Welcome to Guelph, the Royal City with a charm that extends beyond its Victorian-era architecture and vibrant cultural scene. If you’re considering a move or an investment in real estate, Guelph might just be the hidden gem you’ve been searching for.
In this exploration of Guelph’s real estate market, we’ll dive into the economic factors driving its growth, the unique features that make it an investor’s dream, and why it’s not just a city – it’s a lifestyle.
Economic Factors
Economic factors, like a growing economy and a flourishing job market, keep Guelph near the top of the list of great places to live.
Guelph’s Healthy Job Market in Manufacturing and Tech Industries
Guelph is part of what Ontario calls the Innovation Corridor, in which five Census Metropolitan Areas (CMAs) generate 25% of Canada’s Gross Domestic Product (GDP) and 66.6% of Ontario’s.
Thanks to well-established manufacturing and tech companies such as:
- Canadian Solar Inc
- Linamar Corporation
- Hammond Power Solutions
- Intrigue
- SearchEngineOp Website Design & SEO
Connection Incorporated
Linamar Corporation, for instance, manufactures major components for the medical technology field, the automotive industry, and more. Linamar operates over 22 manufacturing plants in Guelph. The utilities and manufacturing industries supply jobs for over 20% of the full-time workforce in this glorious city, making it one of the top five job providers.
Strong Local Economy
People search this question often, is Guelph a good place to live? Well, Guelph is a great place to live for many reasons, but one of the best reasons is its low unemployment rate. With sectors like tech, education, and manufacturing supplying the bulk of jobs, Guelph is one of the cities with the lowest unemployment rates in all of Canada.
Strong employment levels benefit the economy and residents, making Guelph ideal for potential buyers and rental investors. It’s unlikely that tenants will lose their jobs, but if they do, there’s a good chance of finding a new one quickly. When it comes to rent prices in Guelph the monthly payments are higher than average, but the average household income is also substantial and sits at around $100,175, making the higher rent affordable.
Supply and Demand
The demand for housing in Guelph continues to increase, as immigration continues. The Guelph real estate market is on a steady rise and will continue through the current national economic slowdown. The Royal City has been one of the fastest-growing Ontario cities throughout the last decade and isn’t showing any signs of slowing down.
With continuous growth and expansion, Guelph real estate has seen a steady supply of new residential listings for rentals and housing — making it perfect for anyone serious about investing in real estate.
Location
Guelph is away from the larger cities to reduce the crime rate significantly but close enough to conveniently commute to work or for pleasure.
Connectivity and Transportation
Guelph is ideally situated, having access to several major highways, such as:
- Highway 7 to Waterloo, Kitchener, and Acton
- Highway 24 to Cambridge
- Highway 401 to Toronto
- Highway 6 to Owen Sound and Hamilton
Both residents and investors love having direct, easy access to these key cities.
Healthy Municipal Transit System
More than 20,000 residents ride the municipal transit system daily, with over 70 buses navigating 28 routes. Additionally, GO Transit buses take students to and from Guelph Central Station and the University of Guelph.
A University City with a Massive Student Population
Over 30,000 students attend the University of Guelph (U of G) yearly; over 1,750 are international attendees from approximately 130 countries. This makes Guelph’s real estate market perfect for student rentals. Only 13% of the 30,000 students live on campus, which leaves 26,100 students needing a place to live.
The expectation is a steady student population growth due to the acclaim and popularity of the U of G and the city’s continued growth.
Guelph Tourism
Guelph has a robust local tourism industry built on three main attractions:
Cultural festivals: People from all over the world visit Guelph to take in some of the many flourishing arts and cultural festivals, such as:
- The Hillside Festival
- The Guelph Film Festival
- The Two Rivers Festival
- The Guelph Pride Festival
- The Guelph Festival of Moving Media
- Guelph and District Multicultural Festival
Local sports teams: Guelph is proud of its OHL hockey team, The Guelph Storm, who entertain fans from all around southern Ontario during hockey season, and Guelph’s IBL baseball team, The Royals, keeps fans entertained throughout the summer.
Historical sites: Can you imagine how many historical sites the first planned city in Canada might have? Full of Victorian-era architecture, from churches like the Basilica of Our Lady Immaculate located near the downtown neighbourhoods to the McCrae House and the Guelph Civic Museum, Guelph loves its culture.
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Rental Property Age and Condition
According to Statistics Canada, the construction of approximately 45% of single/semi-housing units began in 1960 or earlier. 25% of the rental townhouses popped up between 1971 and 1980, and another 20% from 1991 to 2000. The construction of rental apartments was spread evenly over 30 years between 1960 and 1990.
Regarding maintenance and repairs, only 10% of rental dwellings need major repairs, 26% require minor repairs, and most need regular maintenance. All these factors help real estate investors and property owners keep housing costs manageable.
In the heart of Ontario, Guelph stands tall as more than just a city; it’s a thriving community with a robust economy, strong job market, and a real estate market that reflects its continuous growth. The blend of historical charm, booming industries, and a steady influx of students creates an environment where investing in homes isn’t just a financial decision – it’s an investment in a lifestyle. Guelph’s allure extends beyond its well-maintained homes; it’s a testament to the synergy of economic prosperity, cultural richness, and a promising future. So, whether you’re on the hunt for houses for sale in Guelph or contemplating the perfect rental property, the Royal City welcomes you with open arms and the promise of a bright future.
