What is happening to the interest rates?

There is talk that the interest rates are going up. It seems that Canada is performing much better than the ???talking heads??? predicted. Gossip has it that now the Bank of Canada wants to slow this growth by raising the interest rates. A large part of the growth is due to the housing sector. Resale???s are up. New construction starts are up. Some of the ???talking heads??? are predicting a slow down in the housing over the next few months. What are we to believe? The ???talking heads??? are not talking about Ontario???s HST costs and how it will affect the housing sector. Buyers are being left in a very difficult position. It seems that every time we read the paper, we listen to the ???talking heads??? on TV or we open a utility bill ??? we are being told of or experiencing an increase in our basic living costs. Bottom line, we still have a very affordable housing market in London and the interest rates are as low as we have seen in many years even if they go up a bit ??? remember 18% and 20%. We all lived through the ???GST??? scare. We live in one of the greatest countries in the world and there is a ???cost??? to having that privilege. Nothing is free ??? every time the government gives us something free somebody pays for it ??? that somebody is you and me. Have a great day! Everyday is a gift ??? ride it like you stole it.

What is happening to the interest rates?

There is talk that the interest rates are going up. It seems that Canada is performing much better than the “talking heads” predicted. Gossip has it that now the Bank of Canada wants to slow this growth by raising the interest rates. A large part of the growth is due to the housing sector. Resale’s are up. New construction starts are up. Some of the “talking heads” are predicting a slow down in the housing over the next few months. What are we to believe? The “talking heads” are not talking about Ontario’s HST costs and how it will affect the housing sector. Buyers are being left in a very difficult position. It seems that every time we read the paper, we listen to the “talking heads” on TV or we open a utility bill – we are being told of or experiencing an increase in our basic living costs. Bottom line, we still have a very affordable housing market in London and the interest rates are as low as we have seen in many years even if they go up a bit – remember 18% and 20%. We all lived through the “GST” scare. We live in one of the greatest countries in the world and there is a “cost” to having that privilege. Nothing is free – every time the government gives us something free somebody pays for it – that somebody is you and me. Have a great day! Everyday is a gift – ride it like you stole it.

ACMO Taking Steps To Form Chapter In London

Wow what a May it has been. Happy Memorial Day to our neighbours to the south. Some exciting news for the London Ontario condominium community - The Association of Condominium Managers of Ontario, (ACMO), is taking the first steps to establish an unofficial chapter in London. An official chapter will be a future endeavor. The principals of the many condominium management companies will be meeting in early June with an eye to holding a directors course and trade show in the fall. We will keep you up to date on the progress made by this local ACMO committee.

ACMO Taking Steps To Form Chapter In London

Wow what a May it has been. Happy Memorial Day to our neighbours to the south. Some exciting news for the London Ontario condominium community - The Association of Condominium Managers of Ontario, (ACMO), is taking the first steps to establish an unofficial chapter in London. An official chapter will be a future endeavor. The principals of the many condominium management companies will be meeting in early June with an eye to holding a directors course and trade show in the fall. We will keep you up to date on the progress made by this local ACMO committee.

London's Real Estate Market Best April Ever

Best April Ever
Strong April sales continued to fuel the market rebound that began in October of 2009. 835 detached homes and 182 condos exchanged hands last month, up 25.4% and 31.9% respectively. All in all, residential sales were up 26.5% over last. It’s not just sales that are up, listings are up 22% over last year. That points to an uptick in consumer confidence.

Type Units Sold Average Price % Change from April 2009 While these figures are great news for our local market, it’s important to remember that we are in recovery we took a hit in 2009 and we’re just getting back up to speed. That being said, having the best April in LSTAR’s history is pretty exciting. The next best April was 2004, with 935 sales.

Another harbinger of a market’s health – average house price – also points to recovery. House prices continued to inch up, 13.1% for detached homes to an average for the month of $248,870 and the same percentage for condos, for an average price of $175,811. That doesn’t necessarily mean that all house prices are going up, it could just mean that there were more pricey homes in the mix for a particular month than previously and, indeed, that is what appears to have happened in April. Our hunch is that the owners and prospective buyers of these homes were just waiting out the Great Recession before jumping in. For example, in April 2009 only fifteen homes priced at over half a million sold, compared to this April when forty $500,000+ homes sold, an increase of 166%. There was a similar increase in the number of homes priced $300,000 to $500,000. 104 such homes sold in April 2009.compared to 171 homes in this range in April 2010 Despite price gains, London remains affordable when compared to other Canadian centres. Homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers. According to the Canadian Real Estate Association’s Major Market MLS® Statistical Survey for February 2010 (the most current available), the average price year-to-date for: London and St. Thomas, $221,956 The best-selling house style in London for the month of April was the two-storey, followed by the bungalow, the ranch, and the townhouse condo:

London March home sales stabilize

Last month, 669 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS?? (LSTAR), including 551 detached homes (down 7.2% from March 2009) and 118 condos (down 21.9% from March 2008). Year to date, 1,174 detached homes and 276 condos have been sold ??? down 22.6% and 27% respectively compared to the same period in 2008. ??????Compared to January and February of this year, we are certainly seeing stabilization in home sales in LSTAR'S jurisdiction. January sales for detached homes were down 35% and February sales for detached homes were down 30%, so to see March home sales for detached homes down just 7.2% is very encouraging.

In the market to talk real estate? Call Connie or Fraser today at 519-649-6000 or e-mail us at sales@the-grants.com

London March home sales stabilize

Last month, 669 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), including 551 detached homes (down 7.2% from March 2009) and 118 condos (down 21.9% from March 2008). Year to date, 1,174 detached homes and 276 condos have been sold – down 22.6% and 27% respectively compared to the same period in 2008. 

Compared to January and February of this year, we are certainly seeing stabilization in home sales in LSTAR'S jurisdiction. January sales for detached homes were down 35% and February sales for detached homes were down 30%, so to see March home sales for detached homes down just 7.2% is very encouraging.

In the market to talk real estate? Call Connie or Fraser today at 519-649-6000 or e-mail us at sales@the-grants.com