Real Estate Recap: November 3, 2021
Residential market analysis and a sampling of high- and low-priced listings in London
Photo:424 Palmtree Avenue is listed for sale at $2,400,000
QUESTION: WHY HAS real estate demand exceed supply for the last five years?
Answer: Population growth in the last 10 years: 36,000.
Question: Can these record valuations be sustained?
Answer: Estimated population growth for the next 10 years: 86,000 (plus 50,000!).
Local real estate is sustaining high price levels and demand continues to eat up all supply that hits the market. How can we make sense of this market? The answer has arrived. The Ontario Home Builders’ Association commissioned a report by economist (and London Inc. 20 Under 40 alumni) Mike Moffatt entitled Baby Needs a New Home: Projecting Ontario’s Growing Number of Families and their Housing Needs. It’s a relatively short and impactful study that is worth the read.
As Moffatt points out, “Ontario’s population grew by nearly one million people in the five years between July 1, 2016, and June 30, 2021, after growing by just over 600,000 persons in the previous five years.”
He goes on to add, “We project, on net, an additional one million households to be formed in the next ten years, requiring one million new homes.”
“The city’s planning mechanisms simply aren’t structured, funded or staffed for the future need”
In our region, we will require 30,000 new homes over the next 10 years, and another 3,000 to create a balanced market.
City hall is currently grappling with the issue of Auburn Developments wanting to build a 17-storey building on the east side of Victoria Park. Auburn has been “working” on this plan for five years already, and the approval remains elusive. The city’s planning mechanisms simply aren’t structured, funded or staffed for the future need. Our municipal election is less than a year away ― how our government steps up to tackle this issue will define London for the next generation and beyond.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected].
Address: 605-583 Mornington Avenue
MLS number: 40176248
List price: $195,900
Days on market: 8
Size: 1 bedroom, 1 bathroom, 683 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group- Select Realty Inc, Brokerage
Address: 1129 The Parkway Street
MLS number: 40177298
List price: $1,780,000
Days on market: 11
Size: 7 bedrooms, 4 bathrooms, 3,000 square feet
Listing agent: Carmen McClemont, Sales Representative, Century 21 First Canadian Corp., Brokerage
Address: 222-5 Jacksway Crescent
MLS number: 40181801
List price: $299,900
Days on market: 2
Size: 1 bedroom, 1 bathroom, 650 square feet
Listing agent: Cody Tilbury, Broker, Oliver & Associates Team Glasser Real Estate, Brokerage
Address: 424 Palmtree Avenue
MLS number: 40182482
List price: $2,400,000
Days on market: 2
Size: 5 bedrooms, 4 bathrooms, 3,283 square feet
Listing agent: Osman Omar, Sales Representative, Re/Max Hallmark A Team
London South & West
Address: 302-1588 Ernest Avenue
MLS number: 40180350
List price: $219,000
Days on market: 8
Size: 1 bedroom, 1 bathroom, 592 square feet
Listing agent: Hugh Francis Martin, Sales Representative, Sutton Group-Select Realty Inc., Brokerage
Address: 3472 Grand Oak Crossing
MLS number: 40156360
List price: $1,999,900
Days on market: 64
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.