The importance of home

Living in a home with windows, doors and space for privacy is a luxury that most of us take for granted. For too many displaced people, though, it is not always a matter of course

THE A TEAM is at a conference for Ontario realtors this week called Reality, which included a panel discussion entitled ‘Bears vs. Bulls: The Great Real Estate Debate’. The panel included discussions between two leading economists: Benjamin Tal and David Rosenberg. 

The prevailing wisdom forecasts a worsening of the housing sector in the short run, with additional declines in real estate values being somewhat inevitable. There are no conditions that would suggest any upward pressure. The risk of recession is considered to be about 90 per cent.

The real estate market will continue to “correct” through to the spring, with interest rate rises being tempered by the fact that inflation has slowed in the last quarter. Make your plans accordingly and consult professionals who can give you the best up-to-the-minute advice on your particular property search or sale.

As you imagine the worst, let’s get some perspective. The main source of good news is that the market is still up about 30 per cent from the start of the pandemic (Canada-wide). But there’s better news!  You have a home – a place to be warm, to cook your meals, to raise your family, to have a safe sleep and to secure your belongings.

As the weather turns cold, please remember those less fortunate around us. The City of London is “home” to approximately too many homeless souls. They’re operating on the edge of our society, surviving by their wits and struggling to make it to tomorrow. Homelessness is a complex issue, one most of us have little understanding of. The problem seems beyond our control and with no solution.

I’m here to tell you there is hope. There are wonderful, caring, earnest Londoners working to make a difference, in the immediate and for the future. We need not accept this as intractable. We must dare to fix the unfixable. I have faith in our citizens, our charities, our donors, our builders and our political leaders. Work is being done. We will prevail.

Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.

High- and low-priced real estate listings around town this week

London East

Low

Address: 1101-583 Mornington Avenue
MLS number: 40271297
List price: $179,900
Days on market: 1
Size: 1 bedroom, 1 bathroom, 580 square feet
Listing agent: Justin Van Eck, Sales Representative, Blue Forest Realty Inc.

High

Address: 1745 Kilally Road
MLS number: 40327717
List price: $3,325,000
Days on market: 60
Size: 3 bedrooms, 4 bathrooms, 4,700 square feet
Listing agent: James Hudson Smith, Sales Representative, Sutton Group-Select Realty Inc. Brokerage

London North

Low

Address: 54-1220 Royal York Road
MLS number: 40326441
List price: $374,900
Days on market: 67
Size: 2 bedroom, 1 bathroom, 1,150 square feet
Listing agent: Jordan Smeltzer, Sales Representative, Davenport Realty Brokerage

High

Address: 565 Leyton Crescent
MLS number: 40328768
List price: $3,280,000
Days on market: 53
Size: 6 bedrooms, 5 bathrooms, 5,966 square feet
Listing agent: John H. Crosby, Sales Representative, Royal Lepage Triland Realty

London South & West

Low

Address: 32-198 Springbank Drive
MLS number: 40325975
List price: $135,900
Days on market: 61
Size: 2 bedroom, 1 bathroom, 640 square feet
Listing agent: Zahra Khawari, Sales Representative, PC275 Realty Inc.

High

Address: 1938 Kilgorman Way
MLS number: 40331360
List price: $3,495,000
Days on market: 49
Size: 5 bedrooms, 6 bathrooms, 5,753 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.