It’s time for new leadership on the homelessness crisis

There is no reason our city can’t make a dent in our homelessness problem. We just need the political will ― and our political leaders ― to do it

TODAY IS THE last day of July ― the heart of the summer vacation period. I get the impression that if you can afford the time and money for a vacation, you’ve taken it. Last week sales statistics for our region suggest we arrived back at the historic summer quiet season: just 94 homes sold, while 2,475 were available for sale.  

A total of 3.8 per cent of homes available for sale sold last week. At that rate, it would take six months to clear the inventory of listings.

Last week we saw the Canada’s prime lending rate fall a further 25 basis points. There was indication that the Bank of Canada may need to continue to cut rates into the near future. Another two cuts could get us down to a four per cent prime lending rate. Four cuts would take us down to 3.5 per cent.

The good news is there is room for manoeuvring to offset a slowing economy. It’s anyone’s guess if further rate cuts could prove to provide stimulus to the real estate sector. Keep in mind that the hint of increased demand may bring even more anxious sellers into the market, flooding us with new listings. Supply most likely would offset demand.

Our world is in a state of unease and change. The U.S. presidential election, and the threat of disruption in the electoral process, could bring chaos, downward pressure on the U.S. dollar and incredible worldwide tension. The outcome of Russia’s attack on Ukraine could be decided by the U.S. election results. Israeli and Palestinian security also hangs in the balance.

Closer to home, we could see a provincial election called this fall, with Doug Ford trying to take advantage before the Ontario Liberals get on their feet with Bonnie Crombie. Nationally, it feels we’re in a lame duck period waiting for the writ to drop, despite being more than a year away. Locally, our council is on vacation from solving our most dire issues ― especially homelessness. 

Our community, driven by a gracious family, has now raised almost $35 million to end homelessness in our city. The progress and announcements we’ve seen to date are not worthy of such enormous generosity. We are a community crying out for leadership on the homelessness file, and it appears the rusty gears of bureaucracy have ground plans to a halt. We are once again four months from cold weather, and it appears all council can do is look to blame the disadvantaged and the everyday charitable heroes trying to stem the suffering.

We will all come back from summer vacation soon enough ― let’s hope as a community we get our priorities in order.

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: 710 Adelaide Street North
MLS number: X9152141
List price: $349,000
Days on market: 5
Size: 4 bedroom, 3 bathroom
Listing agent: Kavi Sharma, Sales Representative, Save Max Real Estate Inc.

High

Address: 1745 Kilally Road
MLS number: X8337350
List price: $2,499,900
Days on market: 77
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: 147 Wilson Avenue
MLS number: X8380834
List price: $439,900
Days on market: 90
Size: 3 bedroom, 2 bathroom, 1,410 square feet
Listing agent: Sally Jia, Salesperson, Initia Real estate (Ontario) Ltd.

High

Address: 1597 Gloucester Road
MLS number: 40592875
List price: $4,250,000
Days on market: 59
Size: 5 bedrooms, 5 bathrooms, 6,701 square feet
Listing agent: Kim Mullan, Broker Sutton Group – Select Realty Inc.

London South & West

Low

Address: 294 Wharncliffe Road South
MLS number: X8425368
List price: $439,900
Days on market: 50
Size: 3 bedroom, 2 bathroom, <700 square feet
Listing agent: Chris Howlett, Broker, PC275 Realty Inc.

High

Address: 9385 Elviage Drive
MLS number: X9231344
List price: $3,899,000
Days on market: 1
Size: 5 bedrooms, 6 bathrooms, 3,500-5,000 square feet
Listing agent: Ashley Winder, Sales Representative, Sutton Group – Select Realty Brokerage

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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.