Putting the pieces in place
London’s bold plan to tackle homelessness won’t be perfect. But it will be our shining moment
SUMMER IS TYPICALLY a slow season for real estate, with the long weekend in August perhaps the slowest period of all. This year, real estate activity was already muted due to interest rates recently increasing, contributing to declining prices, longer listing periods and growing inventory.
That said, one of the trends we’re noticing is farm property and estate type acreages continue to break record valuations, as the number of homeowners still looking to “escape” remains strong. Countering the agricultural trend, cottage and second home properties have dropped in value, likely due to the high cost of financing such “second home” investments.
From second homes to no homes, perhaps its time for an update on the homelessness challenges facing our city. London city council recently endorsed the Whole of Community System Response plan. The generous $25 million donation from an anonymous London family, along with the community developed System Response Plan, has empowered the mayor and his team to make great inroads in securing the much-needed federal Infrastructure money along with provincial operating funds.
“This is our city’s moment to illustrate what can be done when a community comes together. This will be our shining moment”
An enormous amount of work has been completed in the last few months designing the service hubs and systems that support them. An aggressive search to locate potential hub locations is underway. It hasn’t even been six months since the plan was finalized ― we should respect the efforts being made to transform a system in such a short period of time.
We must not lose site of the efforts being made in London as a model for helping to solve the issue of homelessness across the country. There is so much at stake we can’t get bogged down in petty squabbles. This is a moment to be bold and innovative ― we will make some mistakes along the way because we’re going fast and saving lives. This is our city’s moment to illustrate what can be done when a community comes together. This will be our shining moment.
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
London East
Low
Address: 71-2189 Dundas Street East
MLS number: 40464730
List price: $124,900
Days on market: 4
Size: 2 bedroom, 1 bathroom, 831 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc.
High
Address: 151 Travelled Road
MLS number: 40384231
List price: $2,190,000
Days on market: 155
Size: 6 bedrooms, 5 bathrooms, 4,120 square feet
Listing agent: Geoff Mitchell, Sales Representative, Re/Max Centre City Realty Inc.
London North
Low
Address: 326-511 Gainsborough Road
MLS number: 40464388
List price: $250,000
Days on market: 4
Size: 2 bedroom, 1 bathroom, 885 square feet
Listing agent: Mary Pat Pegg, Sales Representative, Century 21 First Canadian Corp.
High
Address: 40 Sir Robert Place
MLS number: 40459965
List price: $3,580,000
Days on market: 13
Size: 5 bedrooms, 4 bathrooms, 7,650 square feet
Listing agent: Kim Mullen, Broker, Sutton Group – Select Realty Inc.
London South & West
Low
Address: 209-45 Pond Mills Road
MLS number: 40446019
List price: $260,000
Days on market: 33
Size: 1 bedroom, 1 bathroom, 790 square feet
Listing agent: Ann Smith, Broker, EXP Realty
High
Address: 75 Woods Edge Close
MLS number: 40445791
List price: $2,989,000
Days on market: 41
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.