For individuals who closely watch the real estate market in London, Ontario, it will come as no surprise to find out that housing prices continue to drop. After hitting an all-time high of $825,000 in February, the August resale value of a home dropped to $648,000.
According to RBC:
London homes, along with those in Kitchener-Waterloo, also have seen the second biggest decline in the MLS Home Price Index in Ontario at 16 per cent.
According to RBC, London homes, along with those in Kitchener-Waterloo, also have seen the second biggest decline in the MLS Home Price Index in Ontario at 16 per cent.
As a home seller, it is not the news you want to hear. However, before the market continues to decline, consider what you have to do to sell your home. The short-term news is far from optimistic but projections for next year are that prices will rebound. Randy Pawlowski, president of the London and St. Thomas Association of Realtors (LSTAR) believes:
So, it’s pretty messy out there. Many sellers are struggling to get in line with where today’s buyer thinking is.
He said he expects prices will eventually rebound once the market stabilizes and the Bank of Canada ends its aggressive run-up of interest rates.
According to Pawloski, focusing on the numbers masks the fact that there is still demand in the London area:
There’s still strong demand here,” he said. “There’s even some pent-up demand from those folks who are trying to wait out some of these extreme fluctuations.
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