The immigration impact

As immigration rates change, so is the demand for housing, reshaping both the homeownership and rental landscapes

IN JUNE, HOME sales in London totalled 491. This was down eight per cent from last June, 10 per cent from 2023 and 36 per cent from 10 years ago. Sales continue to be historically slow and have slowed even further over the last three years. Year-to-date sales are down 16 per cent compared to last year, 15 per cent compared to 2023 and 31 per cent compared to 10 years ago. The sluggish sales market continues.

 Listings continue to outnumber sales dramatically. There were 1,204 new listings in June and 2,090 active listings in total ― well over four months of inventory. Pricing is down slightly over the last two years (2.5 per cent) but remains sticky despite the slow activity and steady volume of listings. On average, houses are selling for two per cent under their list price.

The first quarter of 2025 saw Canada’s population grow by only 20,000 people, as the chart below illustrates. Aside from the borders shutting down during Covid, this rate of growth is unprecedented. Rental vacancy rates are climbing just as builders are adding rental capacity, switching from condos where the market for buyers has evaporated.

As you imagine the future, we are likely to see a slow, steady approach from the central banks given the stickiness of inflation. “Core inflation’s resilience is reshaping rate expectations; central banks remain cautious,” summed up Royce Mendes, a Desjardins economist. Despite a contracting economy, core inflation remains high at three per cent, limiting the Bank of Canada’s freedom to combat a slowing economy with rate cuts. With growing inventory of unsold homes, and continued economic uncertainty, it’s reasonable to assume that rate cuts won’t stimulate the housing market to any large degree.

Be careful navigating the real estate market. Protect yourself with financing conditions and/or presell your current property before making a commitment. Take advantage of the large inventory of homes from motivated sellers and make the move you’ve always wanted, as a long as you have an informed professional realtor providing measured guidance. Let’s be safe out there!

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: 1251 Florence Street
MLS number: X12024618
List price: $339,000
Days on market: 113
Size: 3 bedroom, 2 bathroom, 700-1,100 square feet
Listing agent: Nate Caeser, Salesperson, Gale Group Realty Brokerage Ltd., Brokerage

High

Address: 1839 Parkhurst Avenue
MLS number: X12250574
List price: $1,599,900
Days on market: 11
Size: 4 bedrooms, 4 bathrooms, 2,000-2,500 square feet
Listing agent: Carol Turnbull, Salesperson, Re/Max Centre City Realty Inc.

London North

Low

Address: 353 Cheapside Street
MLS number: X12186516
List price: $488,000
Days on market: 38
Size: 2 bedroom, 1 bathroom, 700-1,100 square feet
Listing agent: Susan Tanton, Broker, Century 21 First Canadian Corp.

High

Address: 1577 Gloucester Road
MLS number: 40745787
List price: $3,485,000
Days on market: 11
Size: 5 bedrooms, 3 bathrooms, 6,837 square feet
Listing agent: Steve Bailey, Broker, The Agency

London South & West

Low

Address: 20 Langarth Street East
MLS number: X12238882
List price: $499,900
Days on market: 15
Size: 3 bedroom, 2 bathroom, 700-1,100 square feet
Listing agent: Joan Ball, Salesperson, Royal LePage Triland Realty Brokerage

High

Address: 9385 Elviage Drive
MLS number: X12002246
List price: $3,490,000
Days on market: 125
Size: 5 bedrooms, 7 bathrooms, 3,500-5,000 square feet
Listing agent: Ashley Winder, Salesperson, Sutton Group – Select 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.