I am always asked when is the best time to list a home in London Ontario or how is real estate doing and what are the average prices. I also hear most excuses why homes do not sell or the rationalization of why some homes sell quicker than others and some, for more money. Understanding the local market and facing the reality of the local market can be a double edged sword for many London home owners. Selling your home is not a lottery, or a gosh by golly whim, or just putting up a sign on your lawn or pricing your home because one of your co-workers and one of your friends told you your home is worth ‘x’, because they sold their home last year and know of a friend of a second cousin who has a friend who used to sell real estate part time. (whew!) Below is a 3 year chart and graph of ACT... 12/07/2011

Condo Sales were soft in November Only 80 condos were sold in November, down 30% from last November. Sales of detached homes were down slightly by 1.8% Below is a snapshot of November sales throughout LSTAR’s jurisdiction  For a graphical market report of London home sales The London and St. Thomas Association of REALTORS® (LSTAR) is one of Canada’s fifteen largest real estate associations, representing 1,500 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods and is a proud participant in the REALTORS Care Foundation’s Every REALTOR™ Campaign. As m... 12/07/2011

Sales are slowing but prices are holding. For the second consecutive month, the number of homes sold is less than the previous month while year to date average prices are tracking slightly higher than 2010. This is another indication that the real estate market in White Oaks and the London area is “balanced.” Balanced Market: In a balanced market, the number of homes for sale satisfies the demand. Characteristics of this market include houses selling within a reasonable time period, sellers accepting reasonable offers and stabilized prices. The atmosphere is usually more relaxed.   For a more detailed report and monthly updates 12/07/2011

 I work with many real estate investors in London Ontario who still think they have to have a minimum  20-25% down payment when buying income residential properties such as duplexes tri-plexs or 4 or more units. Below is a CMHC features and benefits and if you go here, you can read all about it. CMHC Mortgage Loan Insurance enables Approved Lenders to help borrowers purchase multi-unit properties with a minimum of 15% down. Borrowers can also access competitive interest rates for the life of the mortgage and enjoy reduced renewal risk. FEATURES  Purchase – Loan-to-Value ratios up to 85% of the “as is” or “as improved” value.  Flexible financing terms available including extended amortization periods and fixed and floating interest rates.  Available for first, second or pari passu mor... 12/06/2011

As I work with both condo sellers and buyers, I am always asked what the market is doing, when is the best time to buy or sell, how much to offer and how much to list for.     As with any condo, the neighbourhood, style and condition of a home reflects on price and quickly they sell.    Below is a breakdown of condo sales in London Ontario from January 1, 2011 to November 30, 2011.   Quantity Style Average Selling Price % of Selling Price to Asking 336 Apartment High Rise $189,012 97% 97 Apartment Low Rise $99,563 96% 639 Townhouses $156,281 106% 159 Ranch Attached $250, 618 98% 71 Ranch De-tached $321,051 99%       Please keep in mind that these are averages. For my clients I do a break down of complex and building to ensure we are comparing apples with apples.    Selling or buying a c... 12/05/2011

52 houses have sold in the Hazelden area from January 1, 2011 to November 7, 2011 The average selling price was $481,712 and these sold in 36 days or less at an average of 98% of the asking price.! The highest went in the $830, 000 range and the lowest in Hazelden starts in the 340's. Hazelden still remains one of the most sought after neigbourhoods in London and those who do live there, do not plan on moving soon. For more details on this great neighbourhood or others in London Ontario, stay tuned!    Anything that does come on the market in Hazelden, I will post it here and on my blogs! 11/08/2011

  From January 1, 2011 to November 4, 2011, 41 houses changed hands in the Riverbend area south of London with an average selling price of $441,787 and 9 condos sold, averaging $404,396.    The average days on market was 65 days for houses & 46 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'! 11/04/2011

    236 houses have sold so far in the the great family Oakridge neighbourhood of London Ontario from January 1, 2011 up to November 2, 2011.    The average selling price was $301,841 and on average these houses were on the market for 43 days & sold for 98% of the asking price!   84 condos changed hands in the same period, taking 45 days to sell at an average price of $208,452.   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 ens... 11/03/2011

 Homes in Sunningdale, a trendy neighbourhood in North West London with easy and quick access to UWO & Masonville have been selling quite well up to Sept 1, 2011. 48 houses sold from January 1 of this year to November 2 for an average price of $534,413 and on average, these homes took 49 days to sell & sold for 96% of asking price. 24 condos sold at an average selling price of $321,823 which was 98% of the $305,800 asking price and only on the market for 40 days!   Sunningdale remains a sought after neighbourhood because of its location, schools and shopping.    Houses start in Sunningdale from $325,000 and up. To get a jump start on your real estate search in this great London neighbourhood, being prepared is wise and can be cost effective and now you know who to call! 11/02/2011

 118 homes sold in Lambeth and Westwinds neighbourhoods in South West London from January 1, 2011 to October 31, 2011.   The average asking price was $376,997 and the homes that did sell, sold for 98% of asking and these were on the market an average 71 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 11/01/2011

  There were 87 homes that sold in Summerside so far this year from January 1 up to October 31, 2011.     70 houses sold at an average price of $257,680 and 17 condos at an average $209,047. On average it took 64 days for a home to sell and they 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. 10/31/2011

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 selling price of a house in Uplands between January 1, 2011 and October 28, 2011 was $396,188 and 64 sold in this period for an average of  98% of the asking price and these were on the market for only 34 days. 24 condos sold in this period for $299,639 which was 99% of the asking price  and these only took 32 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 be... 10/28/2011

   Pond Mills in South East London Ontario remains one of the best values in home prices with 50 houses selling from January 1, 2011 to October 27, 2011 for an average price of $201,962 and it has taken about 35 days for a home to sell.    For condos in Pond Mills, $123,394 was the average asking price, 44 have sold since January and these were on the market an average 51 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. 10/27/2011

Stoney Creek real estate activity is still strong and from  January 1, 2011 up to October 25, 2011, 97 houses sold at an average price of $272,644 which was 98% of the asking price and these houses took 40 days to sell!  39 condos sold, $174,480 was the average selling price and were on the market an average 46 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, sho... 10/25/2011

Houses in Byron have sold quite well as of October 24, 2011 with 177 houses selling and  on average these homes in this great sought after neighbourhood were on the market for only 41 days!   As with most averages, some numbers can be deceiving , however, as 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 selling price of a home in Byron was $331,429 and the average sold price was $324,866 which was 98% of the asking price. 57 condos in Byron sold so far with an average sold price of $230,507 which was 98% of the asking price of $235,418. These condos were on the market an average of 39 days. I should mention that there are some... 10/24/2011

   Home sales in London Ontario overall in September 2011 were up 19.2% over the previous year, with 589 detached homes and 113 condos exchanging hands.     As of September 30, 2011 , year-to-date sales are down only a very modest 0.8% compared to this time last year.   Listings were also up 7.7% in September, and year-to-date listings are up 9% over last year.   The average sale price for a detached home year-to-date now stands at $244,307, 5.3% up from January 2011, while the average price for a condo was $182,758, down 3.4% up from January 2011.    Year-to-date the average price for a home (including condo sales) in  is $232,511, 4% up from January 2011.  The following table, based on data taken from CREA’s National MLS® Report for August 2011 (the latest information available), demo... 10/05/2011

I received an email from the office last week stating that someone had visited our Keller Williams Lifestyles Realty website, and was interested in a CMA on their London, Ontario home. I responded to the email, made a follow up call and set the appointment. Then I began my 'homework.' In the area over the past two years, only one home had sold on the same street. The entire neighbourhood is the same...ranch style homes with or without a garage, 3 bedrooms, 1.5 baths, a rather easy search for a CMA. I even did a drive through and noticed that most homes were quite similar. So, I was pretty confident when I arrived at my appointment that the value was somewhere between $180,000 and $190,000. The most recent sale on the same street 5 houses down was $180,000 in June of this year.  After so... 09/26/2011

White Oaks Townhouses lead the way in August For months now it seems that reporting townhouse sales results for White Oaks has been kind of.... a downer. Low sales numbers and falling average prices do not make a positive report. August changed that with the strongest showing of the year. Continue Reading 09/07/2011

 The August home sales statistics for London Ontario and area are in.  The London-St.Thomas Association of Realtors (LSTAR) reported that sales activity as well as listing activity were both on the rise in August. Signs of a balanced market. Balanced Market: In a balanced market, the number of homes for sale satisfies the demand. Characteristics of this market include houses selling within a reasonable time period, sellers accepting reasonable offers and stabilized prices. The atmosphere is usually more relaxed. "This means that homes may stay on the market a little longer than they have previously, but the good news is that things are definitely moving.” Read more about London’s Real Estate Market 09/07/2011

Start by gathering current market information What better place to start, than getting a feel for your local market(neighbourhood).  Don't rely on  house price statistics  based on the entire city, county or country. You need to be more specific than that! Take advantage of my Free Home Price Reports 09/07/2011