Real estate in London and the economy

I am constantly asked how the real estate market is doing in London and Southwestern Ontario and what about the economy?

I cannot predict the future but I sure can pass along some helpful facts and ideas. London has for years been the test ground for consumer market surveys such as toiletries, fads, clothing and retail concepts. The thought being that if it is successful in London, it will also be in the rest of the country.

We do not see the highs and lows that other cities have experienced in house prices; the London market remains stable with modest increases yearly. Our sales volume remains steady along with days on the market and the selling price is close to the asking price!

The London area has a decent supply of properties in all price ranges so that we are not seeing a buyer’s or a seller’s market. As well, our house prices in London are 20-30% less than other major cities.

I do not want to bore you with the last 5 year or 10 year stats but for those who would like that information, feel free to contact me and I will supply you with any stat you like.

With mortgage rates being quite low, lenders willing to lend and the amenities that the London area has to offer, it is a great time to think real estate. When is the best time to plant a tree? Today!