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About Us

ABOUT LONDON HOUSING STARTS

  • Total housing starts in London CMA are expected to trend lower in 2018 and 2019, but still remain elevated, due to a projected rise in wages and employment as well as demand spillover from the resale market.
  • MLS sales are projected to trend lower in 2018 and 2019, but still remain elevated, while growth in the average MLS sale price is projected to decline from the 2017 level.
  • The vacancy rate is expected to rise over the forecast horizon, owing to an increase in the supply of new rental apartments.

The total number of housing starts in London in 2017 was 3,967 units. This is the London census metropolitan area which includes St. Thomas and Strathroy. This beat the old record which was 3,674 starts set in 2006.

 

ABOUT CURRENT CONDO PRICES

The average price of a condo in London in 2017 was $232,332 on 2,012 MLS sales versus an average sale price of a condo of $197,807 in 2016 on 1,651 sales.These numbers do not include new builder “in-house” sales. Prices in 2018 are continuing to go up.

 

ABOUT TORONTO, KITCHENER AND BRAMPTON BUYERS MOVING TO LONDON

New people are moving in and are targeting in particular the north end as a place to live. Homes and condos are now often selling out in bidding wars. Out of town buyers coming to London from other areas buy with confidence and often without financing conditions.

London renters dreaming of becoming condo or home owners take note! Do you homework and be prepared to act quickly and decisively when something good becomes available.

 

ABOUT THE TOWNHOUSE MARKETPLACE

Townhouse style units tend to be more vertical in design (more stairs) and they seem to attract a younger set of buyers.

Early 2018 starts are mostly presold units and many condos built in 2017 are now being made available as rental units.

 

ABOUT NEW DOWNTOWN CONDO PROJECTS ON THE GO

All eyes are now on the new "Tricar Azure" building going up at 505 Talbot Street which will have move in dates towards the end of 2018. There is nothing else on the go. The "London Free Press" often reports on what is in the pipeline to happen next. It makes for good reading.

 

NEWS ABOUT LANDLORD ISSUES

Two things! Going to 2017 more rental units are to be inspected by the city. Google – City of London – residential rental by-law! Also at issue and frequently in the news is the talk about the legalization of granny suites. More news to follow!

 

ABOUT THE POTENTIAL DOWNSIDE TO THE LONDON ONTARIO REAL ESTATE MARKET

If interest rates go up might real estate prices start to come down? Yes and no! People will always want to live close to our hospitals, universities, parks and shopping outlets.

Some pundits are now saying the craziness of our recent market cannot continue forever.

 

ABOUT FINDING "MLS" RENTALS ON THIS WEBSITE

There is a trick to finding "MLS" rentals on this website but once that you learn what it is, it is easy. Go to the listing tab and where it says minimum and maximum price just type in zero to three. It is that easy!

Between 0 and 3 pulls up everything for lease "MLS" priced at and below the $3,000 per month price range. Another great student rental source of information can be found at offcampus.uwo.ca.

 

ABOUT WORKING WITH PETER DAOUST

Peter wrote the contents of this site and understands many of the intricacies of the London and St. Thomas condo marketplaces.

Peter is a 2014, 2015 and 2018 contributor to the "REM" magazine which is read by Real Estate Agents all across Canada.

Peter has over 30 years of real estate selling experience in London and has achieved the "Remax Hall of Fame" award.

Please call me at the office 519-649-6000 or direct 519-852-7653.

Peter Daoust



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