Real Estate Recap: September 29, 2021
Residential market analysis and a sampling of high- and low-priced listings in London
Photo: 2255 River Road is listed for sale at $1,800,000
REAL ESTATE HAS provided a shelter in this pandemic storm, both as an investment and a refuge. This has created an enormous disparity between supply and demand, ensuring an ongoing seller’s market.
Sky-high valuations and a market with increased risk of a downturn have had additional effects. Financial institutions and insurers have increased their “scrutiny” as it relates to risk. Real estate, especially from an investment perspective, is increasingly complex.
For example, the Ministry of Labour has new rules for every homeowner wanting to renovate, requiring asbestos surveys in advance of any work so contractors are not exposed to undue risk. In addition, cities are tightening rules around licencing of rental units, and zoning bylaws are changing to reflect the increasing need to house a growing population in an increasingly unaffordable market.
“Educated investors with ready access to capital, market knowledge and higher tolerance for risk are formidable players in this increasingly complex market”
On the finance side, governments are squeezing financing qualification rules to protect new home buyers from exposure to rate increases. Lenders are requiring appraisals to ensure pricing is not above acceptable limits.
And environmental surveys add complexity to any commercial transaction, with tighter and tighter tolerances for what’s acceptable exposure.
Educated investors with ready access to capital, market knowledge and higher tolerance for risk are formidable players in this increasingly complex market. To enter this market, it’s never been more important to partner with a real estate professional to source opportunities and protect you. Your broker should have demonstrated experience in your local market and in the category of real estate you’re considering.
Ask them to verify their knowledge and details of related transactions. Choose your support team wisely ― the complexity and risk have never been greater.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected].
London East
Low
Address: 105-1170 Hamilton Road
MLS number: 40159105
List price: $169,900
Days on market: 32
Size: 1 bedroom, 1 bathroom, 505 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group- Select Realty Inc, Brokerage
High
Address: 2255 River Road
MLS number: 40165191
List price: $1,800,000
Days on market: 15
Size: 3 bedrooms, 3 bathrooms, 2,396 square feet
Listing agent: Susie Dietrich, Sales Representative, ReMax Centre City Realty Inc., Brokerage
London North
Low
Address: 9 Mount Pleasant Avenue
MLS number: 40167944
List price: $249,900
Days on market: 6
Size: 2 bedroom, 1 bathroom, 1,000 square feet
Listing agent: John & Stacey Landstra, Sales Representatives, Platinum Key Realty Inc.
High
Address: 1382 Corley Drive
MLS number: 40129877
List price: $2,698,800
Days on market: 11
Size: 5 bedrooms, 5 bathrooms, 3,320 square feet
Listing agent: Kim Mullan, Broker, Sutton Group, Select Realty Inc., Brokerage
London South & West
Low
Address: 703-75 Huxley Street
MLS number: 40168275
List price: $249,900
Days on market: 1
Size: 1 bedroom, 1 bathroom, 609 square feet
Listing agent: John Holland, Sales Representative, Re/Max Centre City Realty Inc, Brokerage
High
Address: 3074 Westminster Drive
MLS number: 40103084
List price: $2,800,000
Days on market: 158
Size: 45 bedrooms, 3 bathrooms, 43,683 square feet
Listing agent: Rob Ure, Sales Representative, Century 21 First Canadian Corp., Brokerage
Disclaimer: London Inc. does not guarantee the accuracy of the statistical data on this page. The data does not represent the listings of any one agent or agency but represents the activity of the real estate community in the area. Any real estate agent’s ad appearing is separate from the statistical data provided, which is in no way a part of their advertisement.