With a decline in property showings and a rise in days on market, affordability makes a return
AFFORDABILTIY IS BACK. Starter homes, townhouses and condominiums have seen the greatest percentage of correction of any category in the real estate market.
Starter three-bedroom townhouses, which had ventured north of $600,000 in early March, have seen dramatic value declines, dropping into the mid $400s only 60 days later. When your purchase price has fallen $150,000, it certainly makes swallowing a rising mortgage interest rate more palatable.
For the duration of the pandemic, the first-time homebuyer has been squeezed out of the local market. A lack of inventory creating bidding wars and races to make offers. But the times they are a-changin’. There are now significantly more listings for the entry-level buyer, and a more level playing field between seller and buyer.
It appears now is the time to be active in the market. Now is the time to be pre-approved and actively viewing properties with your real estate specialist. Now is the time to take advantage of this market lull before the competitive dynamics change.
I’ve mentioned before that buying opportunities are presenting themselves in all price categories. Property showings are way down and days on market are climbing as each day passes. You don’t have to be a first-time buyer to see the benefit of keeping an eye on the market. For the vast majority, a house is still a home, and not simply an investment. Go out there and find your dream home ― take advantage before rates and market dynamics make the opportunity a distant memory.
Address: 61-2189 Dundas Street
MLS number: 40259706
List price: $180,000
Days on market: 9
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: 29
Size: 4 bedrooms, 2 bathrooms, 2,383 square feet
Listing agent: Brian Singh, Sales Representative, Century 21 First Canadian Corp.
Address: 1007-600 Grenfell Drive
MLS number: H4128621
List price: $377,900
Days on market: 74
Size: 2 bedroom, 1 bathroom, 700 square feet
Listing agent: Anil Verma, Sales Representative, Re/Max Escarpment Realty Inc.
Address: 3-157 Windermere Road
MLS number: 40245977
List price: $2,950,000
Days on market: 30
Size: 4 bedrooms, 4 bathrooms, 3,915 square feet
Listing agent: Christine M. Crnich, Sales Representative, Oliver & Associates Real Estate Brokerage Inc.
London South & West
Address: 100-198 Springbank Drive
MLS number: 40255158
List price: $240,000
Days on market: 17
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: 15
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.