Home Sales in London Ontario Continues to Set Records

Real Estate in London Ontario and area set a new record in February 2017 with a total of 763 homes being sold, an increase of 17% over the same period last year.

London Ontario Real Estate Sales Are Up Again

In February, a total of 597 detached homes were sold, an increase of 15% over the previous year, while there were 166 condominium sales, up 24.8% from 2016. The average sales price was $307,831 up 7.9% from the previous month.

St. Thomas also had a very healthy February, with a total of 69 homes sold, up 25.5% from the same time last year. The average home price in St. Thomas was $242,028, up 25.7% from the previous month.

House Style Units Sold Average Price
2 storey 158 $436,333
Bungalow 70 $229,471
Ranch 53 $372,968
Townhouse 64 $206,166
High rise apt. condo 44 $193,576

The best-selling house style in the London Ontario are continues to be the two-storey, followed by bungalows and ranches. The average price for a detached home in February was $327,754, up 4.4% from the previous month, while the average price for a condominium was $236,180, up 19.8% from the previous month.

The following table is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for January 2017 (the latest statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

City Average Sale Price
Vancouver $851,384
Toronto $803,455
Fraser Valley $643,331
Victoria $611,362
Hamilton $522,978
Calgary $466,984
Kitchener-Waterloo $421,151
Ottawa $389,875
Edmonton $360,199
Niagara $346,059
Saskatoon $335,812
London St. Thomas $292,291
Canada $484,306

What does all this mean?

As you can see, our average home price in the chart above is the lowest so value is here, plus, with a shortage of homes on the market for sale and more buyers than sellers, short supply historically causes prices to rise.

Two Bedroom Condo For Sale Downtown London Ontario

two bedroom condo for sale downtown London Ontario

Historic Woodfield District

Two bedroom condo for sale downtown London Ontario in move in condition, minutes from trendy Richmond Row, furnished and move in condition, just bring your tooth brush. $162,900.
MLS® #595373

Property information

What is The London Ontario Condo Market Doing?

Every day I get asked these 4 questions about the London Ontario condo market.

  1. “What is the London Ontario condo market doing?”
  2. “When is the best time to buy or sell a condo?”
  3. “How much should I offer?”
  4. “What should I list it for?”

London Ontario Condo Market

The first step in answering any of the above 4 questions is knowing how the London condo market performed and the chart below for the period January 1, 2016 to December 7, 2016  does.

Quantity Style Average Selling Price % of Selling Price to Asking Days on the

Market

421 Apartment High Rise $175,051 98% 56 days to sell
109 Apartment Low Rise $114,643 96% 58 days to sell
815 Townhouses $173,968 98% 36 days to sell
227 One Floor Attached $285,069 99% 42 days to sell
46 One Floor  Detached $387,881 98% 50 days to sell

From my experience in helping educate Londoners about condos in London, these averages may not hold true for your building or complex.

Why?

My last 4 condos I sold sold for full price and were on the market less than 5 days!

Before buying a condo in London or selling a condo in London, you may want to get what I call “brutal truth factual numbers” about what prices are today and not an opinion where prices are heading or what someone received for their unit 6 months ago.

Price, condition, style and location dictates what a condo sells for and how long it will take to sell. For buyers, you will be assured of not over paying and for condo sellers, you will not leave money on the table or over price your condo because of blind optimism or false perceptions!

I’m a numbers person first, then a guidance councillor about quality, style and location and then lastly a Realtor who can negotiate from strength!

Works every time!

London Ontario Real Estate is Hot!

The London Ontario Real Estate Market is doing real well with 825 homes in London Ontario & area sold in October 2016, which was 18.7% over October 2015, making it the best October for our London and St Thomas Association of REALTORS® (LSTAR).

london Ontario Real Estate Market

2016 continues to break records with Year to Date sales up 9.3%. Listings (homes put on the market for sale in October) were down 12.3%, while inventory (homes for sale) was down 33.8%, making this a seller’s market!

A Google definition of a Seller’s Market is: an economic situation in which goods or shares are scarce and sellers can keep prices high.

The best-selling house style in LSTAR’s jurisdiction for October 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.

The average price for a detached home Year-to-Date stood at $296,445, up 5%, while the average price for a condo over the same period stood at $201,270, up 6%. The average price of all homes sold through LSTAR’s MLS® Year-to-Date stood at $278,471, up 5.3%.

What does all of this mean?

If you have been thinking about selling your house or condo, now is a great time as there is a shortage of good listings on the market and if a Realtor prices your home correctly, your home should sell for full price and within days!

If you are buying a home in London Ontario, do not dawdle! Be prepared with neighbourhood prices, be pre-approved and try not to get caught up in all the hype and overpay!

House Style Units Sold Average Price
2 storey 198 $370,303
Bungalow 155 $235,189
Ranch 96 $367,881
Townhouse 69 $169,031
High rise apt. condo 34 $155,665

London Ontario & area affordability compared to other major Ontario and Canadian centres.

City Average Sale Price
Vancouver $906,469
Toronto $753,057
Fraser Valley $613,309
Victoria $585,889
Hamilton $514,681
Calgary $479,381
Kitchener-Waterloo $383,141
Edmonton $376,580
Montreal $370,812
Ottawa $362,035
Niagara $351,859
Saskatoon $350,368
Regina $316,713
Halifax-Dartmouth $312,684
London St. Thomas $287,175
Canada $476,219

 Search All Houses & Condos For Sale in London Ontario and Area

Some Condos in London Ontario Take Longer to Sell

I get asked daily: “Why do some condos in London Ontario take longer to sell”? There are quite a few reasons but 90% of the time it is price or poor marketing!

A condo in London Ontario That Did not Sell

I keep track of condos in London that are for sale, how long it takes to sell( days on the market) and what percentage of the sale price to the asking price. What is the reason why some condos sell for 98%-99% of the asking price and are sold within 23 days and others receive 95-96% of the asking price, are on the market an average 77 days or do not sell at all?

 When a condo in London Ontario is not priced correctly the first day it goes on the market , here are the possible results:

  • LOW Final Sales Price – An overpriced condo, still on the market beyond the average selling time, usually leads to a lower selling price. To sell it, you will have to reduce the price, sometimes several times. In the end,you’ll likely get less than if it had been properly priced at the start.
  • Limited Buyers – Potential buyers may not view your condo, because it would be out of their buying range.
  • Limited Showings – Real estate agents may be reluctant to view your condo or bring their clients because the listing is stale and buyers wonder what is wrong with the place.
  • Wasted Time and Energy – For example, a buyer who gets a bank appraisal on an overpriced condo will quickly determine that they’ve wasted their time because the appraisal will not support the inflated sales price.

Weeks on Market For a Condo in London Ontario to Sell

  Well kept condos in London Ontario , properly priced when you first list it will always get you a quicker sale and  97% of the time the best price! 

Ty Lacroix A House Sold Name !

London Ontario Real Estate Sales Are Up!

999 homes were sold in London and Area in August 2016 making it the best August on record through our local MLS system, “The London and St. Thomas Association of Realtors®, (LSTAR).”

LSTAR

804 detached homes were sold along with 195 condos. Year-to-Date sales were up 9.1% .Inventory (available homes for sale) was down 29.4%.

Sixty two homes sold in St. Thomas in August, slightly short of the total for last August. The average price for a home in St. Thomas Year-to-Date stands at $225,317, up 3.9%.

The best-selling house style in LSTAR’s jurisdiction for August 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.

The average price for a detached home Year-to-Date stood at $295,078 up 4.6%, while the average price for a condo over the same period stood at $201,393, up 6.1%.

The average price of all homes sold through LSTAR’s MLS® Year-to-Date stood at $277,236, up 4.8%.

House Style Units Sold Average Price
2 storey 239 $384,384
Bungalow 174 $220,079
Ranch 109 $336,907
Townhouse 95 $188,571
High rise apt. condo 40 $170,676

The following table, based on data taken from CREA’s National MLS® Report for July 2016 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

City Average Sale Price
Vancouver $1,042,110
Toronto $723,865
Fraser Valley $660,985
Victoria $572,339
Hamilton $494,949
Calgary $478,327
Edmonton $386,640
Ottawa $367,984
Kitchener-Waterloo $361,993
Montreal $358,891
Saskatoon $343,309
Regina $319,004
Niagara Region $318,969
London St. Thomas $277,660
Canada $478,954

Homes in London Ontario Still a Hot Market

In London Ontario and area,  990 homes in London Ontario were sold in July 2016, making it fall short of the best July ever (July 2007) by 19 s, which had set the all-time record for July with 1,009 sales!

MLS London Ontario

homes in London Ontario

 

807 detached homes  were sold along with 183 condos. Year-to-Date, residential sales are up 8.2%.

Listings, (inventory) was down 22.6% in July making short supply of homes for sale.

St. Thomas also had its best July since 2007, with 97 homes sold, up 3.2% over last year. The average price for a home in St. Thomas is $226,717, up 4.6%.

The best-selling house style in London and area for July 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home was $295,769 up 4.8%, while the average price for a condo over the same period was $200,292, up 5.5%.

House Style Units Sold Average Price
2 storey 240 $391,057
Bungalow 178 $209,404
Ranch 127 $351,411
Townhouse 82 $188,745
High rise apt. condo 39 $153,923

CREA

The following table, based on data taken from Our National MLS® Report for June 2016 (the latest information available), demonstrates how homes in the London Ontario area continue to maintain their affordability compared to other major Ontario and Canadian centers.

City Average Sale Price
Vancouver $1,034,607
Fraser Valley $699,572
Toronto $723,295
Victoria $556,245
Hamilton $498,252
Calgary $467,873
Edmonton $372,683
Ottawa $366,245
Montreal $357,114
Kitchener-Waterloo $356,756
Saskatoon $336,677
Regina $316,041
Niagara Region $313,340
London St. Thomas $277,6601
Canada $482,305

If you like stats, here is a link for real estate sales in London and area, neighbourhoods, style of homes etc.

One Floor Condos in London Ontario

One floor condo townhomes London Ontario or sometimes referred as  townhouses in London are in demand and as with any city, there are areas that are highly sought after and perhaps a few you may want to be a little careful before purchasing!

have questions condos in London Ontario

not sure what to do when buying a condo in London Ontario

 

If you are unsure if  condo living is for you or would like to receive what we call ” a condo market education” where , in a short time period, you can be well versed on price, quality and neighbourhoods in London !

Finding the right condo, and making a prudent financial investment is much more involved than just “buying right.”

If you’re like most people, the decision to buy a condo in London Ontario involves a number of stresses and strains.  For about 90% of buyers, it’s the single largest financial transaction of their lives.

Not being thorough in any part of the buying process may cost you thousands.

If you are in the market for a highrise condo in London Ontario, here are 13 buildings that you may want to consider, from $100,000 to $490,500!

I hope this brief blog will help you better understand what is out there for condos in London Ontario!

Real Estate in London Ontario, Stress and Being Canadian

I, like most, am inundated daily with news paper headlines, TV evening news and morning radio news about the economy, health care costs, the tragedy of the day and on and on.

ducks in a row

Canadians have their ducks in a row

As Canadians, are we listening or are we putting our heads in the sand?

The reason I ask is that in a recent poll, here is what we are thinking ( or what the pollsters want us to think what we we are thinking):

Attention all news reporters: the sun is still going to come up tomorrow!

  • 78% of Canadians expect family incomes to either increase or stay the same during the next year.
  • 44% of Canadians think this is the best time to buy real estate in London Ontario. (I, of course, being a Realtor, agree. Some of the lowest interest rates ever and a steady  market in London, Ontario).
  • In the United States for example, the economy has caused Americans to experience 66% stress, ( Trump & Clinton, no wonder),  Canadians only 35%.
  • 57% of Americans have anxiety with Canadian anxiety being 30%
  • 46% of Americans are losing sleep over the economy and Canadians only 40%
  • 32% of our neighbours to the south have suffered depression while 15% of Canadians experience depression.
  • 33% of the world cut their spending on mobile phones, in Canada only 22%.
  • 10% of Canadians reduced their internet spending
  • 17% cut spending on digital, satellite or cable TV.

So, in summary, do we Canadians not pay attention, are we stubborn, do we wear rose coloured glasses or are we just simply optimists who go on with our daily lives, doing the best we can and having confidence that the future can only get better?

Enjoy your day and if you can, help some one else enjoy theirs too!

Selling a Condo in London Ontario? Do Not Allow This

I should caution you before you read anymore that the comments I am going to make are out of frustration and exasperation and are no means to imply that ALL real estate people who list condos in London Ontario are as inept as some of these were.

frustrated realto rin London

Being frustrated as a Realtor in London Ontario

My client’s were interested in downsizing from their 2 storey home in London and were interested in seeing 2 bedroom condo apartments in London Ontario  in this particular building all within $25,000 of each other in price. From $349,900 to $375,000.

We chose a Thursday for the viewings and so on Tuesday morning I proceeded to make arrangements for showings. Because we were interested in only this building, there were 6 listed for sale.

One agent replied within an hour that the time scheduled would be fine, another two replied the next morning and one in the afternoon that it was ok to show the units. As I had not heard from the other two, I called their offices and used our appointment scheduler called Touchbase. One called back right away and said she was sorry, she forgot to confirm.

The other agent I never ever did hear from, even after 3 attempts and I see, 2 weeks later, that this condo is still listed for sale.

The evening before the scheduled showings, I did some homework. I pulled up everything that was sold in the building over the last 2 years, called a past client (who had purchased from me years ago) in the building and enquired about how happy she was, any complaints, how was the property manager, how solid the condo corporation was and other pertinent questions that would enable me to inform my clients on the condo culture of this building.

I pulled up the current taxes from the city for the units and only 1 out of 6 were accurate as per what was shown on the listing data form! I don’t mean by a few dollars, in one case $1732.00 difference!

The condo fees shown for all 6 units had a difference of $131.16! How can that be? Subsequently checking on things and talking to the Property Manager, the difference in fees were about $7.00 per floor! Only one condo unit had the accurate current condo fee.

Fair is fair, I thought, mistakes happen and I will be putting in clauses if my client does decide to put an offer in to verify all condo fees, taxes and any other discrepancies.

On the day of the showings, I meet my clients in the lobby where lock boxes are that hold the keys for entrance to the building and individual units. My day is not starting out well, there are 9 lock boxes and only one is identified with the unit number! Opening up a few, there were some keys tagged with the unit # but some weren’t! My male client thought this was funny or was laughing at me because I only have 4 pockets on my pants and could only keep track of 4; he had 4 pockets as well so he helped!

A couple of the units we saw were as per the listing data, appliances, room sizes and amenities, one unit was a disgrace, one unit the occupant would not let us in (nobody told me you were coming, she said) and 2 units were out to lunch in price.

So now we get back down to the lobby, play Russian roulette with the keys and lockboxes and say to my clients “ Well, what do you think?” with a straight face, I might add.

Other than the usual comments like poor layout, overpriced compared to others, condition of the units, my clients just kept shaking their heads and asking themselves is this what they want to do?

Obviously, they did not purchase anything that day but one week and 2 buildings later, they purchased a beautiful unit that they and I liked really well. They now know and my past clients know why I choose to work with just a few buyer clients at a time because having to prepare properly before every showing because of lack of faith in the listing data, is time consuming and for the buyer, creates a bit of mistrust in the MLS listing.

Again, I want to re-iterate that not all real estate agents were like some of the above and if you do list a condo in London Ontario, check weekly that the information on the listing is accurate. For two reasons, to ease the uncertainly of the buyer and prevent you from being taken to court for false information.