London, ON Real Estate News

Now that I have your attention; I have been reporting monthly White Oaks Real Estate statistics for quite some time now. Every month I gather the facts and try to add an opinion or two and frankly sometimes it is hard to come up with a unique comment on a month’s activities. White Oaks real estate has been remarkably consistent the past few years. This could be good news or bad news, depending if you are a glass half-full or glass half-empty person. Take a look at  all sales of detached and semi-detached homes from 2010 till February 2012   Average Sale Price % of List Price Days on Market Number of Sales 2010 $190,269 97% 38 days 130 2011 $193,764 98% 37 days 133 2012 ytd $189,796 98% 39 days Still counting   The 2012 ytd (Jan-Feb) sales number is exactly the same as Jan-Feb 2010 and J...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
 Condominium living is a popular option for many Canadians as it can be a relatively carefree housing option. Currently, in some parts of the country, one out of three new homes built is a condominium.      Most  newspapers now include a condominium section which recognizes the increasing number of people who already live in—or aspire to live in—a condominium. This Guide has been created to help you become an informed condominium buyer and to help you make the best choice. Please see the glossary at the end of the Guide for full definitions of some of the terms used.   The Guide will give you the basic background information you need to get started on the path to condominium ownership. It will identify important questions to ask—and the people you should be asking—before you make this i...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
  “Where is the condo market headed, in Canada & specifically London Ontario?” I was asked this question today by a client who wants to sell her condo in Toronto and move to London Ontario. Below is part of what I emailed to her. The oversupply of condominiums in Canada is becoming a concern as two-thirds of all housing starts are condos and the supply of completed but unoccupied condominiums is high. Vancouver & Toronto lead the way in new construction and as an example; Toronto has 132 high-rise buildings under construction compared to 17 in Chicago or 86 in New York City. In a report by Bank of America Merrill Lynch, if Toronto condo developers stopped developing and completed their existing projects, there would be enough to supply the market for five years! The report also stated t...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
Will the housing market crash in London Ontario? Is there a real estate bubble in London Ontario?  For the last few months, economists, the heads of three of Canada’s major banks (BMO, CIBC & RBC) agreed that the market is reaching its peak and though they do not foresee a crash, they feel that prices are likely to decrease this year and perhaps decrease for 2-3 years. (Some predict 25% across Canada) Some are even predicting gloomier thoughts, such as a real estate bubble ready to burst. That may be so for cities like Toronto, Montreal, Calgary or Vancouver where new home and condo construction is at an all time high. I don’t think we will see this decrease in prices in London Ontario for the following reasons:         The average selling price for a home in Canada at December 31, 2011...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
City of London renews commitment to make homeownership easier The City of London has announced the renewal of a program offering affordable homeownership. This very successful program, previously known as the Affordable Homeownership Program has been renamed Investment in Affordable Housing Homeownership Program and has been improved to offer more Londoners the opportunity to own their own home. The program consists of an interest free loan for qualifying home buyers to assist with down payment and closing costs. To be eligible, households must have a gross household income of $55,000 or less, and must qualify for and be pre-approved for a mortgage at a recognized financial institution. The selling price of the home must be no higher than $145,000. In addition to receiving 5% down payme...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
143 homes sold in Lambeth and Westwinds neighbourhoods in South West London for 2011.   The average asking price was $372,629 and the homes that did sell, sold for 98% of asking and these were on the market an average 69 days.   Lambeth is rapidly growing along with homes being built along the corridor of Colonel Talbot Road and Southdale with more retail and new subdivisions being started. With easy access to highways 401 and 402, more families are finding out about all the other amenities that Lambeth has to offer.   There are some great values still available in Lambeth and for those who are moving up or downsizing, there are some great homes available and this may be a great  time for you to talk to a real estate professional
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
011 proved to be a very busy real estate market in Masonville and Stoneybrook neighbourhoods in North London. With close proximity to The University of Western Ontario (UWO), The Research Park, teaching hospitals and of course, Masonville Mall, this area is a sought after neighbourhood to live and play! 107 houses sold with an average sold price of $408,986 which was 97% of the asking price of $421,583. 98 condos in the Masonville, Stoneybrook area sold at an average of $215,706 which was 98% of the asking price of $219,887!  Condos were on the market for less than 39 days and houses 34 days which proves that this area remains hot and in demand. As a seller, a real estate brokerage that has ready buyers will ensure you a quick sale so that you may continue on with your life. For in dept...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
Pond Mills in South East London Ontario remains one of the best values in home prices with 61 houses selling in 2011 for an average price of $202,600 and it has taken about 36 days for a home to sell.    For condos in Pond Mills, $123,023 was the average asking price, 49  sold in 2011 and these were on the market an average 48 days!   Pond Mills has a lot going for it and not just lower house prices. Very easy access to the 401 highway, great schools, shopping and public transportation.   Real estate is affordable in London and with the correct approach, can be quite rewarding for both buyers and sellers! This great neighbourhood has some secret gems and pockets of living areas that is affordable,safe and beautiful.
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
47 homes changed hands in 2011 in  the Hazelden neighbourhood in West London with the average asking price of $425,201 and actually geting $403,940 which was 95% of the asking price and these sold homes were on the market an average 36 days!I In this same period, 12 condos sold with an average asking price of $293,578, these sold for 97% of asking and were on the market an average 42 days. As you can see by these numbers, Hazelden is a sought after neighbourhood in London Ontario, homes sell quickly and above the London and area average. For further information and insight about upcoming homes for sale in London and Hazelden reports, stay tuned!
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
211 houses exchanged hands in Old South London & Wortley Village in 2011 with an average selling price    of $266,222 and on average it took 38 days for a home to sell and these homes sold for 98% of the asking price!  3 condos sold in this neighbourhood as well. Old South London remains a desirable neighbourhood with its own distinct mix of art, dining, culture and house styles. A lot of home owners have done some great renos and with deep lots, offer privacy that new neighbourhoods do not. More and more home buyers are shying away from cookie cutter homes, small lots and little privacy. To keep abreast of this fast market and more insight of this great London neighbourhood, let me know your thoughts, I know this area and the market.
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
  There were 90 homes that sold in the Summerside neigbourhood in South east London in 2011.     72 houses sold at an average price of $258,350 and 18 condos at an average $210,211. On average it took 63 days for a home to sell , 42 days for condos and homes sold for 98% of asking price which shows the London Real Estate market is stable, especially this newer community . This neighbourhood in south London is growing with  new retail planned, new parks and access roads. Summerside is proving to be a well priced neighbourhood in London Ontario and the growth is well planned and steady. Summerside is access to the 401 highway, Airport Road, St. Thomas, Ingersoll and Woodstock. For more detailed real estate trends that will enable you to make the right decision, just give me a call.
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
In 2011, 50 houses changed hands in the Riverbend area south of London with an average selling price of $458,654 and 10 condos sold, averaging $397,456.    The average days on market was 64 days for houses & 42 days for condos and these homes sold for 96% of asking price. Again, this neighbourhood is proving to be sought after in London because of all the nearby amenities such as golf, nature trails and convenient shopping.   If you are thinking of moving to this upscale neighbourhood, you have many options open to you, depending on your life style! I know this area extremely well and can perhaps add insight to this neighbourhood, plus, prove to you that 'Not All Realtors Are the Same'!
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
 263 houses sold in this great family Oakridge neighbourhood of London Ontario in 2011 with the average selling price being  $301,882 and on average these houses were on the market for 46 days & sold for 98% of the asking price!   88 condos had changed hands, taking 45 days to sell at an average price of $207,835.   With both houses and condos selling for 98-99% of asking price proves that the London Real Estate Market is stable and real estate prices remain one of the lowest in Ontario.   Oakridge is still sought after because of its location to some of the best schools in London, wide streets, mature trees and larger lots.   Whether buying or selling real estate in London, being prepared with facts, not opinions will ensure you can have the best of both worlds.  
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
    Again, in 2011 homes in the Hyde Park neighbourhood in North West London have been selling quite well.   In 2011,237 houses and 66 condos sold , houses for 98% of their asking price and condos 99%!  Houses in Whitehills took an average 42 days to sell followed by condos at 44 days.   Houses in this popular London neighbourhood sold at an average of $321,991and condos at $242,285 which shows that this neighbourhood remains very price competitive.   Homes in the newer section of Hyde Park are ranging from $285,000 to $375,000 so as you can see, with the great schools and new shopping Big Box Stores being opened, this area is sought after.  It is a great time to look for a home in Hyde Park because you have a great choice of listings to choose from and with the market a little slow, se...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
   Stoney Creek real estate activity was strong in 2011, with 110 houses being  sold at an average price of $271,910 which was 98% of the asking price of $277,620 and these houses took 43 days to sell!  47 condos sold, $175,340 was the average selling price and were on the market an average 47 days. One thing to keep in mind about Stoney Creek is that some of Stoney Creek homes have been around for 20+ years and these averages are not indicative of the newer neighbourhood such as Milestone Road etc.   Stoney Creek as with the rest of real estate in London Ontario, is stable, as we do not experience the peaks and valleys of other Canadian cities and we have most of the amenities to suit as well.   As a real estate professional, knowing London, the schools, churches, shopping and recreati...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
Uplands in North London is proving to be a desirable location in London Ontario because of easy access to the downtown, UWO and London Airport. As well, newer houses and condos are an attraction.    The average asking price of a house in Uplands in 2011 was $399,349 and 73 sold for an average of  98% of the asking price and these were on the market for only 34 days. 26 condos sold in this period for $307,744 which was 99% of the asking price  and these took 61 days to sell.    As you can see, the activity and prices in this neighbourhood are stable and as more and more people learn about this great neighbourhood, expect to see some growth in house prices.    With proper planning and knowledge, being prepared can ensure you the best value when buying or selling a home in Uplands.    I ha...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
Houses in Byron  sold quite well in 2011 with 208 houses & 63 condos being sold. On average these homes in this great sought after neighbourhood in west London were on the market for only 43 days!   As with most averages, some numbers can be deceiving , however, I am aware that some houses took less than a week to sell while others 2-3 months ! Homes that are priced well, in great shape are always sought after and I am a believer that facts leave clues.   The average asking price of a home in Byron was $335,689 and the average sold price was $328,785 which was 98% of the asking price. The condos in Byron sold so on average for  $230,203 which was 98% of the asking price of $235,305.  I should mention here that there are some condos for sale in Byron starting as low as $139,000.   As you...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
In a recent CMHC (Canadian Mortgage and Housing Corporation) news release, the vacancy rate in London is down to 3.8% for rental apartments! This is comforting news for those who are contemplating getting into the rental market for the first time or for those who wish to expand. This is an area of income properties that I have been directing my clients to as I see a great opportunity for passive long term investors. Here is the report.
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
 When buying or selling real estate here are 4 price strategies that are the most common that I have come across in my real estate career.   Clearly Overpriced: Every seller wants to maximize the amount they receive for their home. 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 home, or they have renovated their home to a standard not consistent with their neighbours. My experience has been that unless this home has been on the market for three to four months, the seller will not drop his price. And if he does, and your offer is accepted, will the appraisal that your lender will order, what if the appraisal is below the offer price?     Somewhat Overpriced: About 75% of the homes on ...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
The other day on the news there was a report about real estate and the predictions for 2012 and the rising prices as well how in some cities in Canada the real estate market is booming while others remain  stable or are declining. For those of you who know me you know I like to make decisions based on facts and as history repeats itself, I hope the following graphs will help you understand and see that the real estate market for houses and condos in London Ontario is stable and there is no reason why 2012 will be any different.                                                                    Units Sold To Units Listed Last 12 Months                                                   Average Residential  Prices Last 3 Years in London Ontario                                              ...
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