RSS

Will Rate Cuts Heat up the Market?

The real estate market in London and St. Thomas saw mixed results in August. Home sales dropped 6%, with 577 homes sold, while the average price fell 4% to $629,500. On the other hand, active listings rose 19% compared to last year. While September typically sees increased activity, current market conditions still offer opportunities for buyers and sellers. With the Bank of Canada lowering its key interest rate to 4.25% and a larger cut expected in October, there’s potential for a market boost as borrowing costs decline. 

If you have questions about real estate, let's connect. I keep my finger on the pulse of the market so you don't have to!

Read

Prices will be down year over year for some time but the Home Price Index is now up 4.6% from 3 months ago. Despite fewer sales compared to previous years, things continued to heat up in March. The market is quite balanced right now as sellers still have to price their homes competitively but buyer urgency has returned with inventory dropping (down to 2 months vs. 3 months in February).

If you have questions, let's connect. I keep my finger on the pulse of the market so you don't have to!

Zachary Timmerman
REALTOR®
StreetCity Realty Inc., Brokerage
519-702-5979
✉️ info@zacharytimmerman.com
 
 
Read

Could the market be taking a turn? Prices are down from 2021, but buyer activity was back up in January after a slow December. Prices seem to be leveling out month over month and fixed mortgage rates have actually started to drop.

The last couple weeks have definitely felt different in terms of buyer activity and the number of sales, but it's still a much more buyer friendly market than 2021. Will the uptick in activity and buyer demand continue through Febuary? Time will tell.

If you have questions about the market, I'd love to chat. I keep my finger on the pulse of the market so you don't have to!

Zachary Timmerman
REALTOR®
StreetCity Realty Inc., Brokerage
519-702-5979
✉️ info@zacharytimmerman.com

Read

December's regional stats for London Ontario & surrounding area are here. Prices remained fairly steady month over month with a modest decline from November. The total number of sales was definitely a decrease from the past few years where we saw record numbers. Just looking at the numbers never tells the full story.

We are continuing to see some listings not selling, but we are also seeing buyer activity start to pick up so far in January. Pricing competitively remains an important factor that can determine success for sellers. Presentation matters. Your real estate agent's marketing plan matters. As the average days on the market increase, working with (and listening to) a professional is crucial for success.

If you have a question about the market, drop it in the comments or send me a private message. I'm always happy to help.

Zachary Timmerman
REALTOR®
StreetCity Realty Inc., Brokerage
519-702-5979
✉️ info@zacharytimmerman.com

#ldnont #stthomasontario #middlesexcounty #realestatemarket

Stats courtesy of the London St. Thomas Association of REALTORS®.

Real Estate Sales for December from the London and St. Thomas Region
 
 
Read

Inventory, Average Sale to List Price, and Median days on market all stayed quite consistant month over month, while prices saw another small month over month dip, with the Home Price Index dropping approximately $9k for the region.

December can be an interesting time in the market. Often, buyers and sellers put things on hold until the new year but some sellers decide to try to take advantage of the reduced inventory, while others have to keep marketing their home due to personal circumstances. Buyers can sometimes find a deal, if they offer on a home with a motivated seller in the month of December, but options will be limited. 

If you have questions about the market, let's chat!

Read


August's regional numbers are here and on average, prices continued to decline, but once again at a slower pace than earlier in the year. There are signs that buyer activity may be starting to pick up again as we enter fall. The median number of days that homes were on the market increased month over month again from 18 to 22 days. Meanwhile, Months of Inventory actually dropped for the first time this year after peaking in July. This can be attributed to a slow in new listings and an increase in total number of homes sold month over month in August. 

It's important to note that these numbers give us a picture of the overall market, however, it is much more nuanced than the story the numbers tell. Location, type of home, and pricepoint greatly impact what to expect on both the buying and selling side so if you are considering a move, let's chat

Read
This website may only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate of the type being offered via the website. The data relating to real estate on this website comes in part from the MLS® Reciprocity program of the Toronto Regional Real Estate Board. The data is deemed reliable but is not guaranteed to be accurate.