The latest real estate numbers for Centre Wellington (Elora, Fergus and the surrounding area) show that while buyer activity picked up slightly in May, the overall market continues to favour purchasers.

Compared to May 2025, more homes sold this year, but prices softened and homes are taking considerably longer to sell. The result is a market where buyers continue to have the upper hand and sellers need to be increasingly strategic.

Prices Continue to Face Downward Pressure

One of the most notable trends in May was the continued decline in home prices.

The median sale price fell 8.65% year-over-year to $752,500, down from $823,750 in May 2025. Since the median price is often considered the best measure of what a typical home is selling for, this suggests that values across much of the market remain under pressure.

The average sale price also declined, falling 3.56% to $790,921.

Unlike some earlier months this year where a handful of luxury sales skewed the numbers, May’s data shows softer pricing across both the median and average sale price metrics.

Sales Activity Improves, But Only Slightly

There was some positive news on the sales front.

A total of 48 homes sold in May, up 4.35% from the 46 sales recorded during the same month last year. Sales volume also increased slightly, rising 0.63% to just under $38 million.

While any increase in sales activity is encouraging, the gains were modest and not enough to significantly change the overall direction of the market.

Buyers Continue to Hold the Advantage

Even with a slight increase in sales, market conditions remain firmly in buyers’ favour.

The sales-to-new-listings ratio fell to 35.56%, well below the level typically associated with a balanced market. This means inventory is still being added faster than it is being absorbed by buyers.

Although new listings declined by 12.59% compared to last year, demand remains soft enough that buyers continue to enjoy plenty of choice and negotiating power.

Homes Taking Much Longer to Sell

Perhaps one of the clearest indicators of current market conditions is how long it takes to sell a home.

The average days on market climbed to 57 days, up from 41 days a year ago — an increase of more than 38%.

This tells us that buyers are taking their time, carefully comparing options and negotiating more aggressively before making a purchase decision.

Looking at the Bigger Picture

The year-to-date numbers reinforce many of the same trends.

Through the first five months of 2026:

Total sales volume is down 2.78% compared to last year. Unit sales are down 2.82%. The median sale price has declined 8.65%. Expired listings have increased by more than 34%. Average days on market are up more than 38%.

Interestingly, the average year-to-date sale price has increased slightly, but much of that strength appears to be concentrated in higher-priced segments of the market. In fact, sales between $1 million and $2 million have increased nearly 18% year-over-year, while sales in the $750,000 to $999,000 range have fallen by 25%.

This suggests that while some upper-end properties continue to attract buyers, the broader market remains considerably softer than it was a year ago.

What This Means for Buyers and Sellers

For buyers, conditions remain favourable. More time to make decisions, less competition, and softer pricing continue to create opportunities throughout Elora, Fergus and the surrounding communities.

For sellers, realistic pricing is becoming increasingly important. Buyers are active, but they are selective. Homes that are priced too aggressively or fail to stand out may spend significantly longer on the market than they would have just a year or two ago.

The Bottom Line

May brought a slight improvement in sales activity across Elora, Fergus and area, but the broader story remains largely unchanged. Prices continue to soften, homes are taking longer to sell, and buyers remain firmly in control of the market.

As we head into the summer season, all eyes will be on whether improving consumer confidence can help absorb inventory and stabilize prices, or whether the buyer-friendly conditions we’ve seen throughout 2026 continue for the months ahead.

Full Report: Royal LePage® Royal City, Brokerage. Centre Wellington Market Report. May 2026: