That represents a reduction of approximately 10 per cent in the cost of mortgage borrowing. Banks and mortgage lenders are pricing in an expectation of lowered interest rates in the future. This is a contributor to the average price of a home in the London region increasing from $578,000 in January to $640,000 in March.
“Multiple offers and bidding wars have been surfacing once again in April’s transactions”
Next week we’ll have April’s numbers for review, but we expect pricing to climb again. Inventory has been climbing in the first three weeks of April, as sellers take advantage of spring’s emergence. Multiple offers and bidding wars have been surfacing once again in April’s transactions.
A dip in mortgage rates, stability from the Bank of Canada and the return of buyers is contributing to upward pricing pressure.
Buyers should consider the relative risk of upward pricing pressure as compared the risk of further correction. Macro economic factors suggest that prices are more likely to climb than they are to fall in the coming months. Since January, it costs over $60,000 more to buy the average home in London. If mortgage rates have stabilized, and prices continue to have upward pressure, then now is the time to be making a move.
This balanced market may not hold ― don’t put yourself in the position to regret not acting when you had the chance.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.
London East
Low
Address: 57-2189 Dundas Street East
MLS number: 40392205
List price: $189,900
Days on market: 33
Size: 2 bedroom, 1 bathroom, 784 square feet
Listing agent: Rishi Patpatia, Sales Representative, The Realty Firm Inc.
High
Address: 1745 Kilally Road
MLS number: 40377971
List price: $3,250,000
Days on market: 67
Size: 3 bedrooms, 4 bathrooms, 4,050 square feet
Listing agent: James Hudson Smith, Sales Representative, Sutton Group – Select Realty Inc.
London North
Low
Address: 54-1220 Royal York Road
MLS number: 40365229
List price: $364,900
Days on market: 105
Size: 2 bedroom, 1 bathroom, 850 square feet
Listing agent: Jordan Smeltzer, Sales Representative, Oak and Key Real Estate Brokerage Inc.
High
Address: 565 Leyton Crescent
MLS number: 40392184
List price: $3,280,000
Days on market: 33
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: 5-198 Springbank Drive
MLS number: 40393898
List price: $149,900
Days on market: 29
Size: 1 bedroom, 1 bathroom, 510 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc. Brokerage
High
Address: 75 Woods Edge Close
MLS number: 40351626
List price: $3,375,000
Days on market: 92
Size: 5 bedrooms, 7 bathrooms, 8,308 square feet
Listing agent: Owen Price, Sales Representative, Keller William Lifestyle 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.
With news media at a tipping point, an independent Spanish newspaper is managing to find new ways to grow
3-130 Windsor Crescent: $779,000 for a spacious and modern two-storey condo in Old South
A summary of recent commercial real estate activity in London
Surge of supply: London home inventory is now at its highest level since 2015, but buyers remain reluctant
Startup SaaS platform Appello aims to give smaller commercial subcontractors a leg up in field workforce management