Real Estate Recap: December 1, 2021

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

Photo: Rodney, Ontario

RODNEY IS A cute village down the 401 towards Chatham, almost an hour drive from downtown London. We recently offered on a home in Rodney, with clients who are first-time buyers and work in London.

They’re driving until they qualify, conceivably spending an hour each way in their car to afford the dream of owning their first home. When we viewed the property, there were at least 20 other realtor business cards on the kitchen counter. The house had previously had a fire, and remnants of charcoal floor joists and floorboards were still evident. There was no air conditioning, no front door, aged vinyl siding and overgrown trees surrounding the house.

Despite all that, out of desperation our clients offered $70,000-plus over the asking price only to lose in multiple offers to someone significantly higher. You don’t have to imagine how challenging it is in London as a first-time home buyer, given that’s the experience in Rodney.

Commercially, our city is paying another price in this real estate fever. Long-term commercial tenants are facing dramatically increased rents. I had my last veggie dog, fries and milkshake in the venerable Prince Albert Diner yesterday, as it closed its doors for the last time.

Progress is expensive for our community. Diminished affordability continues to challenge and change our city in ways that are rarely beneficial. Landowners are reaping rewards, and I’m happy for them and our growing tax base. This newfound wealth will likely fuel additional speculation and keep this boom alive.

I love this city, its livability and sense of the familiar.  I don’t lament for days gone by, but I worry for our ability to adapt. Worry is my new companion.

Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.

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London East

Low

Address: 504-583 Mornington Avenue
MLS number: 40190316
List price: $239,900
Days on market: 4
Size: 2 bedroom, 1 bathroom, 960 square feet
Listing agent: Sallie McFarlane, Sales Representative, Re/Max Advantage Realty Ltd.

High

Address: 1129 The Parkway Street
MLS number: 40177298
List price: $1,780,000
Days on market: 39 
Size: 7 bedrooms, 4 bathrooms, 3,000 square feet
Listing agent: Carmen McClemont, Sales Representative, Century 21 First Canadian Corp., Brokerage

London North

Low

Address: 411-5 Jacksway Crescent
MLS number: 40191097
List price: $299,900
Days on market: 1
Size: 1 bedroom, 1 bathroom, 700 square feet
Listing agent: Cody Tilbury, Broker, Oliver & Associates Team Glasser Real Estate Brokerage

High

Address: 1364 Corley Drive
MLS number: 40181989
List price: $1,995,000
Days on market: 25
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

Address: 1106-45 Pond Mills Road 
MLS number: 40190652
List price: $299,900
Days on market: 4
Size: 2 bedroom, 1 bathroom, 995 square feet
Listing agent: Eren Sen, Sales Representative, Century 21 First Canadian Corp., Brokerage

High

Address: 484 Westmount Drive
MLS number: 40188214
List price: $2,100,000
Days on market: 6
Size: 4 bedrooms, 3 bathrooms, 2,477 square feet
Listing agent: Jonathan David, PG Direct Realty Ltd. Brokerage

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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.