Snowbirds, Empty Nesters & Zoomers, Downsizing London Ontario

         Snowbirds, Empty Nesters & Zoomers, Downsizing London Ontario From Your Present Home – Keep it Simple

Downsizing Couple in London Ontario

 What’s involved?

Downsizing to a one-floor house, a one-floor townhome,  a one-floor townhouse or an apartment condo requires well thought out steps, including financial planning and paring down your possessions. Social and health considerations also play a role. You’ve got this far in your life and have managed to handle the good and the not so good, here are a few ideas that may help.

Calculating finances

A realistic breakdown of expenses, such as mortgage payments ( if needed), property taxes, condo fees, association fees, utilities, and transportation, is essential. Downsizing will reduce housing costs, property taxes, and possibly future maintenance costs.

And the money saved by moving to a one-floor house or condo can be used elsewhere, such as supplementing retirement savings or creating a new active lifestyle. A one floor home in London Ontario home will also help lower energy bills and home repair costs, and a smaller space means fewer furnishings to replace in the future.

Maintaining a home that no longer meets your current needs and lifestyle can be a financial burden that may prevent you from saving for retirement, traveling, or doing any number of things you dream of doing. Ask yourself, “Is managing the family home holding [me] back from enjoying life?”

  Letting go

Downsizing is an incredibly emotional experience for most. Although it can be difficult to let go of the many prized possessions we accumulate over time, it can be difficult to clear our closets, drawers, and basements of things we no longer need or use. One bonus: it’s easier to find what we’re looking for. ( I know, my wife and I have moved!)

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How To Come Up With a Price For London Ontario Income Properties

  As a Real Estate Investor, How To Come Up With a Price For London Ontario Income Properties

You would be amazed at the number of investors who do not know how to determine the correct value of real estate. As an investor, it is crucial that you are able to determine the value for yourself and not leave it up to someone else.

The three primary yet different ways of determining value with real estate are the CMA, the Income Approach method and the Replacement Cost method.
determining cash flow
The CMA method (What most Realtors use)

The CMA (Comparable Market Analysis) method is based on what similar or comparable properties have sold for in the past, typically within the last three months.

The CMA is the most common valuation method for residential single-family homes. However, it’s typically the least favourable valuation method for investment real estate.

   The Income Approach

The Income Approach method of valuation puts a value on the income generated from the property. This is the valuation method investors use most when evaluating an income property.

  The Replacement Cost

This method of valuation is simply what it would cost to buy the land today and build a new building with the same square footage with similar features.

replacement cost

Let’s use an example to illustrate the differences between the valuation methods and assume for a moment that we are talking about a three-bedroom home with a two-bedroom basement suite.

The main level of the home is 1,000 sq ft and so is the basement for a total of 2,000 (finished) sq ft. The home is occupied by the seller on the main floor and the seller collects $1,000 per month from the basement and the tenant pays for their portion of utilities in addition to their rent.

The seller is asking $400,000 since a Realtor told the seller that the CMA (Comparable Market Analysis) showed that similar properties in this neighbourhood have recently sold in this price range. This is the CMA value which is again what the market is currently willing to pay.

We can determine what the income is worth from an Income Approach method of valuation. Since the seller occupies the main house and we know the market rents in the area, we can quickly estimate that the home would rent for $1,500 month plus utilities.

Including the apartment income of $1,000, we would have a total of $2,500 in total gross income. We then deduct all of the expenses, excluding financing.

Let’s assume that we have calculated the property taxes, insurance, vacancies, advertising, management, repairs and maintenance and a monthly miscellaneous allowance totalling $900 in monthly expenses. That leaves $1,600 ($2,500 – $900) remaining each month which is the amount left over to pay a mortgage.

By running a simple mortgage calculation based on $1,600 per month for a mortgage payment using a 25-year amortization and a 4% interest rate, the amount of mortgage that a $1,600 payment can support is $304,000. Adding a 20% down payment of $76,000 on to the mortgage amount would give a maximum Income Value of $380,000. ($304,000 + $76,000).

   Pretty simple isn’t it, yet 90-95% of people who I see in my office have used the CMA approach, or as an example, when I show properties, I review what the previous owner had purchased the property for and guess what?

 No wonder they were losing money and are discouraged!

Income properties now for sale in London Ontario


Are You In Real Estate in London Ontario And Want a Change?

   I am looking for real estate talent in London Ontario, (is your’s  hidden?) & I am searching and interviewing for:

  • A salaried licensed inside sales associate with a bonus incentive plan, $36,000 to $50,000 starting salary
  • An administrator who has the skills or the ability to acquire the skills to manage us, this is a salary position with a bonus incentive plan that could be higher than the salary! $48,000 to $60,000 to start plus bonuses.
  • A  buyer’s agent who is not earning $75,000 net income yet
  • We have a health plan that is quite extensive
  • Out training is more about personal development & relationships than pretending you are a Realtor

We Do Not Hire This Type

NOTE: My Principles:

  • I do not believe our clients should have just average results; they should have above average results with respect and care.  Our sales associates, administrative & service associates are above average, and when you give excellent care,  income is above average.  Income rarely exceeds personal development.
  • There is no limit on being better & improving!
  • I do not hire to do a job, I expect associates to grow as a person, to help grow the culture and the company!
  • There are two types of employees and associates,  those who work for a paycheque or those who work for the good of our clients, for the good of the culture and expect to be rewarded accordingly!
  • The choices we make are a reflection of our character & morals.
  • As you can see, I have high standards and if you do too, we are going to get along really well and prosper together

Call me, Ty Lacroix Broker of Record and Owner 519-435-1600

Ty Lacroix Broker of Record

House Prices In London Ontario Area Continue To Rise in 2019

  In March 2019. There were 814 homes sold in our MLS district, The London and St. Thomas Association of REALTORS® (LSTAR). The number of home resales was right on par with the 10-year average and March was the third consecutive month to post gains over sales one year ago.2019 real estate trends London OntarioIn the first 90 days of 2019, there have been 1,939 home resales, which is an increase of 6.0% over the same period last year.

One of the trends in March was the increase in inventory (called active listings) that was felt in several regions. Overall, there are 1,411 active listings in the marketplace, which is 14.5% more than March of 2018.

The communities that experienced the most significant gains were St. Thomas, which had active listings increased by 51.1%, followed closely by London North, which saw a 51.0% increase, and Middlesex County with a 20.1% increase.”

Average home sales price continued to make steady gains in the five major areas of LSTAR’s jurisdiction.

The largest year-over-year gain was in St. Thomas, with a March average sales price of $361,426, up 21.8% compared to March 2018. Meanwhile, in London, the March average sales price was $416,085, up 12.7% from the same month last year. The average sales price for the entire LSTAR jurisdiction was $405,956, an increase of 11.3% over March 2018.

Area February Average Sale Price
Elgin County $366,156
London $416,085
Middlesex County $478,386
St. Thomas $361,426
Strathroy $386,640
LSTAR $405,956

Average sales price does factor all housing types, including single detached homes, as well as high rise apartment condominiums. The most popular housing type is the 2-storey house. The average sales price for a 2-storey in London was $554,015, up 5.3% from March 2018, while in St. Thomas it was $395,957, an increase of 13.8% over the same time last year.

The following chart is based on data taken from the CREA National MLS® Report for February 2019 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

Average home prices in Canada at the end of February 2019

Byron London Ontario House & Condo Prices Rising

          All Houses For Sale in London Ontario & Area    All Condos For Sale In London Ontario & Area
Byron London Ontario House & Condo Prices Rising
 There were 48 houses in Byron that sold from January 1 to April 3, 2019, from as low as $301,100 and up to $1,094,000, the median days on the market was 9, and the sold prices were 101.3% of the asking price!
 For townhouses, townhomes and apartments in Byron, 20 have sold so far in 2019, from $177,500 to $640,000! The median selling price was a whopping 106.84% of the asking price and took about nine days to sell!
In 2018, 215 houses sold in Byron for an average price of $525,298 which was $103.22% of the asking price and these Byron houses took on average 22 days to change hands.
  61 Condominiums in Byron sold in 2018, including apartment condominiums, townhouses and townhomes for a median 105.46% of the asking price and the days to sell through MLS was 16 days for an average selling price of $338,839!
 You can request a breakdown of these sales by scrolling down this page or receive current properties for sale, with descriptions, asking and selling prices and other useful information to help make significant decisions.
  Wickerson Rd borders Byron in South West London to the west, Southdale Road to the south, Commissioners Road to the north and Colonel Talbot Road to the east.    

Byron Map


Byron London Ontario Real Estate has consistently been sought after in this London neighbourhood, being so close to Springbank Park  (300 acres along a stretch of the Thames River and has 19 miles of trails.) and the Thames River.


Boler Mountain is a ski and mountain bike area known to the locals as “the bump.”  In the heart of Byron, there is a library, a fire hall, a legion, a Masonic hall, bistros and dining, professional offices, medical, drugstores, an LCBO, jewellers, dry cleaners and a few eclectic retailers.


Nearby are eight public and private golf courses and walking & biking trails galore, beautiful Komoka Provincial Park with its many trails along with Warbler Woods Trail. 

Walking in Springbank Park

The Optimist Club of Byron is an example of community volunteers giving back to the community with activities throughout the year.


Byron London Ontario Real Estate

Below are a few of the Townhouses & Apartment Condos in Byron in London Ontario


  There are five elementary schools in Byron:

Secondary school age students in Byron either attend  St. Thomas Aquinas Catholic Secondary School or Saunders Secondary School in the Westmount neighbourhood of London or, some currently attend Oakridge Secondary School in Oakridge.



Other London Neighbourhoods

Wortley Village Old South London Ontario Real Estate

 As of April 2, 2019, 40 houses changed hands in Wortley Village & Old South London Ontario from as low as $299,900 and up to $875,000 averaging 11 days to sell for a median 100.46% of the asking price

  Wortley Village Old South London Ontario real estate sales in 2018 was robust with 196 single family houses sold for an average price of $404,718 which was 102.28% of the asking price and the median time on the market was 20 days!

  13 Wortley Village condominiums sold in 2018, averaging $309,902 selling price which was 97.46% of the asking price, condos in Old South London took about 35 days to sell.

 You can receive actual sales prices, details, what sold quicker than others, taxes and get correct property values by scrolling down this page and requesting that information.

As you can see, houses in Old South Wortley Village sell in a short period & most cases, above the asking price! However, some houses took much longer to sell, the cause being condition, layout and, of course, the price!

When buying a house in Old South, make sure your ducks are in a row, sometimes older homes can deplete your bank account or line of credit. Some houses, like people, are attractive from the outside but when you get to know more, leave you feeling depleted as well.

 The character and charm of this great London neighbourhood are what attracts home buyers, and the people who do live in Old South love the ability to walk and shop in the Wortley Village core, with tree-lined streets and very few cookie cutter homes.

The Charm of Old South London Wortley Village          

Check out these homes for sale in Wortley Village & Old South London ON MLS.

                         Wortley Village  in Old South London    

Wortley Village is the heart of Old South London. The unique village ambience associated with Wortley Road is the result of a century of change and adaptation. An attractive commercial setting has developed into a unique shopping & dining area.

Wortley Village London Ontario

Nearby is Thames Park, which provides recreational activities including four tennis courts, playground equipment, outdoor pool,  picnic areas, and access to London’s riverside bike and walking trails.


trails in London Ontario

With some buildings over 100 years old, over 80 small businesses and establishments and with an abundance of inviting parks, Old South is the only region in London which offers an enticing blend of history, shopping and nature in a few square kilometres.

The homes in Wortley Village and Old South offer uniqueness, style and a neighbourhood belonging with quite a few events held yearly. The new YMCA has proven to be quite popular and another drawing card for Old South London

The Old South Wortley Village Business Association does an excellent job of hosting and presenting community events.

Old South Wortley Village

A Map of Old South London Ontario

Old South London Ontario Map

All Condos For Sale in London Ontario & Area on MLS

Other London Neighbourhoods

Lambeth Talbot Village Real Estate Prices in London Ontario

    Would you like to know what homes have been selling and what for how much in the Lambeth Talbot Village neighbourhood? How long they took to sell? You can by scrolling down this page and requesting those facts.

At March 31, 2019, 33 houses sold through our MLS system for a median price of $610,000 and took about 16 days to sell. One townhouse was sold for $432,500.

 In 2018, 149 houses sold in the Talbot Village,  Southwinds &  Lambeth neighbourhood of London for a median price of $591,504 which was 99.08% of the asking price and these took 21 days on average to change hands.

 Twelve condominium townhouses and townhomes in Lambeth sold in 2018 for an average $479,900 which was 99.22% of the asking prices and sold within an average of 16 days.

Search all the houses & condos for sale in Lambeth, Talbot Village  All Houses For Sale London Ontario  All London Ontario Condos For Sale on MLS

Lambeth London Ontario houses & condos,  including Talbot Village and Southwinds, set a record in 2017 with 232 homes selling for close to the asking price and taking about 20 days to sell on average, for condos in Lambeth, 8 sold, a median time to sell was 25 days and these sold for 98.62% of the asking price.


 More London Ontario Neighbourhoods

  Communities Near London Ontario

Lambeth London Ontario House Buyers

Lambeth is a neighbourhood in the south west of London about 10  minutes to downtown.

The 401 and 402 highways are 3 minutes away and within a 20 KM drive are six golf courses! There is a newer shopping plaza at the corner of Colonel Talbot Road and Southdale Road West with groceries, a pharmacy, dining and fast food, banking etc. As well a newer neighbourhood called Talbot Village.

Schools and churches are bountiful along with professional services. Lambeth has homes from entry level to executive properties and condos. Drive through Talbot Village for new houses and condos, Southwinds Village for some sprawling dwellings, or the Outer Drive area going south on Colonel Talbot Road or the heart of Lambeth, some quaint shops and a multitude of services.


Lambeth in London Ontario

Elementary Schools

Lambeth Public School

St. George Catholic School

High Schools
Saunders Secondary School

Regina Mundi Catholic College

St. Thomas Aquinas Catholic Secondary School 


Lambeth Minor Hockey

Lambeth Youth Soccer

London Area Sportsfields


Forest City Community Church

New Hope Community Church

St.George Roman Catholic Church

Trinity Anglican Church

603 London Ontario Homes in February 2019

603 homes were sold in the London and St. Thomas Association of REALTORS® (LSTAR) area in February 2019, up 5.6% over February 2018. The number of home resales was right on par with the 10-year average.

2019 real estate trends London Ontario

Two months into 2019, there have been 1,128 home resales, up 10.8% compared to the same time last year.

Across the five major areas of LSTAR’s region, average home sales price continued to make healthy gains. The largest year-over-year gain was in Elgin County, with a February average sales price of $360,800, up 33% compared to February 2018.

Meanwhile, in London, the February average sales price was $405,186, up 13.5% from the same month last year. The average sales price for the entire LSTAR jurisdiction was $393,911, up 12.5% compared to February 2018.

Area February Average Sale Price
Elgin County $360,800
London $405,186
Middlesex County $469,094
St. Thomas $306,279
Strathroy $365,534
LSTAR $393,911

The average sales price for a 2-storey home in London was $543,114, up 12.7% from February 2018. In comparison, the average sales price for a high rise apartment condominium was $246,070, up 27.1% compared to the same month in 2018. And the average sales price for a 1-storey home (bungalow or ranch style) was $368,664, up 8.9%, compared to February 2018.

The following chart** is based on data taken from the CREA National MLS® Report for January 2019 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

January real estate London Ontario prices

What Ten Cities In Canada Are Affordable For Single Home Buyers?

The past year hasn’t been easy for prospective home buyers. Despite some recent year-over-year price softening in the nation’s hottest markets, the national mortgage stress test, combined with various policies at provincial levels, effectively took a bite out of purchasing power for all Canadians.

Single Home Buyer

This is especially acute for single home purchasers; not only does having two incomes boost affordability, but it also helps satisfy the income and debt servicing requirements mandated by the aforementioned stress test. Those trying to get onto the property ladder solo may have long heard the narrative that it’s next to impossible to do so given these new requirements.

However, according to a recent study conducted by Zoocasa, that’s not the case in the Prairie and Eastern Canadian markets. In fact, 10 cities in these locales can still be considered affordable for single buyers earning a median household income.

The study, which assessed 20 cities for affordability from coast to coast, calculated the minimum income required to purchase the average home in each market, using a 20-per-cent down payment, 3.29-per-cent mortgage rate, and 30-year amortization as criteria. That amount was then compared to actual median income data of “persons living alone who earned employment income” as reported by Statistics Canada.

Markets were then ranked on whether the buyer had an “income surplus” – the amount of financial wiggle room they’d still have after purchasing their home – or an income gap, which indicated they’d be out of range altogether.

Based on these calculations, Regina can be considered the most affordable for single-income buyers, based on an average home price of $284,424, a median income of $58,823 and the greatest income surplus of $20,025. That’s followed by Saint John, where the average home priced at $181,576 could be purchased on an income of $42,888 with $18,038 left over, and Edmonton, where earning $64,036 would net a $17,826 surplus on the average home price of $338,760. The most affordable cities list is rounded out by Calgary, Lethbridge, Winnipeg and Halifax.

Single buyers earning a median income didn’t have much hope in the nation’s priciest markets, however. Vancouver is the least affordable, with an average home price of $1,109,600, far out of reach of an income of $50,721 to the tune of $88,361.

While incomes and home prices were more attractive in Toronto, buyers still face a steep gap of $46,858, based on a $55,221 income and home price of $748,328. Victoria rounds out the top three, where an average home price of $633,386 is still $39,359 out of range for the median income of $86,400.

Other markets not considered affordable for single buyers include Guelph, Kitchener-Waterloo, London, Montreal and Ottawa.

The study also considered earnings by age group, as purchasing power tends to increase with age. This was the case with Gen Xers (35-44 and 45-54), who enjoy the greatest purchasing power of all single buyers. For example, A Gen Xer purchasing a home in Regina would have an income surplus of roughly $4,000 greater than the average, at $24,215.

Single millennials, however, experienced the weakest purchasing power, especially in the priciest markets; someone between the age of 25-34 earning the median income would fall a whopping $92,774 short on a home purchase in Vancouver.

Canada’s Best Cities For First Time Home Buyers

Growing numbers of first time home buyers are venturing farther in search of an affordable first home. While leading metropolitan cities like Vancouver or Toronto will always be strong draws, they’re challenging markets to crack: in December 2018, the benchmark price of a home hit $1.05 million in Greater Vancouver and $796,800 in Greater Toronto.

Home buying tips

Homebuyers have driven booms in revitalized municipalities like Hamilton, Ont. and Surrey, B.C. These growing cities offer great value for homebuyers seeking more home for their real estate buck – yet their new-found popularity comes with swelling sticker prices.  Are there any exciting cities where you can buy a house for less than the national average of half a million dollars?

Fortunately, yes! Below are examples of four up-and-coming communities that are ideal for new buyers. These cities offer more than just great entry-level real estate: they’re also uniquely beautiful communities to set down roots in.

Kamloops, B.C.

Average 2018 home price: $394,5152

Approximate population: 103,811

Why: This Thompson Valley river town sits in the shadow of mountains, enjoys beautiful weather and has a relaxed, outdoorsy vibe. Kamloops boasts all the millennial must-haves: arts and culture, yoga studios, restaurants and a farmers’ market, plus amazing proximity to hiking, skiing, fishing and snow sports. Kamloops offers the quintessential B.C. lifestyle for a fraction of the cost of Vancouver living.

Halifax, N.S.

Average 2018 home price: $300,8543 (Halifax-Dartmouth)

Approximate population: 403,390

Why: Canada’s East Coast offers amazing value to anyone who’s ready to make the leap. Unlike other Maritime municipalities where job prospects may be suboptimal, Halifax is booming. One of Canada’s top tech hubs, the fast-growing city, enjoys low unemployment, a healthy economy, universities, the Atlantic Ocean and über- affordable real estate. Beaches, culture, a growing food scene are assets.

 London, Ont.

Average 2018 home price: $383,229, that is the average in the London St.Thomas area , you can start with an apartment condominium under $200,000 and a wide range of townhouses and bungalows from $200,000 to $300,000!

Approximate population: 383,437

Why: London is home to Western University and boasts a thriving entertainment and food scene. The Canadian Centre for Policy Alternatives ranks it among Canada’s best cities for women, thanks to its safety, economic security, education, health and leadership opportunities. Nicknamed the Forest City, London has plenty of green spaces to kick back in.

Some London Ontario Neighbourhoods

Guelph, Ont.

Average 2018 home price: $554,326

Approximate population: 131,794

Why: Guelph is a nature lover’s paradise, with two scenic rivers and endless kilometres of recreational trails that meander through forests and parks. It’s low in crime and has long been renowned for its high standard of living, not to mention its laid-back, university-city vibe.

These are just a few examples of the wonderful communities across Canada. And regardless of where you practice real estate, looking beyond big city limits will provide great options for first-timers looking to achieve their dream of homeownership.

The above was prepared by Genworth Canada