On the House: The technology transformation
How technology is changing the process of buying real estate, plus a sampling of high- and low-priced real estate listings in London this week
UP, UP WE go. Where it stops, nobody knows.
Records are made to be broken, but in London’s case, real estate valuations are being “smashed”. Low mortgage rates and Covid nesting are partly to blame. Record immigration over the last five years ― especially from GTA flight and additional foreign students ― add fuel to our valuation fire.
There’s another secret driver behind real estates relentless climb, one that makes all these other effects even more pronounced: technological change.
“We’ve seen several homes sell without the buyers ever setting foot on the property”
Readily accessible information has made more people comfortable with the thought of buying real estate. HGTV and similar channels have fostered a generation of confident investors. Immediate access to listings, pictures, videos, sales histories and detailed data have expanded the number of buyers considerably. Digital signatures have allowed out-of-town buyers to look beyond their jurisdictions. We’ve seen several homes sell without the buyers ever setting foot on the property.
Readily accessible information and the easy flow of capital has made it much easier to invest further afield. Investors are now looking for more affordable jurisdictions where the local buyers and their agents may not have adapted to the reality of unconditional, multiple-offer scenarios. Money flows to the best possible returns. For instance, last year economists predicted Nova Scotia would be the market that offered the greatest upside in 2022. I as well as others ventured there to investigate the prediction for ourselves.
One of the secrets the more tenured among us may share is that in a rising market, many people believe their own city to have peaked and assume there are better opportunities elsewhere. We can’t all be right, and usually none of us are. At the end of 2021 in London, we had exhausted buyers who had decided the market had peaked and they were going to sit it out for a while and let the market “settle down”. We then experienced a 10-plus per cent rise in the month of January. Don’t presume anything ― you’ll likely be mistaken.
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: 1110-573 Mornington Avenue
MLS number: 40212258
List price: $249,900
Days on market: 4
Size: 2 bedroom, 1 bathroom, 880 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: 71
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: 117-300 Everglade Crescent
MLS number: 40210503
List price: $399,900
Days on market: 5
Size: 2 bedroom, 2 bathroom, 976 square feet
Listing agent: Matt Morel, Salesperson, The Realty Firm Inc., Brokerage
High
Address: 32 Chantry Place
MLS number: 40210159
List price: $2,895,000
Days on market: 1
Size: 6 bedrooms, 4 bathrooms, 4,048 square feet
Listing agent: Kim Mullan, Broker, Sutton Group – Select Realty Inc., Brokerage
London South & West
Low
Address: 505-135 Baseline Road West
MLS number: 40211881
List price: $289,900
Days on market: 5
Size: 1 bedroom, 1 bathroom, 694 square feet
Listing agent: Jeff Chapman, Broker of Record, Sutton Group Chapman Realty Inc.
Address: 484 Westmount Drive
MLS number: 40200169
List price: $2,499,999
Days on market: 38
Size: 4 bedrooms, 3 bathrooms, 2,477 square feet
Listing agent: Jonathan David, Broker of Record, PG Direct Realty Ltd.
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.