Managing the melee

The housing market continues to traverse a bumpy road of trade tensions, politics and economic uncertainty. What’s a consumer to do?

IN CASE YOU’RE suffering from current-event whiplash, here’s little update on where things stand as of Wednesday morning, March 12 (please note this information will quickly be out of date): Justin Trudeau is out. Mark Carney is in. Carney will be prime minister in the next 48 hours. There may be a federal election called in the next 12 days. Doug Ford’s conservatives have been re-elected. 

 Universal tariffs came into effect ― and then were postponed. Dairy and lumber tariffs were announced, and postponed. Steel and aluminum tariffs, at 25 per cent, then 50 per cent, then 25 per cent, were into effect at midnight last night. China is now taxing Canadian food products in a retaliatory move related to Canada’s support of U.S. tariffs on Chinese electric cars. 

Most provinces have removed U.S. liquor from store shelves. Ontario imposed a 25 per cent export tariff on electrical energy to Minnesota, Michigan and New York, and then delayed pending Washington meeting on Thursday. Return trips by automobile from Canada to the U.S. declined 23 per cent in February compared to 2024. Perhaps most significantly, Canadians are now galvanized as a nation in their stand against this U.S. economic war and the threats to our sovereignty ― having enormous impact on the effectiveness of Canada’s opposition parties and messaging.

Canada had minimal job creation in February, illustrating a weakening economy. Today, the Bank of Canada lowered interest rates by 25 basis points, hoping to prop up an ailing economy affected by the threat of tariffs. The month of February saw very slow housing sales, and the first week of March was extremely slow (90 house deals in the London region). Prices were also depressed in that first week, and inventory continued its steady climb.

All this uncertainty has an enormous effect. Investment in housing construction is falling and consequently slowing the development of much needed housing stock. Investor interest in prospective housing has all but left the market ― especially the Toronto condo market. There is approximately 20 weeks of resale housing inventory in the London region. This is a buyer’s market. Sellers are competing for the attention of elusive buyers, who are often burdened with a home of their own they must sell.

What do you do as a buyer, seller or investor? Talk to experts! The advice is free. Our firm navigates this “uncertainty” every day ― we work as a team on behalf of our clients, doing transactions daily. Every single family’s story and needs are different. Every property is unique. We fashion a unique plan for every situation ― hold steady, sell quickly, price aggressively, source unique funding, extend closings, utilize aggressive conditions, secure higher deposits, complete advance preparation, sit out this market ― there is a unique strategy for every circumstance.

Have a conversation about this market uncertainty and make a plan just for you. These uncertain times always make for opportunity ― make sure you’re one of the few taking advantage.

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: 225 Simcoe Street
MLS number: X11982179
List price: $299,900
Days on market: 18
Size: 3 bedroom, 1 bathroom, 700-1,100 square feet
Listing agent: Monique Legault, Salesperson, Thrive Realty Group Inc.

High

Address: 1839 Parkhurst Avenue
MLS number: X10429127
List price: $1,699,000
Days on market: 113
Size: 4 bedrooms, 3 bathrooms, 3,500-5,000 square feet
Listing agent: Durga Prasad Aaripaka, Sales Representative, Century 21 first Canadian Corp.

London North

Low

Address: 253 Riverside Drive
MLS number: X11998774
List price: $499,999
Days on market: 7
Size: 3 bedroom, 1 bathroom, 1,100-1,500 square feet
Listing agent: Jeff Gard, Salesperson, Royal Lepage Triland Realty

High

Address: 864 Clearview Avenue
MLS number: X9298104
List price: $4,295,000
Days on market: 188
Size: 5 bedrooms, 5 bathrooms, 5,000-plus square feet
Listing agent: Michael Reis, Salesperson, Sotheby’s International Realty Canada

London South & West

Low

Address: 53 Ada Street
MLS number: X11901432
List price: $319,999
Days on market: 74
Size: 3 bedroom, 1 bathroom
Listing agent: Trevor Potter, Salesperson, Oak and Key Real Estate Brokerage, Inc.

High

Address: 9385 Elviage Drive
MLS number: X12002246
List price: $3,490,000
Days on market: 6
Size: 5 bedrooms, 7 bathrooms, 3,500-5,000 square feet
Listing agent: Ashley Winder, Sales Representative, Sutton Group – Select 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.