THE BEST DAY to sell a property in the London area may have been yesterday. Let go of your hopes for spring salvation. The market appears to be adjusting. The average price in September was down five per cent as compared to August.
Real estate valuations prior to 2017 saw yearly appreciation of three or four per cent. When you see a monthly change of minus five per cent, that’s more than one per cent per week. The inequity of supply dramatically outpacing demand is finally being reflected in prices.
“The fundamentals paint a picture — very high supply, employment losses, immigration reductions, tariff uncertainty and a Bank of Canada more concerned with a slowing economy than with inflation. All of this suggests real estate prices may continue to decline”
In terms of supply, 1,700 new listings came into the market in the month of September, with only 534 sales. The London region now has six months of inventory based on current sales volumes. There are 3,222 active listings as of the end of September.
The fundamentals paint a picture — very high supply, employment losses, immigration reductions, tariff uncertainty and a Bank of Canada more concerned with a slowing economy than with inflation. All of this suggests real estate prices may continue to decline (keep in mind that we had a five per cent price correction in the same month the Bank of Canada cut its lending rate a quarter point).
One observation I feel comfortable making: listings appear to be chasing a falling market.
Market analysis provided by Marcus Plowright, Partner, 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: 1118 Trafalgar Street
MLS number: X12441506
List price: $399,900
Days on market: 5
Size: 2 bedroom, 2 bathroom, 0-699 square feet
Listing agent: Nick Davies, Broker, The Realty Firm Inc. Brokerage
High
Address: 15 Bayside Court
MLS number: X12347183
List price: $1,199,900
Days on market: 53
Size: 3 bedrooms, 4 bathrooms, 2,000-2,500 square feet
Listing agent: Kevin Barry, Broker, Thrive Realty Group Inc. Brokerage
London North
Low
Address: 1451 Stoneybrook Crescent
MLS number: X12316567
List price: $575,000
Days on market: 69
Size: 3 bedroom, 2 bathroom, 1,100-1,500 square feet
Listing agent: Taylor Ivany, Salesperson, Blue Forest Realty Inc. Brokerage
High
Address: 1577 Gloucester Road
MLS number: 40745787
List price: $3,485,000
Days on market: 102
Size: 5 bedrooms, 3 bathrooms, 6,837 square feet
Listing agent: Steve Bailey, Broker, The Agency
London South & West
Low
Address: 55 Ashley Crescent
MLS number: X12362822
List price: $414,900
Days on market: 43
Size: 3 bedroom, 2 bathroom, 1,100-1,199 square feet
Listing agent: Hazim Elgwaily, Salesperson, Century 21 First Canadian Corp. Brokerage
High
Address: 20724 Denfield Road
MLS number: X12221123
List price: $3,599,000
Days on market: 115
Size: 3+2 bedrooms, 6 bathrooms, 3,500-5,000 square feet
Listing agent: Bobbi Maroney, Broker, StreetCity Realty Inc. Brokerage
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.
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