Canada Mortgage and Housing Corporation (CMHC) states that existing home sales will remain at very high levels throughout Kitchener, Guelph and surrounding area in 2008. Home sales through the Guelph board will decline 6% to 3000 in 2008 from the record 3200 sales in 2007. In my opinion, 3000 home sales in the city of Guelph is still a fantastic year for everyone involved.

Some of the factors that are contributing to great sales in 2008 are relatively more affordable existing home prices, a high level of new listings, and low mortgage costs because of diverse home financing options, limited choices in the new home market, and continued population growth.

We can expect new listings to reach 4900 in Guelph this year. The supply of new listings has been trending higher since 2000 as house prices have continued to rise homeowners have been encouraged to list. Expect new listings to remain high in 2008. The great selection will encourage potential homebuyers to begin their search for a home in the residential resale home market.

Despite the high levels of new listings, demand has outpaced supply. The resale market in the Guelph area will remain tight and continue to favor sellers slightly.

Market tightness is measured by the sales to new listings ratio. The sales to new listings ratio is expected to be around 60% in Guelph in 2008.

In effect, these statements by CMHC show that Guelph is enjoying a strong existing home sales market. I feel very positive about the outlook for all of us...home sellers, buyers and realtors in the year 2008.

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