This is a copy of the LSTAR (London & St Thomas Association of Realtors) Market Report for May 2010.Market Activity
Last month???s home sales spell good news for the London CMA: sales were up 2.3% for detached homes and 10.8% for condos. All in all, 898 homes exchanged hands, a modest improvement over last May???s 864 sales. ???May is the eighth consecutive month in which we???ve seen home sales top those of the previous year,??? says Richard Thyssen, President of the London and St. Thomas Association of REALTORS??. ???That means we???re easing back to pre-Great Recession levels.???Type of Market BalancedListings
Active detached home listings end of period were up 4.9%. Active condo listings end of period were down 6.5%.
Average Price for May 2010 (May 2010 compared with May 2009)
All detached homes in LSTAR???s jurisdiction $246,331 up 7.9% ($228,334)
All condos in LSTAR???s jurisdiction $180,243 up 9.7% ($164,364)
All two-storeys in LSTAR???s jurisdiction $313,297 up 12.8% ($277,685)
All bungalows in LSTAR???s jurisdiction $181,443 up 8.0 % ($167,931)
All ranches in LSTAR???s jurisdiction $277,507 down 0.9% ($279,963)
All townhouse condos in LSTAR???s jurisdiction $160,737 up 0.9% ($159,352)
Most Popular in May
Two-storeys, then bungalows, then condo townhouses, then ranches.Affordability
???? London and St. Thomas, $230,056
???? Calgary, $405,551
???? Durham Region, $286,635
???? Edmonton, $342,933
???? Hamilton-Burlington and District, $313,372
???? Kitchener-Waterloo, $278,432
???? Ottawa, $330,906
???? St. Catharine???s & District, $224,631
???? Toronto, $434,693 ; and
???? Greater Vancouver, $693,482Market Factors
According to the Canadian Real Estate Association (CREA), activity in the first half of 2010 is expected to remain strong as the last of pent-up demand is exhausted and homebuyers make purchase decisions in advance of interest rate increases and the introduction of the HST in British Columbia and Ontario. CREA forecasts national housing activity will decrease over the second half of 2010 and into 2011 as pent-up demand is exhausted and housing affordability slightly erodes. ???We???re not looking at anything drastic,??? says Thyssen. ???Just a tempering of the market that CMHC has described as an orderly transition, supported as it will be by improving job markets, historically low interest rates and further gains in household incomes.???
Thursday, June 3, 2010
Wednesday, June 2, 2010
London Ontario Real Estate Market Report for May 2010
This is a copy of the LSTAR (London & St Thomas Association of Realtors) Market Report for May 2010.
Market Activity
Last month’s home sales spell good news for the London CMA: sales were up 2.3% for detached homes and 10.8% for condos. All in all, 898 homes exchanged hands, a modest improvement over last May’s 864 sales. “May is the eighth consecutive month in which we’ve seen home sales top those of the previous year,” says Richard Thyssen, President of the London and St. Thomas Association of REALTORS®. “That means we’re easing back to pre-Great Recession levels.”
Type of Market Balanced
Listings
Active detached home listings end of period were up 4.9%. Active condo listings end of period were down 6.5%.
Average Price for May 2010 (May 2010 compared with May 2009)
All detached homes in LSTAR’s jurisdiction $246,331 up 7.9% ($228,334)
All condos in LSTAR’s jurisdiction $180,243 up 9.7% ($164,364)
All two-storeys in LSTAR’s jurisdiction $313,297 up 12.8% ($277,685)
All bungalows in LSTAR’s jurisdiction $181,443 up 8.0 % ($167,931)
All ranches in LSTAR’s jurisdiction $277,507 down 0.9% ($279,963)
All townhouse condos in LSTAR’s jurisdiction $160,737 up 0.9% ($159,352)
Most Popular in May
Two-storeys, then bungalows, then condo townhouses, then ranches.
Affordability
London and St. Thomas, $230,056
Calgary, $405,551
Durham Region, $286,635
Edmonton, $342,933
Hamilton-Burlington and District, $313,372
Kitchener-Waterloo, $278,432
Ottawa, $330,906
St. Catharine’s & District, $224,631
Toronto, $434,693 ; and
Greater Vancouver, $693,482
Market Factors
According to the Canadian Real Estate Association (CREA), activity in the first half of 2010 is expected to remain strong as the last of pent-up demand is exhausted and homebuyers make purchase decisions in advance of interest rate increases and the introduction of the HST in British Columbia and Ontario. CREA forecasts national housing activity will decrease over the second half of 2010 and into 2011 as pent-up demand is exhausted and housing affordability slightly erodes. “We’re not looking at anything drastic,” says Thyssen. “Just a tempering of the market that CMHC has described as an orderly transition, supported as it will be by improving job markets, historically low interest rates and further gains in household incomes.”
Market Activity
Last month’s home sales spell good news for the London CMA: sales were up 2.3% for detached homes and 10.8% for condos. All in all, 898 homes exchanged hands, a modest improvement over last May’s 864 sales. “May is the eighth consecutive month in which we’ve seen home sales top those of the previous year,” says Richard Thyssen, President of the London and St. Thomas Association of REALTORS®. “That means we’re easing back to pre-Great Recession levels.”
Type of Market Balanced
Listings
Active detached home listings end of period were up 4.9%. Active condo listings end of period were down 6.5%.
Average Price for May 2010 (May 2010 compared with May 2009)
All detached homes in LSTAR’s jurisdiction $246,331 up 7.9% ($228,334)
All condos in LSTAR’s jurisdiction $180,243 up 9.7% ($164,364)
All two-storeys in LSTAR’s jurisdiction $313,297 up 12.8% ($277,685)
All bungalows in LSTAR’s jurisdiction $181,443 up 8.0 % ($167,931)
All ranches in LSTAR’s jurisdiction $277,507 down 0.9% ($279,963)
All townhouse condos in LSTAR’s jurisdiction $160,737 up 0.9% ($159,352)
Most Popular in May
Two-storeys, then bungalows, then condo townhouses, then ranches.
Affordability
London and St. Thomas, $230,056
Calgary, $405,551
Durham Region, $286,635
Edmonton, $342,933
Hamilton-Burlington and District, $313,372
Kitchener-Waterloo, $278,432
Ottawa, $330,906
St. Catharine’s & District, $224,631
Toronto, $434,693 ; and
Greater Vancouver, $693,482
Market Factors
According to the Canadian Real Estate Association (CREA), activity in the first half of 2010 is expected to remain strong as the last of pent-up demand is exhausted and homebuyers make purchase decisions in advance of interest rate increases and the introduction of the HST in British Columbia and Ontario. CREA forecasts national housing activity will decrease over the second half of 2010 and into 2011 as pent-up demand is exhausted and housing affordability slightly erodes. “We’re not looking at anything drastic,” says Thyssen. “Just a tempering of the market that CMHC has described as an orderly transition, supported as it will be by improving job markets, historically low interest rates and further gains in household incomes.”
Tuesday, June 1, 2010
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.
Monday, May 31, 2010
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.
Tuesday, May 11, 2010
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:
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:
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