Bundling up for winter

Londoners looking for some mortgage relief might get some in the coming months as winter unveils a buyer’s advantage

IF AN ECONOMIC soft landing is our hope, there was some welcome news this week. Promising inflation numbers provided some confidence and cover to Canada’s central bankers. It’s possible we won’t have to suffer the calamity of deep recession in order to get inflation in check.

In other good news, Canadian fixed interest rates have been declining in recent weeks because of five-year bond yields decreasing. Canadian five-year bond yields have decreased to the 3.8 per cent range, down from the high of 4.4 per cent seen only last month. As bond yields trend lower, five-year fixed mortgage rates drop, giving some relief to buyers and borrowers alike.

In our local market, there were 82 transactions in the week ending Nov 16, and we closed that day with 2,117 listings. At that rate of sales, which I suspect will decline further due to seasonality, we have over six months supply of housing. 

It’s a tough market for sellers ― and will continue to be until further declines in borrowing costs are realized.

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: 5-3902 Dundas Street
MLS number: 40508528
List price: $59,900
Days on market: 20
Size: 2 bedroom, 1 bathroom, 888 square feet
Listing agent: Karen Greason, Broker, RE/MAX Centre City Realty Inc.

High

Address: 806 Maitland Street
MLS number: 40494215
List price: $2,399,000
Days on market: 49
Size: 6 bedrooms, 5 bathrooms, 4,713 square feet
Listing agent: Michael Reis, Sales Representative, Sotheby’s International Realty Canada

London North

Low

Address: 317-511 Gainsborough Road
MLS number: 40509124
List price: $264,900
Days on market: 14
Size: 2 bedroom, 1 bathroom, 885 square feet
Listing agent: Robert Di Loreto, Broker, Royal Lepage Triland Realty Robert Di Loreto

High

Address: 15 Denali Terrace
MLS number: 40504031
List price: $3,800,000
Days on market: 29
Size: 6 bedrooms, 5 bathrooms, 7,516 square feet
Listing agent: Mike Sloan, Sales Representative, Royal Lepage Triland Realty

London South & West

Low

Address: 45-198 Springbank Drive
MLS number: 40512151
List price: $69,000
Days on market: 8
Size: 1 bedroom, 1 bathroom, 883 square feet
Listing agent: Karen Greason, Broker, Re/Max Centre City Realty Inc.

High

Address: 6584 French Avenue
MLS number: 40499960
List price: $2,449,000
Days on market: 39
Size: 5 bedrooms, 6 bathrooms, 6,116 square feet
Listing agent: Thomas Rauth, Sales Representative, Royal Lepage Triland Realty

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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.