic. The decision to sell your home as a baby boomer is often more than a transaction; it's a pivotal moment that marks a new chapter in your life. Whether you're an empty nester looking to downsize, seeking financial freedom, or simply ready for a change, this series aims to be your comprehensive guide. In this inaugural article, we'll explore why now might be the right time for baby boomers to sell their homes. From the emotional aspects of letting go to the practical considerations of market dynamics, we'll cover it all. Without further ado, let's dive into the first topic: Embracing Change – Why Now Might Be the Right Time for Baby Boomers and even some Gen X’ers to Sell Their Homes. As the winds of change sweep through the real estate landscape, many baby boomers are contemplating a significant life decision – selling their homes. While the emotional attachment to a home can be strong, there are compelling reasons why now might be the opportune moment for baby boomers to make this transition. Empty Nest Syndrome: The kids have flown the coop, and the once vibrant family home might feel a bit too spacious now. Downsizing can not only reduce maintenance costs but also provide a newfound sense of freedom and simplicity. Financial Freedom: With property values having likely risen considerably from the time you purchased your first home, selling and downsizing can provide a substantial financial windfall. If you are Gen X or Baby Boomer, this is a tremendous opportunity to bolster your retirement savings, embark on new adventures, or even assist your children with their own housing endeavours, while simultaneously simplifying your life. Maintenance and Upkeep: As homes age, the upkeep and maintenance demands can become more burdensome. Selling your home now could mean leaving behind the hassle of constant repairs and yard work, allowing you to enjoy a more relaxed and maintenance-free lifestyle. Shifting Market Dynamics: The real estate market is ever-changing, and keeping a close eye on current trends is essential. With high demand and low inventory in many regions, baby boomers may find themselves in a seller's market, potentially fetching an optimal price for their property. Even when the overall market has cooled, as it has over the past 18 months, there are always properties where it doesn’t matter what the market is doing, demand will always remain high with Sellers still fetching a premium for their homes. Lifestyle Changes: As Gen X or Baby Boomers entering a new phase of life, your lifestyle preferences may evolve. Selling the family home can open the door to new living arrangements that better align with current interests, whether that be a smaller residence, a retirement community, or even a travel-centric lifestyle. While the decision to sell a home is deeply personal, considering the current market conditions, lifestyle changes, and financial opportunities can help you make an informed choice. Embracing change and seizing the moment might just lead to a more fulfilling and comfortable future. If you feel you may be ready to embark on a new chapter, explore different living arrangements, or capitalize on the current market dynamics, or, you're a baby boomer that is contemplating the sale of your home, let's have a conversation. Together, we can explore your options, discuss market trends, and create a personalized strategy to maximize the value of your property. Contact me today to schedule a complimentary consultation. Let's turn the page and embark on this exciting journey together. Your next adventure awaits! Written by: Tom Hillson, Sales Representative
Purchasing a home in the current market In September there was a lot of talk on the return of the real estate summer slowdown. I addressed the concern and panic among some sellers in my newsletter, and how this shift is an integral part of the ever-evolving real estate landscape. This volume will focus on the advantages of being a purchaser in the current market. Healthy Market Stability: While the market's pace may have slowed down, it’s important to recognize that this is a sign of a healthy and balanced market. Buyers now have the opportunity to conduct thorough due diligence before finalizing a property purchase. Conditions like financing, inspections, and sale of property are back in play, allowing buyers to make informed decisions. Fixed Interest Rates: The topic of interest rates has recently experienced day-to-day fluctuations. With the Bank of Canada bond yields decreasing this week, we anticipate a continued reduction in fixed mortgage rates. It's important to note that bond yields and fixed mortgage rates have a direct connection. Meaning when bond yields lower, fixed interest rates decrease. Although lenders have begun to reduce their fixed rates, the decrease is not as significant as the fall in bond yields. Current rates for an insurable 5-year fixed are 5.75%. Lenders rates tend to take the elevator on the way up and the stairs on the way down. Overall this is excellent news for anyone with a mortgage renewal approaching in the near future.
Real estate in Guelph I am not going to pretend I know what is going to happen, but with so many people asking me, it’s only fair I try. I mean, I have my opinions, and I will continue to make my personal decisions when it comes to real estate and investing based on them – and when my clients ask, I will share how I feel. So, how do I feel about the real estate market? Well, actually pretty good. And how did I feel last month? Well, pretty good. What about a month from now? Yes, pretty darn good. How can you feel good about something that so many are feeling bad about? Well, I am not quite sure that the owning of real estate, or the homes people want, or the investments they hope to make have people feeling bad; I imagine it is more about the new interest rates. Let’s look at the investment of real estate first. Whether you are renting it out or living in it, it is a choice of what to do with your money. For the people that are living in it, it’s great to know that it is an investment, because you have to spend money on housing regardless. When we look at any investment we always ask ourselves, “Does this make sense?” The simplest way I can look at real estate and answer that question is to say, I have a product and the people that want and need this product are growing, and the availability of this product does not seem to be doing the same. Describing it this way helps make the most sense to me. I guess I could say the same thing about Coca Cola, but there is Pepsi, Sprite, water, beer, and this Prime drink that my kids won’t stop talking about (don’t get me started). So real estate as an investment makes sense, as there is no alternative to housing. What about everything I am reading about prices going down? Well, real estate prices are going down now, since the rates people use to afford them have gone up. When the rates go down, you know the prices will start to climb again. The market is very healthy – I have been saying this for months. The reason we’ve noticed some homes not selling is due to the sellers adjusting their price expectations downwards slower than the buyers are. The sellers are still willing to accept the price of a spring ago, but the buyers are the ones calculating the interest rate. When rates go up that quickly, it’s hard for sellers to accept things fast enough, so buyers wait, and one by one new sales prices give data to sellers that say “You see, these are the new prices,” and a reluctant decision takes place by way of a price adjustment and then another sale happens. In the spring market of 2022 prices rose but when interest rates started to climb prices fell. Although real estate goals still existed, and people still wanted to invest, the falling prices is what grabbed the headlines, so that healthy underbelly lies just below the surface. Now here we are, in the early part of the year and what can sometimes be the barometer of how our real estate market will perform. How is it going? Well, the supply and demand levels have once again tipped in a slight favour of the seller, but buyers armed with a different interest rate are taking a more calculated approach instead of having a fear of missing out. To conclude, a properly priced home will sell, an underpriced one will sell for over asking, and an overpriced home won’t sell at all. You see, nothing to see here, just a regular old spring market in Guelph. Thanks for reading, and I thought this quote would be fitting. “When the market is greedy, I get scared. When the market is scared, I get greedy.” -Warren Buffet
