London’s housing market ― what’s next?
With a general sense of uncertainty and concerns over even higher borrowing costs, market challenges persist
RECENT CONSUMER PRICE Index data showed accelerated inflation for the first time in 10 months ― not what anyone wanted to hear.
Mortgage lenders have already started pushing rates up in anticipation of the Bank of Canada likely having to increase rates in June, immediately after the recent rate “pause” announcement.
There may be a spike in real estate transactions in the coming weeks as buyers try to lock in rates prior to an increase. If you’re in the market for a property, secure a mortgage rate commitment as soon as possible!
“The general sense of unease and a lack of confidence in the direction of the market continues to dominate the real estate sector”
On a weekly basis in the London region, we continue to see a growing inventory of listings, with new listings outnumbering transactions every week. Buyers have yet to come back with any level of intensity, and sellers are appreciating the run up in prices since January.
The general sense of unease and a lack of confidence in the direction of the market continues to dominate the real estate sector. In a week, we’ll have April numbers and be able to see how this uncertainty has affected the market.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or [email protected].
High- and low-priced real estate listings around town this week
Address: 509-583 Mornington Avenue
MLS number: 40417507
List price: $169,900
Days on market: 13
Size: 1 bedroom, 1 bathroom, 684 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group – Select Realty Inc.
Address: 1745 Kilally Road
MLS number: 40377971
List price: $3,250,000
Days on market: 95
Size: 3 bedrooms, 4 bathrooms, 4,760 square feet
Listing agent: James Hudson Smith, Sales Representative, Sutton Group – Select Realty Inc.
Address: 120 Homestead Crescent
MLS number: 40422299
List price: $399,900
Days on market: 6
Size: 3 bedroom, 2 bathroom, 1,638 square feet
Listing agent: Didi Roberts, Sales Representative, Century 21 First Canadian Corp.
Address: 40 Sir Roberts Place
MLS number: 40408760
List price: $3,580,000
Days on market: 26
Size: 5 bedrooms, 4 bathrooms, 7,650 square feet
Listing agent: Kim Mullan, Broker, Sutton Group – Select Realty Inc. Brokerage
London South & West
Address: 203-198 Springbank Drive
MLS number: 40396504
List price: $209,900
Days on market: 50
Size: 1 bedroom, 1 bathroom, 550 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc. Brokerage
Address: 75 Woods Edge Close
MLS number: 40351626
List price: $3,375,000
Days on market: 22
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.