Where is London’s housing market headed this spring? Here’s a first look at what buyers and sellers can expect
MACROECONOMIC FACTORS CONTINUE to shape our local real estate future. This month’s jobs report suggests employment gains in December were over 100,000 jobs, more than slightly beating the 5,000 jobs growth forecasted.
Then yesterday, the inflation numbers came out, with thankfully a dip in overall inflation of a half point, but the core inflation numbers came down like snow in January – barely at all. This combined economic data suggests another interest rate increase of 0.25% percentage points is likely next week. It also has pushed economists to believe we won’t see any easing until 2024.
For sellers waiting for the spring market to bounce prices up, you may be right, but not spring 2023 ― likely spring 2024. Generally, predictions are that prices will stay flat or fall slightly this year. There is only slight downward pressure due to overall limited supply in the market compared to the growing demand expected due to record immigration and inter-provincial migration.
At a local level, Mayor Josh Morgan delivered his State of the City address yesterday. Rather than simply summarizing our economic gains for the past year, of which there were plenty, he spent most of his time focused on the social problems plaguing our city.
Most significantly, homelessness, addiction and mental health challenges. He described the Health and Homelessness Summit process wrapping up this month as the beginning of a systemic approach to solving these problems. We learned of a generous donation on behalf of a London family ― $25 million plus an additional $5 million of matching funds ― and the creation of the Health and Homelessness Fund for Change.
This is enormous news for our city and will be the catalyst for attracting senior government funding. I’m personally engaged in this effort as chair of the fund, and the A Team is working with other volunteers to deliver on the goal of raising $50 million to fund the priorities out of the summit results.
It is imperative that all Londoners take on the challenge of ending this health and homelessness crisis and join with us as we model the solution that will guide other Canadian cities with similar challenges. It’s time for London to lead.
High- and low-priced real estate listings around town this week
Address: 305-1172 Hamilton Road
MLS number: 40363748
List price: $199,900
Days on market: 7
Size: 1 bedroom, 1 bathroom, 505 square feet
Listing agent: Gord Vandevooren, Sales Representative, Century 21 First Canadian Corp.
Address: 1839 Parkhurst Avenue
MLS number: 40336618
List price: $1,899,000
Days on market: 95
Size: 4 bedrooms, 3 bathrooms, 4,259 square feet
Listing agent: Richard Emil Salhani, Sales Representative, Century 21 First Canadian Corp.
Address: 122-511 Gainsborough Road
MLS number: 40361369
List price: $229,900
Days on market: 14
Size: 1 bedroom, 1 bathroom, 677 square feet
Listing agent: Gord Vandevooren, Sales Representative
Brokerage: Century 21 First Canadian Corp.
Address: 565 Leyton Crescent
MLS number: 40328768
List price: $3,280,000
Days on market: 109
Size: 6 bedrooms, 5 bathrooms, 5,966 square feet
Listing agent: John H. Crosby, Sales Representative, Royal Lepage Triland Realty
London South & West
Address: 32-198 Springbank Drive
MLS number: 40325975
List price: $135,900
Days on market: 117
Size: 2 bedroom, 1 bathroom, 640 square feet
Listing agent: Zahra Khawari, Sales Representative, PC275 Realty Inc.
Address: 3916 Southwinds Drive
MLS number: 40343075
List price: $2,865,000
Days on market: 77
Size: 3 bedrooms, 4 bathrooms, 3,503 square feet
Listing agent: Sarah J Oliver, Broker of Record, Oliver & Associates Sarah Oliver Real Estate 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.