The London and St. Thomas Association of REALTORS® (LSTAR) announced that 776 homes* were sold in September of 2018, this is down 6.1% over the same month last year. However, the number of home resales are above the 10-year average, despite low housing inventory in the marketplace. "All year we’ve been managing the challenges of low supply and it continues to impact home resales," said Jeff Nethercott, 2018 LSTAR President. The area did experience a large increase in the average price for resale activity. In September of this year, the average sales price was $386,520, this is up 21.0% compared ...
London & St. Thomas Home Sales Remain Strong
November 1, 2018
Bank of Canada Raises Key Interest Rates to 1.75%
October 28, 2018
The Bank of Canada has raised its benchmark interest rate by a quarter of a point. This is the fifth time since last summer that the Bank of Canada has pushed up the cost of borrowing for Canadians. The bank's current rate is now at 1.75 per cent. That's the highest it's been in almost a decade, dating back to December 2008. The cost of loans linked to the big bank prime rates are headed higher in the wake of the Bank of Canada's decision to raise its key interest rate target by a quarter of a percentage ...
Multiple Offers and Tips for Buyers & Sellers
September 23, 2018
When London’s real estate market is sizzling, and real estate is moving quickly, how can you effectively deal with multiple offers? London’s real estate is still sizzling and there is an overall desire to live in many areas of London, however some areas have low inventory. With this, often buyers will begin a bidding war on certain properties. Receiving multiple offers as a seller is a great position for negotiating terms and often gives them the upper hand. In situations like these, all the parties will be informed about how many offers have been submitted. All registered offers must ...
London and St. Thomas Housing Market - August 2018
September 22, 2018
August home sales in the London & St. Thomas area reached almost record territory last month, with 923 homes sold in London and St. Thomas, but dropped just short of the all-time high. This figure represents the second-best August since the London and St. Thomas Association of Realtors (LSTAR) started tracking sales in 1978. This is a 2.2 percent jump from August 2017. London is continuing to see a very strong sellers’ market. The record for August was set back in 2016 when 999 homes were sold. Currently the demand continues to outpace the supply of houses, driving prices up ...
Battling Buyer’s Fatigue in a Seller’s Market in London, Ontario
September 15, 2018
Touring properties in the London, Ontario can be exciting, especially looking at different home layouts and getting an idea of how to arrange each room. But believe it or not, touring a lot of properties can become exhausting. As a buyer you may not think that after touring a few properties, but after touring several properties it starts to wear in. Buyers then start to feel overwhelmed and exhausted with the whole process and start to settle with properties that might not necessarily reflect their initial wants and needs. You may think it is common sense to see as many ...
How Good Does My Credit Score Have to Be To Buy a House?
September 7, 2018
One of the most stressful parts about getting a mortgage is not knowing if your credit score is good enough to be approved. Since your credit score will not only help you get approved or denied, it will also play a part in how much your interest rate will be. The higher the credit score the better the mortgage! So How Does It Work? The bank will request a credit score from one of the two major credit reporting agencies after you have applied for a mortgage. There are two companies in Canada: Equifax or TransUnion. In certain cases, they ...
London Housing Prices
August 12, 2018
The rising price of homes in London, Ontario is outpacing the national trend, according to a new survey. Migrating Toronto-area residents and limited supply in the London, Ontario real estate market are helping to drive prices up. The median London home price rose nine per cent year over year to $365,686 in the second quarter of 2018, according to the Royal LePage house price survey and market forecast released Tuesday. It should be noted that this is the midway point and not the average selling price. London is not the only city in Southern Ontario to experience double and single ...
Why is Researching a Developer Important When Buying Pre-Construction?
July 28, 2018
When you are considering or comparing various pre-construction projects to acquire a unit i— either as an investor or end user — doing your homework and researching is crucial. So where do you begin? While the location of the site, how far the amenities away are, and aesthetics of the area will help to determine the price, as well as play a role in your decision process. You should start doing your research about the developer. You should take the necessary time to find out all you can about the developer that will be building your potential ...
London Ontario Real Estate Stats June 2018
July 12, 2018
In June, 1080 homes were sold in the London and St. Thomas area according to the London and St. Thomas Association of REALTORS® (LSTAR) area were sold in June. This is less than in June 2017, which was a record-setting month with 1,264 homes sold! Sales activity remains above the 10-year average for the London and St. Thomas area, as the marketplace continues to manage the lowest inventory levels since 2009. The average home price is making a slight gain across the region. London East made the biggest gains, with the average June sales price at $295,541, this ...
3 Most Commonly Renovated Rooms After Buying a Home
July 6, 2018
Congratulations on finally purchasing your new home! Renovations are a great way to help modernize, add a personal flare, and help add value to your home. Here are three of the most popular rooms in a home to undergo a renovation. Basement Chances are the home you just bought had an unfinished basement, leaving you with concrete walls and floors, which isn’t visually appealing to anyone. Basements can be overlooked for gatherings, but believe it or not they can be a great place to unwind and bring people together. Renovating your basement can help add value to your property ...