Real Estate Recap: January 19, 2022
Residential market analysis and a sampling of high- and low-priced listings in London
Photo: 710-600 Grenfell Drive is listed for sale at $349,900
WINTER HAS FINALLY arrived full force in London. Without Premier Ford here in London to help us dig out, we’re on our own ― just as with the real estate market.
We adapt to 10 inches of snow in a matter of minutes: We change our clothing plans, make the shovels more accessible, force the teens to get out of bed to help and allow more time for the commute. We do this because, as Canadians, we’re conditioned to it. It doesn’t (or shouldn’t) phase us.
We must learn to manage the seemingly ever tightening and rising real estate market like we do our Canadian winters. We must adapt and become resilient to this inevitable climb.
“We must learn to manage the seemingly ever tightening and rising real estate market like we do our Canadian winters”
I was speaking to a real estate investor out of the GTA yesterday. They purchased a tract of land north of Toronto in Vaughan seven years ago for about $30 million, at what felt like the peak of the market. Yesterday, after Toronto grew out to them and could now justify a rezoning for towers, they sold that same parcel for $158 million.
As Toronto did seven years ago, the London market seems expensive. It is nearly impossible to source a single-family home with a nice yard in a nice neighbourhood for less than $1 million. Seven years from now, will we reminisce back to those distant pandemic times, when you could still score a marvellous home in London for half the going price?
And in case you were wondering, the market is up this week … again!
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: 803-583 Mornington Avenue
MLS number: 40199452
List price: $219,900
Days on market: 7
Size: 1 bedroom, 1 bathroom, 680 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group-Select Realty Inc., Brokerage
High
Address: 151 Travelled Road
MLS number: 40194275
List price: $2,199,999
Days on market: 36
Size: 11 bedrooms, 5 bathrooms, 6,120 square feet
Listing agent: Geoff Mitchell, Sales Representative, Re/Max Centre City Realty Inc., Brokerage
London North
Low
Address: 710-600 Grenfell Drive
MLS number: 40200013
List price: $349,900
Days on market: 4
Size: 2 bedroom, 1 bathroom, 900 square feet
Listing agent: Sam Dabbagh, Sales Representative, Century 21 First Canadian Corp., Brokerage
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: 208-95 Baseline Road West
MLS number: 40197832
List price: $319,000
Days on market: 6
Size: 2 bedroom, 2 bathroom, 1,032 square feet
Listing agent: Chris Howlett, Broker, PC275 Realty Inc.
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.