The next chapter comes into focus

In a period of reduced home sales, declining house prices and a softer market overall, everyone is having to adjust their expectations

THE LONDON REGION continues to be experiencing a subdued real estate market. Increasingly, listings are sitting on the market for considerably longer than recent memory.

Psychologically, the participants ―including sellers, buyers and especially agents ― are having to adjust their expectations. We’ve been conditioned to believe there are buyers waiting around the corner for a sign to go up. Measured enthusiasm is increasingly the norm among increasingly cautious buyers.

On the new construction side, the sector continues to be hammered by missing demand. Inventories have grown, spec homes are sitting and, consequently, incentives from builders are coming on strong. It appears we are several bank rate cuts away from new construction getting its feet under it once again.

We’ve seen recent announcements of high-rise rental and condominium construction in the city. These projects take years to come to fruition. The proposed density plans (building heights) are the most glaring examples of the new accepting attitude towards solving our housing shortage. Our local councils are having to play catch up with infrastructure to try and avoid sewage and traffic blockages.

The most glaring miss we’ve had as a city in the last year has been our inability to execute on the health and homelessness file. The community rose up and demanded change. An ambitious plan was hatched with support of all levels of government. Some $35 million was pledged by private donors. Nothing stood in our way aside from our ability to execute, and to continue to bring our citizens along on the journey. We must do better! There is a transformer on the ground in our burdened east end ― scratched on its metal side are the words: “$25 million and we’re still out here.”

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: 1105-583 Mornington Avenue
MLS number: 40562543
List price: $179,000
Days on market: 61
Size: 1 bedroom, 1 bathroom, 683 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group – Select Realty Inc.

High

Address: 1745 Kilally Road
MLS number: X8337350
List price: $2,499,900
Days on market: 14
Size: 3 bedrooms, 4 bathrooms, 3,500-5,000 square feet
Listing agent: James Smith, Sales Representative, Sutton Group – Select Realty

London North

Low

Address: 107-1600 Adelaide Street North
MLS number: 40584999
List price: $279,900
Days on market: 18
Size: 1 bedroom, 1 bathroom, 685 square feet
Listing agent: Mike Van Steensel, Sales Representative, Re/Max Advantage Realty Ltd.

High

Address: 20735 Denfield Road
MLS number: X8375688
List price: $3,799,999
Days on market: 1
Size: 5 bedrooms, 6 bathrooms, 3,500-5,000 square feet
Listing agent: Shawn Nagy, Sales Representative, Sutton Group – Select Realty

London South & West

Low

Address: 507-1105 Jalna Boulevard
MLS number: 40571077
List price: $249,900
Days on market: 43
Size: 1 bedroom, 1 bathroom, 500 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group – Select Realty Inc.

High

Address: 3845 Deer Trail
MLS number: 40562817
List price: $2,999,999
Days on market: 62
Size: 3 bedrooms, 4 bathrooms, 4,442 square feet
Listing agent: Mark Morningstar, Sales Representative, StreetCity Realty Inc.

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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.