Occupancy Est. 2024
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Occupancy Est. 2024
In January 2023, only 344 residential transactions were recorded via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). This makes last month the January with the lowest number of home sales seen by LSTAR since 2009.
During the same period, 823 new listings came on the market, thus bringing the number of active listings at month’s end to 1,261. The overall sales-to-new listings ratio for the entire jurisdiction of LSTAR sat at 41.8%.
“At a first glance, all these figures seem to indicate a cooling market, with a healthier housing supply. With 3.7 months of inventory, decreasing house prices, and a sales-to-new-listings ratio under 50%, home buyers could appear as favoured. However, when taking into consideration the surging borrowing costs, it’s easy to understand why many buyers are hesitating to get into this market. After last year’s consecutive rate increases, on January 25th, 2023, the Bank of Canada increased its benchmark rate again to 4.5%, further weighing down on people’s spending power and housing affordability,” said 2023 LSTAR President Adam Miller.
Compared with January 2022, both the average home price and the composite MLS® Home Price Index (HPI) Benchmark Price are substantially lower – by 25.6% and 22.2% respectively. Despite that, both of them are considerably higher than the figures seen in 2020 and before. Last month, LSTAR’s overall average home price was $585,252 and the composite MLS® HPI Benchmark Price came in at $568,300.
(Source: https://creastats.crea.ca/board/lond )
Residential average price London & St. thomas ( Source: Canadian real estate Association)
The City of London, known today, was established in 1826, but historical and archaeological evidence reveals that the London area has been inhabited for more than 10,000 years. Among the Indigenous peoples who have continuously lived in the region are the Anishnaabeg, Haudenosaunee, and Lenni-Lenape Nations.
Around two centuries ago, John Graves Simcoe, a British Army general, was searching for a location to establish a capital city for Upper Canada. He was immediately drawn to the spot where the river forks at the western edge of the present-day downtown core, and it was love at first sight for the Lieutenant-Governor.
Buying a pre-construction home in London, Ontario?
Here are a few things to consider when buying a pre-construction home:
Research the developer: Make sure you research the developer and their track record of delivering high quality properties on time and on budget. Look for reviews and talk to people who have purchased properties from them in the past.
Understand the terms of the purchase agreement: Carefully review the terms of the purchase agreement, including the deposit structure, closing date, and any warranties or guarantees being offered by the developer. Consider hiring a real estate lawyer to review the agreement.
Consider the location: Think about the location of the development and whether it is a desirable area to live in. Consider factors such as proximity to amenities, public transportation, and schools.
Check the price: Make sure the price of the unit is reasonable compared to similar properties in the area.
Understand the completion date: Make sure you understand the estimated completion date and whether it is realistic given the stage of construction.
Consider the amenities: Think about the amenities being offered and whether they are worth the price of the unit.
Check the size and layout of the unit: Make sure the unit meets your needs in terms of size and layout.
Visit the site: If possible, visit the site of the development to get a sense of the quality of the construction.
Consider future development in the area: Think about any potential future development in the area and how it may affect the value of your property.
Seek professional advice: Consider seeking the advice of a real estate lawyer or financial advisor to help you make an informed decision.
Moving to London, Ontario? Check out the video below and know Pros and Cons of living in London.