Waiting it out
As sales and price momentum continues to cool, homebuyers take to the sidelines. Plus a sampling of high- and low-priced real estate listings in London this week
Photo: Maria Ziegler on Unsplash
THE LAST FEW years we’ve been living through an extreme seller’s market, where house sellers had the power with their pick from multiple buyers for each listing.
The imbalance of demand exceeding supply was a consequence of the perfect storm of high immigration, low interest rates, limited listing numbers, etc. We struggled to imagine how this imbalanced market could be corrected, due to limited new construction capacity aligned with intransigent homeowners “nesting” due to Covid.
“We struggled to imagine how this imbalanced market could be corrected … it appears the solution has manifested after a few short weeks of macroeconomic shocks”
It appears the solution has manifested after a few short weeks of macroeconomic shocks. War, inflation, interest rate increases, a pending election ― all have shaken that elusive commodity required to power the real estate market. The commodity that’s gone missing is confidence.
Buyers may no longer believe the market will push higher in the near future. Speculators and investors appear to be sidelined, waiting to see if a pricing correction is being experienced. In two weeks, we’ll be able to see if the numbers in April suggest a correction is underway.
The market has been on a relentless and pronounced value climb; it has to end ― and hopefully with a soft Canadian landing.
If you’re part of the majority sitting on the sidelines waiting out the market, you should take this time to get yourself ready to pounce on buying opportunities.
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: 306-1170 Hamilton Road
MLS number: 40240693
List price: $174,900
Days on market: 6
Size: 1 bedroom, 1 bathroom, 400 square feet
Listing agent: Rick Pinheiro, Broker of Record, Pinheiro Realty Ltd., Brokerage
High
Address: 1745 Kilally Road
MLS number: 40223277
List price: $3,500,000
Days on market: 38
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: 2-70 Fiddler’s Green Road
MLS number: 40240749
List price: $299,900
Days on market: 6
Size: 2 bedroom, 1 bathroom, 825 square feet
Listing agent: Pamela Jean Fletcher, Sales Representative, Vision Network Real Estate Ltd., Brokerage
High
Address: 306 Waterstone Place
MLS number: 40214978
List price: $2,790,000
Days on market: 50
Size: 3 bedrooms, 4 bathrooms, 2,331 square feet
Listing agent: Kelley McIntyre, Salesperson, Royal LePage Triland Realty, Brokerage
London South & West
Low
Address: 305-1103 Jalna Boulevard
MLS number: 40238903
List price: $295,000
Days on market: 9
Size: 1 bedroom, 1 bathroom, 595 square feet
Listing agent: Harjit Mangat, Broker of Record, Global Realty Partners Inc.
High
Address: 2133 Wharncliffe Road South
MLS number: 40229995
List price: $2,499,900
Days on market: 26
Size: 4 bedrooms, 2 bathrooms, 3,700 square feet
Listing agent: Marcia Beaton, Broker, EXP Realty, 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.