Real Estate Recap: October 13, 2021

Real Estate Recap: October 13, 2021 residential market London Inc. Realty

Residential market analysis and a sampling of high- and low-priced listings in London

Real Estate Recap: October 13, 2021 residential market London Inc. RealtyTHE HOUSING SHORTAGE is the local issue of our generation. This includes single family homes, condominiums, townhouses, rental units, subsidized housing, etc. We’ve spent the last five years in a seller’s market, with demand exceeding supply. This market condition will be difficult to correct.

I offer an experience during the recent federal election as an example of the intransigence of the problem. I attended a debate organized by the London Home Builders’ Association. Local builders, developers and suppliers were in attendance. Two candidates participated ― a Conservative and a Liberal. The issue of housing supply was a hot topic.

The Liberal candidate spoke of federal programs (current and proposed) designed to motivate municipalities to expedite development. He also referenced the need to end the pandemic quickly to get everyone back to work. The Conservative candidate referenced a proposal to build one million new homes in three years. 

“Progressive communities will recognize the need to change the way development happens. Our city council will have the greatest impact on our city and will determine if we lead the region in housing affordability or if we lag behind and suffer economically”

At this point, a representative from one of London’s largest development companies made a statement (I paraphrase): “Our company has 1,200 lots ready for development. We’ve worked for years to get these subdivision plans approved through the municipal planning process, with very slow progress.  These lots represent approximately one billion dollars of economic activity ― and we are but one developer in one medium-sized city. If we can’t get our shovel-ready projects expedited as seasoned developers working within the system, how are we as a country going to build one million homes? There is no one at city hall to even talk to for these files to move through the process ― everyone is still working from home.”

Progressive communities will recognize the need to change the way development happens. They will ensure smart growth that provides for more density and infill, while limiting sprawl. They will supercharge their economies by finding affordable, livable housing is expedited through efficient and robust planning.

At every level of government, your vote matters. Our city council will have the greatest impact on our city and will determine if we lead the region in housing affordability or if we lag behind and suffer economically.

As of today, we have two vacant council seats. One year from now, all council seats will be up for election. Every candidate for office must be part of a progressive housing solution and make planning their top priority. Smart development and the housing supply are the determinants of whether we thrive in the future or languish, stuck in the past.

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

Real Estate Recap: October 13, 2021 residential market London Inc. Realty

Address: 105-1170 Hamilton Road
MLS number: 40159105
List price: $169,900
Days on market: 46
Size: 1 bedroom, 1 bathroom, 505 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group- Select Realty Inc, Brokerage

High

Real Estate Recap: October 13, 2021 residential market London Inc. Realty

Address: 1185 Richmond Street
MLS number: 40154973
List price: $1,699,999

Days on market: 57 
Size: 6 bedrooms, 5 bathrooms, 5,072 square feet
Listing agent: Jean Hoy, Sales Representative, Right at Home Realty Inc., Brokerage

London North

Low

Real Estate Recap: October 13, 2021 residential market London Inc. Realty

Address: 212-600 Grenfell Drive
MLS number: 40174246
List price: $229,900
Days on market: 5
Size: 1 bedroom, 1 bathroom, 750 square feet
Listing agent: Ty Lacroix, Broker of Record, Sutton Group Envelope Real Estate Brokerage Inc.

High

Real Estate Recap: October 13, 2021 residential market London Inc. Realty

Address: 1364 Corley Drive
MLS number: 40156050
List price: $2,200,000
Days on market: 54
Size: 5 bedrooms, 5 bathrooms, 4,019 square feet
Listing agent: Carlo Castellani, Sales Representative, Century 21 First Canadian Corp., Brokerage

London South & West

Low

Real Estate Recap: October 13, 2021 residential market London Inc. Realty

Address: 41 Briscoe Street West
MLS number: 40173777

List price: $299,900
Days on market: 7
Size: 1 bedroom, 1 bathroom, 828 square feet
Listing agent: Joe Rinehart, Broker of Record, Rinehart Realty, Brokerage

High

Real Estate Recap: October 13, 2021 residential market London Inc. Realty

Address: 3472 Grand Oak Crossing
MLS number: 40156360
List price: $1,999,900
Days on market: 50
Size: 6 bedrooms, 5 bathrooms, 4,289 square feet
Listing agent: Lynne Mallette, Sales Representative, Sutton Group-Select Realty Inc., 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.

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