It’s been another long Covid year, where real estate transactions have continued to outpace all past years, and prices have pushed up relentlessly. For all the faults one can attribute to our city, there’s a huge demand for homes here. Our team sold a house in 2021, and with no significant changes, it resold in the same year for 28 per cent more.
Economists who make a living making predictions forecast a further increase of 10 per cent for our market in 2022. They are typically conservative in their estimates, and certainly have undersold the gains every year for the last five years.
“As we begin January with the lowest inventory of houses on the market ever, its not hard to imagine prices will continue to climb, and perhaps significantly”
As we begin January with the lowest inventory of houses on the market ever, its not hard to imagine prices will continue to climb, and perhaps significantly. A 14 per cent gain in 2022 will push our average price over $800,000.
Does our market deserve this?
The only people answering that question are the buyers paying the premium valuations. We have history here ― we pine for the days and talk of “what we paid” way back in 2017, five short years ago. Our history is irrelevant to those bidding up what appear to be lovely homes, in wonderful neighbourhoods, close to schools and in a marvellous city that seems to be somewhat recession proof.
It’s a new year, but its an old market. There is no end. There is no reprieve. If you’re a buyer in a rising market, sooner is better. If you’re a seller, downsizing perhaps, make sure you land your next property before you give up the one you have.
Don’t rush though ― every month appears to net you another one per cent or more. If I recall my news stories correctly, we lost Wiarton Willy during the pandemic. There’s no one left to force this Groundhog Day to come to an end.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.
London East
Low
Address: 2703-363 Colborne Street
MLS number: 40197443
List price: $329,900
Days on market: 8
Size: 2 bedroom, 2 bathroom, 1,008 square feet
Listing agent: Brandon Graham, Sales Representative, Royal LePage Triland Realty, Brokerage
High
Address: 1129 The Parkway Street
MLS number: 40177298
List price: $1,780,000
Days on market: 88
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: 710-570 Proudfoot Lane
MLS number: 40197030
List price: $349,900
Days on market: 5
Size: 2 bedroom, 1 bathroom, 1,008 square feet
Listing agent: Brandi O’Dwyer, Broker, The Realty Firm Inc.
High
Address: 1337 Medway Park
MLS number: 40193107
List price: $1,950,000
Days on market: 35
Size: 5 bedrooms, 5 bathrooms, 2,081 square feet
Listing agent: Syed Moosavi, Broker, Century 21 First Canadian Corp., Brokerage
London South & West
Low
Address: 706-1106 Jalna Boulevard
MLS number: 40196601
List price: $300,000
Days on market: 5
Size: 2 bedroom, 1 bathroom, 821 square feet
Listing agent: Matthew Regan, Broker, Royal LePage Real Estate Services
Address: 3862 Southwinds Drive
MLS number: 40193815
List price: $4,277,000
Days on market: 33
Size: 4 bedrooms, 5 bathrooms, 5,210 square feet
Listing agent: Michael Reis, Sales Representative, Prime Real Estate 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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