The Bank of Canada decided to keep its key interest rate unchanged at 2.75% in its June 4 announcement. That means no change to the overnight lending rate, which lenders use to set what you pay on things like variable-rate mortgages.

This is the second time in a row the central bank has hit pause, with the last hold happening on April 16. Before that, the BoC had been steadily cutting rates—seven times between June 2024 and March 2025. With the overnight rate holding steady, the prime rate at most Canadian banks stays put too, at 4.95%

The Guelph condo market did not respond positively to the warmer temperatures of May as many probably hoped. Sales (43) decreased 16% from April and down 41% year over year. The average selling price was approximately $564,000 and average time on market for MLS condo sales stayed about the same as April (39 days) but increased 42% year over year.

Sellers received 97.9% of their asking price on average and 14% of sellers received more asking price. Keep in mind however, that this stat doesn’t take price reductions into account. Terminated or cancelled listings (49) increased by a whopping 44% from April although many cancelled listings were immediately re-listed at a new price. There are 267 active listings going into June. That represents 6 months of inventory at the current rate of sales.

While over all the real estate market is improving, albeit very slowly, the condo market continues to languish. Condo buyers, (yes, they are out there) have plenty of selection and sellers need to price aggressively to be successful. I don’t see a lot of good news on the horizon for condo sellers. Those waiting for the market to improve before selling are in for the long haul.