Is the housing market becoming bearish or just seeing a correction? Plus a sampling of high- and low-priced real estate listings in London this week
ALONG WITH THE relentless rain in April, it seemed the sky was falling on real estate markets across Canada. To carry the metaphor forward, it now may appear that the ground is saturated enough to allow for a soft landing.
Anecdotal evidence suggests that for much of our local market, values are holding after the “correction” in April. Old North, Old South, Oakridge, Byron, Westmount and other established addresses are still sought after and securing multiple bids at these newer 2022 valuations.
Townhouses and high-rise condominiums have not held their value as well, although sale prices still easily exceed where we were at the end of 2021. Rising mortgage rates (and threatened further increases) have had a considerable effect, especially for first-time homebuyers. Some believe that the rate increases will be moderated if the Bank of Canada sees the housing sector settle down to a balanced market with little to no inflationary pressure. I’m hopeful that’s the case.
The provincial election is in full swing, with two short weeks to go. There are promises being made from all parties designed to bring housing costs down and affect a change in the supply going forward. Although I have little confidence the real estate supply can be impacted at the provincial level, the type of housing being incentivized in the future will be impacted by which party or parties secure power. An oversimplification would suggest that the more conservative parties would mean more single-family homes, highways and sprawl. The more progressive parties would bring more infill, density and affordability, especially for the more marginalized.
Housing has been on the minds of every Canadian for the last five years, as the relentless rise in real estate costs has impacted our society. As post-Covid immigration ramps up, and we adjust to our new reality of working remotely, we should expect the housing sector to continue to be one of our greatest challenges in the coming years.
Address: 61-2189 Dundas Street
MLS number: 40259706
List price: $180,000
Days on market: 2
Size: 2 bedroom, 1 bathroom, 600 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc. Brokerage
Address: 1980 Kilally Road
MLS number: 40247136
List price: $3,800,000
Days on market: 22
Size: 4 bedrooms, 2 bathrooms, 2,383 square feet
Listing agent: Brian Singh, Sales Representative, Century 21 First Canadian Corp.
Address: 310-563 Mornington Avenue
MLS number: 40252679
List price: $349,000
Days on market: 12
Size: 2 bedroom, 1 bathroom, 883 square feet
Listing agent: Michael Manes, Broker, Peak Alliance Realty Inc.
Address: 583-591 Windermere Road
MLS number: 40249089
List price: $3,400,000
Days on market: 20
Size: 3 bedrooms, 3 bathrooms, 2,525 square feet
Listing agent: Glen Gordon, Broker of Record, Glen Gordon Real Estate Ltd.
London South & West
Address: 100-198 Springbank Drive
MLS number: 40255158
List price: $240,000
Days on market: 10
Size: 2 bedroom, 1 bathroom, 501 square feet
Listing agent: Karen Greason , Broker, RE/Max Centre Realty Inc, Brokerage
Address: 1938 Kilgorman Way
MLS number: 40255312
List price: $3,995,000
Days on market: 8
Size: 5 bedrooms, 6 bathrooms, 4,285 square feet
Listing agent: Linda Joan Rice, Sales Representative, Royal LePage Triland Realty
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.