The fever breaks

With new sellers entering the marketplace and new legislation taking hold, the real estate market is in transition. Plus, a sampling of high- and low-priced real estate listings in London this week

THE REAL ESTATE market is transitioning. With March break behind us and spring (sort of) teasing, many new listings are being made available. Sellers want to take advantage of these record setting valuations as they fear the market won’t hold. That fear is tangible.

Ontario has just announced a tax on foreign buyers which will now be province wide, and has increased from 15 per cent to 20 per cent. This will virtually end any out-of-country investor transactions from happening in the province. Additionally, significant interest rate hikes are being hinted at for the near term. This will further cool the market and limit the buying power of first-time players, already challenged by the sky-high valuations.

We’re still a few days away from March numbers, which should start to tell the story of just how significant this “slowdown” in the real estate market is and what it looks like.  As I’ve said before, a soft landing from the incredible gains of January and February would be welcome at this point.

For buyers, keep your eyes open for potential deals from sellers who didn’t get offers as planned but are running out of time in needing to get a deal done.  For sellers, price carefully, be patient and assume nothing ― what was true 30 days ago no longer applies.

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: 105-1170 Hamilton Road
MLS number: 40214013
List price: $224,786
Days on market: 18
Size: 1 bedroom, 1 bathroom, 505 square feet
Listing agent: Harprit Singh Ahluwalia, Sales Representative, Keller Williams Lifestyles Realty Inc., Brokerage

High

Address: 1745 Kilally Road
MLS number: 40223277
List price: $3,500,000
Days on market: 10 
Size: 3 bedrooms, 4 bathrooms, 4,000 square feet
Listing agent: James Hudson Smith, Sales Representative, Sutton Group -Select Realty Inc., Brokerage

London North

Low

Address: 216-511 Gainsborough Road
MLS number: 40221540
List price: $289,900
Days on market: 12
Size: 2 bedroom, 1 bathroom, 885 square feet
Listing agent: Michelle Henderson, Broker, Re/Max Advantage Realty Ltd., Brokerage

High

Address: 306 Waterstone Place
MLS number: 40214978
List price: $2,790,000
Days on market: 22
Size: 3 bedrooms, 4 bathrooms, 2,331 square feet
Listing agent: Kelley McIntyre, Salesperson, Royal LePage Triland Realty, Brokerage

London South & West

Low

Address: 107-1103 Jalna Boulevard
MLS number: 40226606
List price: $249,900
Days on market: 6
Size: 0 bedroom (bachelor), 1 bathroom, 410 square feet
Listing agent: Veronika Jovicic, Salesperson, Sutton Group-Select Realty Inc.

Address: 484 Westmount Drive
MLS number: 40200169
List price: $2,499,999
Days on market: 66
Size: 4 bedrooms, 3 bathrooms, 2,477 square feet
Listing agent: Jonathan David, Broker of Record, PG Direct Realty Ltd.

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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.