- The Guelph Condo Market
The Guelph condo market
The next big sub-market in Guelph real estate is without a doubt, mid and high-rise condo. For a city that has predominantly grown outwards rather than upwards, this shift in desired growth has been a long time in the making. The question of whether Guelph was ready for more compact urban living seems to have been answered. The measuring sticks for success are already out there. Every area of the city has seen some form of mid or high-rise development in recent years, and almost every project has seen an overwhelmingly large consumption rate.
It is no longer a question of whether or not Guelph is ready for a serious condo market, it is now a question of providing enough variety to keep the market compelling. The extremely duplicated mid-rise footprint that has covered the South end has given way to more thoughtful and livable designs. Guelph has now officially progressed to the next stage of it’s development - an era focused on form, not just function. Across the city we are seeing a wide variety of modern design, materials, finishes and amenities, this is the beginning of Guelph condo market 2.0.
Condo development in South Guelph
Over the past decade, the vast majority of development has been mid-rise buildings targeted at entry-level purchasers and the investment market in the rapidly expanding South-side of Guelph. The number of condo developments went from zero to double digits in a matter of a few short years. With prices starting in the mid $100’s, investors lined up over-night to get their piece of the action. Building after building went up, with little variation in design or finishes. While the end result of such mass replication is yet to be fully realized, this flurry of action around a singular product type single-handedly kicked the guelph condo market into a whole new gear.
The development dollars continue to flow, as a whole new generation of condos are hitting the streets of South Guelph. Thoughtful buildings designed around a living experience, modern architecture and a much higher level of finishes. We are at the beginning of a new chapter, but so far demand for a more upscale living experience has shown to be real.
There is a secondary condo market on the South-side that has been met with both heavy opposition and open arms - yes, the emergence of purpose-built student buildings. Although local investors have been purchasing and renting condos for over a decade now, those buildings were never designed, marketed and sold as “investment condos”, this is a completely new generation of condo. Per bedroom rents, guaranteed leases, and a hands-off management strategy. Most Guelph residents agree that these more organized student accommodations were needed and overall the projects have been well received.
There are plenty of articles about Investment Condos in South Guelph in our blog TWTalk.
Condo development in Downtown Guelph
Within the past few years, landmark developments like River House and River Mill from The Tricar Group and The Metalworks from Fusion Homes, have re-shaped the face of downtown Guelph. Characterized by superior design, varied unit sizes, and true life-style based living, the downtown Guelph condo market has a bold new face. From one-bedroom seeking first-time buyers to down-sizers looking to live in luxury at the top of the city, th downtown Guelph condo market is for real.
The unprecedented success of these large-scale downtown projects has fuelled the appetite of consumers, city officials, and developers alike. With a careful eye towards sustainable urbanization, the re-development and clean-up of environmentally damaged lands is currently at the forefront of most development discussions. In the coming years, we are sure to see many smaller projects continue to develop forgotten lands and help provide much needed housing options in the city core.
One of our favourite projects downtown is The Metalworks from Fusion Homes. It truly is a project of significance, not only here in Guelph, but all across Ontario. We are fortunate to be witnessing real change as it happens, and right here at home.
You can read more about The Metalworks here and plenty of articles about The Metalworks in our blog right here
Condo development in other areas of Guelph
Another big change is on the way in the city, and that’s the emergence of a more substantial condo market in outside of Downtown and South Guelph. The North, West and East areas of Guelph have seen a small number of projects enter the mid-rise condo market over the past decade, all to a great level of success. Resale demand has been continuously strong, with units coming to market moving quickly and with consistent annual increases. With strong city support, the limited number of new projects in the more peripheral areas of the city is about to change.
Several slated projects for East Guelph are on the way and the North and West areas of Guelph should see a continued push for vertical growth as available development land continues to shrink. The cost of living for town-homes, semi-detached and certainly detached homes has pushed beyond the capabilities of many prospective home owners. Mid-rise condo buildings provide an affordable alternative for many in Guelph, and the sales data over the past several years agrees with this notion.
No matter which part of Guelph, the emerging condo market is an undeniable valid option for many people and an important part of this city’s growth over the next number of years.
Talking condo with a TrilliumWest Realtor
We have a number of Realtors who not only love the condo scene in Guelph, they live it everyday. We invite you to come on into TWStore for a chat where we have all of the condo information you need, including new condo sales packages and resale condo information. Want data? We have all of that too, just get in touch and we will get you all of the information you need to make a smart purchase.
If you are thinking Guelph condo, we have the people to help.