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

The World As 100 People -No Need For Realtors

   The World As 100 People!

  The World As 100 People

If you could shrink the earth’s population to a village of exactly 100 people, with all the existing human ratios remaining the same, it would look like this.

  • 57 Asians
  • 21 Europeans
  • 14 from the Western Hemisphere
  • 8 Africans
  • 52 would be female, 48 would be ….?
  • 70 would be non-white, 30 white
  • 70 would be non –Christian, 30 would be Christian
  • 59% of the world’s wealth would be in the hands of only six people, and all six would be North American
  • 80 would live in substandard housing
  • 70 would be unable to read
  • 50 would suffer from malnutrition
  • Only one would have a university degree
  • No one would have a computer
  • One would be near death, and one is about to be born.

You can see that there are no real estate people, no lawyers, no accountants, no car salespeople, no need for voice mail, no waiting for cable or phone hook-ups, no surly or indifferent waiters, no taxman, no politicians, no lineups, no ________________ (your pick).

  Why not drop me a line with what the moral of the story should be!

Getting Your London Ontario Home Ready To Sell Before It Goes on MLS

      A Great Way To Ensure Your London Ontario Home Sells

Getting a home ready to sell on MLS, though fraught with anxiety, is not as hard as you may think and the effort you put in will make a huge difference in how quickly it sells and for how much.

Every seller wants her home to sell fast and bring top dollar. Does that sound good to you? Well, it’s not luck that makes that happen. It’s careful planning and knowing how to professionally spruce up your home that will send home buyers scurrying for their chequebooks. Here is how to prep a house or a condo and turn it into an irresistible and marketable home.

Time Required: Seven to 10 Days

preparing to sell your home

Here’s How:

      1.        Disassociate Yourself With Your Home.

  • Say to yourself, “This is not my home; it is a house or a condo– a product to be sold much like a new home builder will do it. It is bricks and mortar!
  • Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours.
  • Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners!
  • Say goodbye to every room.
  • Don’t look backwards — look toward the future.

2.            De-Personalize.
Pack up those personal photographs and family heirlooms. Buyers can’t see past personal artifacts, and you don’t want them to be distracted. You want buyers to imagine their photos on the walls, and they can’t do that if yours are there! You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.”

3.            De-Clutter!
People collect an incredible quantity of junk. Consider this: if you haven’t used it in over a year, you probably don’t need it.

  • If you don’t need it, why not donate it or throw it away?
  • Remove all books from bookcases.
  • Pack up those knickknacks.
  • Clean off everything on kitchen counters.
  • Put essential items used daily in a small box that can be stored in a closet when not in use.
  • Think of this process as a head-start on the packing you will eventually need to do anyway.

4.            Rearrange Bedroom Closets and Kitchen Cabinets.
Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:

  • Alphabetize spice jars.
  • Neatly stack dishes.
  • Turn coffee cup handles facing the same way.
  • Hang shirts together, buttoned and facing the same direction.
  • Line up shoes.

organizing your condo before it sells

5.            Rent a Storage Unit. 
Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around. You don’t want buyers scratching their heads and saying, “What is this room used for?”

6.            Remove/Replace Favorite Items.
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great-grandmother, take it down. If a buyer never sees it, she won’t want it. Once you tell a buyer she can’t have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary.

         7.          Make Minor Repairs.

  • Replace cracked floor or counter tiles.
  • Patch holes in walls.
  • Fix leaky faucets.
  • Fix doors that don’t close properly and kitchen drawers that jam.
  • Consider painting your walls neutral colours, primarily if you have grown accustomed to purple or pink walls.
  • (Don’t give buyers any reason to remember your home as “the house with the orange bathroom.”)
  • Replace burned-out light bulbs.
  • If you’ve considered replacing a worn bedspread, do so now!

minor repairs to your condo

      8.         Make the House Sparkle!

  • Wash windows inside and out.
  • Rent a pressure washer and spray down sidewalks and exterior.
  • Clean out cobwebs.
  • Re-caulk tubs, showers and sinks.
  • Polish chrome faucets and mirrors.
  • Clean out the refrigerator.
  • Vacuum daily.
  • Wax floors.
  • Dust furniture, ceiling fan blades and light fixtures.
  • Bleach dingy grout.
  • Replace worn rugs.
  • Hang up fresh towels.
  • Bathroom towels look great fastened with ribbon and bows.
  • Clean and air out any musty smelling areas. Odours are a no-no.

  9.          Scrutinize.

  • Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
  • Linger in the doorway of every single room and imagine how your house will look to a buyer.
  • Examine how furniture is arranged and move pieces around until it makes sense.
  • Make sure window coverings hang level.
  • Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz?
  • Does it look like nobody lives in this house?

10.          Check Curb Appeal.

If a buyer doesn’t get out of her Realtor’s car because she doesn’t like the exterior of your home, you’ll never get her inside.

  • Keep the sidewalks cleared.
  • Mow the lawn.
  • Paint faded window trim.
  • Plant yellow flowers or group flower pots together. Yellow evokes a buying emotion. Marigolds are inexpensive.
  • Trim your bushes.
  • Make sure visitors can read your house number.

Bonus Report ! 14 pages packed with ideas, get it now!

House Pricing Strategies Used To Get You To Buy a London Ontario Home

In real estate, four pricing strategies by home sellers and their Realtor are in place since Adam & Eve had to go out and look for a place of their own! A side note here, is real estate the oldest profession in the world?

pricing a home in London Ontario

Overpriced:

Every seller wants to maximize the amount they receive. They may have an inflated value of what their home is worth because of: getting opinions from un-informed advisors and friends, having an over-financed house, or they have renovated their home to a standard not consistent with their neighbours.

Somewhat Overpriced:

  About 75% of the homes on the market are overpriced. These homes sit on the market longer than they should as well. There are two main reasons these homes are overpriced. The seller believes that the house is worth more than the market has indicated, OR, the seller has left room for negotiating.

 Priced Correctly At Market Value: 

Some sellers understand that real estate is part of the capitalistic system of supply and demand. They have realistically priced their homes based on a thorough analysis of other homes on the market prepared by a competent and knowledgeable Realtor. These competitively priced homes usually sell in a reasonable time and very close to asking price.

  Priced Below the Fair Market Value:

A quick sale motivates some sellers. These homes could attract multiple offers and sell fast, and, at or above, the asking price!

As a buyer, do you know which strategy is in place?

Why?

Knowing how to get an offer accepted at a price you are pleased with is a skill that very few Realtors have. I hope I have raised your awareness of how real estate value perceptions are determined; a quality representation can save you a lot of time and money.

Townhouse For Sale Pond Mills, Needs TLC A Bargain At $185,000

Photo Link
Needs Some Love

•  2 bath , 3 bdrm townhouse – FOR SALE  CAD185,000 . A Wow Price

Wow, a three bedroom, 1 1/2 bathroom townhouse for sale in an excellent condominium neighbourhood. It is being sold “as is.” Open house this Sunday 2-4 PM. Great location, easy access to 401, walk to schools, parks and shopping, needs some TLC, the last two sales in this complex were $240,000 and $225,000!

Property information

When Selling a London Ontario House, Don’t Turn Buyers Off

 What Turns Home Buyers off  When Looking at Homes in London & Area?

Messy Rooms Cause Buyers To Leave

 ODOURS …Overwhelmingly, the #1 complaint among prospective buyers was unpleasant odours in the home.  The chief offenders were smoke, pet odours, and exotic cooking aromas.  Buyers turn around and walk out because of the smells so oppressive.  Most of us are unaware of the ‘peculiar’ odours of our homes because we become immune to the smells – the buyers are not resistant to these same odours.

  CLEANLINESS...This # 2 complaint was that the seller did not bother to clean.  We’re not talking about home staging (which will help) or even unrealistic expectations of the home being spotless – just simple old-fashioned cleaning.  Selling your home can be a bit inconvenient, but when you have advance notice that a buyer is coming to view your home – clean it up!!!  At the very least, remove the pile of dirty dishes from the sink.

keep your house spotless when selling it

SELLER Being at HOME…Coming in at #3 is having the owners at home while the buyers are trying to view it.  Most buyers felt very uncomfortable with the seller there.  Many said they could not take the time to look at the features of the home because they were in such a hurry to get away from the seller.  A real problem for those selling their own home as they are usually the ones showing.

  CLUTTER...The #4 complaint is related to the cleanliness point – the dreaded clutter.  We have all seen it on the home shows; many buyers have a hard time understanding your home because of all your stuff.

 UNFINISHED PROJECTS...Unfinished projects take the #5 spot.  If you are planning on selling your home, finish up any on-going home improvement projects before placing it on the market.  Homes with half-finished painting, flooring, trim, etc. gave buyers a wrong overall impression.

When your home has the right price, and you have addressed the other items on this list, it will stand out and sell!

Exclusive Envelope Real Estate Home Audit

Our ‘Exclusive Home Audit’ that we do before putting your home on MLS, on all our websites, on all our social media pages, our blogs, our signage entails these 5 and 31 other points.  We go over everything with you so that you can sell your home quicker, for more money!

  Why is That?

We devote our time in excite buyers & their Realtor about making appointments to see your home!

Lambeth London Ontario Houses And Townhouses

   Would you like to know what homes have been selling and what for how much? How long they took to sell? You can by requesting those facts here.

 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.

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.

Search all the houses & condos for sale in Lambeth, Talbot Village

 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 

Sports

Lambeth Minor Hockey

Lambeth Youth Soccer

London Area Sportsfields

Churches

Forest City Community Church

New Hope Community Church

St.George Roman Catholic Church

Trinity Anglican Church

 

 

 

 

Is It Possible To Get A Good Buy On A London Ontario House For Sale?

When buying, everyone that I have ever helped wanted a good buy on a London Ontario house for sale.

Saving money when buying real estate London Ontario

  What is a good buy?

  • Gobs of money off the listing price?
  • A little off the listing price?
  • The seller lets you have his lawn mower and snow blower? Their cat?
  • The house or condo is what you wanted, is in the neighbourhood you wanted and in a very good condition?
  • You bought something bigger & nicer than your friends have?
  • Was it listed at a fair price?

   So how do you know its a good deal?

  • You think it is (perspective)?
  • You feel it is?
  • Your Realtor said it is?
  • Your hairdresser said it is?
  • Facts and neighbourhood history say it is?

Buying a home and deciding on one is an emotional ride that you get to slow down with logic, but whose emotions, yours, your Realtors, your children, spouse, in-laws?

When buying a home, use logic first in whom you choose to help you, not only a Realtor but a lawyer, a home inspector if needed and a mortgage provider. Choose those first before you even go and look at a house or a condo.

  That way, you will get a good buy!