Whether you’re assessing potential investment properties in London, ON or looking for that perfect place to call home, it’s important to keep a close eye on what’s happening with the local real estate market and work with the best Realtor in London, ON.
I like to stay on top of what's going on with the local real estate market and know that an annual review and forecast is an essential part of providing my clients with statistics that are accurate and informative for buying a home in London, ON and the surrounding areas. Although the real estate market in London, ON was off to a slow start in 2013, the good news is that it reached a more stable level than what we witnessed with the market in 2012 and things will only get better in 2014.
The City of London will continue to appeal to first time home buyers, based on the affordable real estate prices in London, ON and the surrounding area (including St. Thomas). While reasonable prices definitely attract attention of first time home buyers and appeals to those looking to relocate to London, ON, these types of buyers are also drawn to the high quality of life that the Forest City has to offer.
Looking at London’s real estate forecast for 2014, the Canadian Mortgage Housing Corporation (CMHC) anticipates that new home construction in London, ON will grow by 1% in 2014, and in turn, lead to steady employment in the new construction sector in London and surrounding areas. Overall, London is expected to see an employment increase of 1.5%, a figure that remained stagnant in 2013. The new home construction in London and St. Thomas was particularly strong this year, especially when it came to single-detached homes, and this trend is forecasted to continue well into 2014.
Although the year is still coming to a close, the total number of MLS sales are expected to reach 8,050 by the end of the year, and this number is expected to increase by 2% in 2014. The average price of a home in London, ON this year was $247,000, and similar to the number of sales, this price is expected to rise to $252,500, showing an increase of 2.3%.
I’m a London, Ontario realtor who loves providing my clients with the important information to make the best decision when it comes to buying or selling real estate. Based on the real estate market stats and the talk that mortgage interest rates will be starting to slowly climb, things really couldn't be better for both those looking to buy or sell real estate in London, ON. If you’re thinking of putting your house on the market, 2014 looks like it’s going to be an exciting year, as prices will be higher than 2013. On the other hand, if you’re looking to buy, now is a great time to get into the market while mortgage rates are still at an all-time low.
(Stats courtesy of CMHC’s Housing Market Outlook – Fall 2013)