The London and St. Thomas Association of REALTORS® (LSTAR) announced that 776 homes* were sold in September of 2018, this is down 6.1% over the same month last year. However, the number of home resales are above the 10-year average, despite low housing inventory in the marketplace. "All year we’ve been managing the challenges of low supply and it continues to impact home resales," said Jeff Nethercott, 2018 LSTAR President. The area did experience a large increase in the average price for resale activity. In September of this year, the average sales price was $386,520, this is up 21.0% compared ...
London & St. Thomas Home Sales Remain Strong
November 1, 2018
Bank of Canada Raises Key Interest Rates to 1.75%
October 28, 2018
The Bank of Canada has raised its benchmark interest rate by a quarter of a point. This is the fifth time since last summer that the Bank of Canada has pushed up the cost of borrowing for Canadians. The bank's current rate is now at 1.75 per cent. That's the highest it's been in almost a decade, dating back to December 2008. The cost of loans linked to the big bank prime rates are headed higher in the wake of the Bank of Canada's decision to raise its key interest rate target by a quarter of a percentage ...
Yes, You Can Sell Your Pool Property in The Off Season
October 22, 2018
Selling a property with a pool attached to it does not have to be a total loss, you also don’t need to wait until May to put the property on the market to accompany the gorgeous spring and summer weather. There are a few ways to maximize the emotional value of your summer backyard and playground, even if there are leaves covering the pool or it is covered by a layer of snow and ice. Plan Well in Advance (if it is possible) 1. Shoot a live video during the summer months or put the pool to ...
5 Helpful Financial Tips
October 22, 2018
You’re not a kid anymore, you know how to act responsible, and your life is getting a little more complicated. You could be on the verge of getting married and having kids or moving up in your career, buying a home. These are all things that are in the transition process and can be overwhelming at times. Here are five helpful tips to help your wealth grow. Live Below Your Means So, what does this mean? It means if you are bringing in $5,000 a month and spending $4,999 of it, you’re not being wealthy, you’re just doing ok ...
Bank of Canada Holds Rate in September Announcement
September 23, 2018
The Bank of Canada has opted to leave its Overnight Lending Rate untouched for September, after hiking it a quarter of a percentage back in July. However, there might be a rate hike in the coming months as the economic growth of Canada continues, as well as the uncertainty around NAFTA and our trade relations with the United States. So, what does this mean for Mortgage Borrowers? When it comes to the variable-rate mortgage borrowers and LoC holders, they can breathe easily as their monthly payments will remain the same, as there was no movement from the Bank ...
London and St. Thomas Housing Market - August 2018
September 22, 2018
August home sales in the London & St. Thomas area reached almost record territory last month, with 923 homes sold in London and St. Thomas, but dropped just short of the all-time high. This figure represents the second-best August since the London and St. Thomas Association of Realtors (LSTAR) started tracking sales in 1978. This is a 2.2 percent jump from August 2017. London is continuing to see a very strong sellers’ market. The record for August was set back in 2016 when 999 homes were sold. Currently the demand continues to outpace the supply of houses, driving prices up ...
Battling Buyer’s Fatigue in a Seller’s Market in London, Ontario
September 15, 2018
Touring properties in the London, Ontario can be exciting, especially looking at different home layouts and getting an idea of how to arrange each room. But believe it or not, touring a lot of properties can become exhausting. As a buyer you may not think that after touring a few properties, but after touring several properties it starts to wear in. Buyers then start to feel overwhelmed and exhausted with the whole process and start to settle with properties that might not necessarily reflect their initial wants and needs. You may think it is common sense to see as many ...
How Good Does My Credit Score Have to Be To Buy a House?
September 7, 2018
One of the most stressful parts about getting a mortgage is not knowing if your credit score is good enough to be approved. Since your credit score will not only help you get approved or denied, it will also play a part in how much your interest rate will be. The higher the credit score the better the mortgage! So How Does It Work? The bank will request a credit score from one of the two major credit reporting agencies after you have applied for a mortgage. There are two companies in Canada: Equifax or TransUnion. In certain cases, they ...
Home Selling in a Competitive Buyer's Market
July 31, 2018
Getting your home ready for sale is something that requires a lot of attention, even more so when it is in a buyer’s market. So, wondering how to sell your home quickly when you are in a buyer’s market? What is a Buyer’s Market? To put it simply, it means that there are more homes for sale than there are potential or interested buyers. Though something like price levels could be two completely different markets, as one might be a buyer’s market and the other a seller’s, even if they are in the same city. So how can ...
London Ontario Real Estate Stats June 2018
July 12, 2018
In June, 1080 homes were sold in the London and St. Thomas area according to the London and St. Thomas Association of REALTORS® (LSTAR) area were sold in June. This is less than in June 2017, which was a record-setting month with 1,264 homes sold! Sales activity remains above the 10-year average for the London and St. Thomas area, as the marketplace continues to manage the lowest inventory levels since 2009. The average home price is making a slight gain across the region. London East made the biggest gains, with the average June sales price at $295,541, this ...