Updated: Jun 16, 2022
For a third straight month, housing prices in London dipped. The average resale price of a city home last month was $762,000, according to figures released Thursday by the London and St. Thomas Association of Realtors (LSTAR).
As a homeowner it may be the right time to consider your options as it the forecast for the London area does not appear to be optimistic.
Forecasters and experts are divided but the one area they agree on is that the housing market will cool down and prices will follow.
Toronto Dominion Bank economist Rishi Sondhi predicts:
A double-digit percentage decline in the national average home price over the March to December period this year. Bank of Montreal senior economist Robert Kavcic predicts a 10-per-cent to 20-per-cent drop in the home price index in certain regions.
“When we speak of housing correction it’s not a question of if, but where, how much and for how long,” Mr. Kavcic said in a research note. “Suburban markets in Ontario look shakiest,” he said.
Consider in the next few months what your financial goals are and if you need to sell your house quickly contact us to get an immediate action plan and the best price for your home.