London New Home Starts Higher

LONDON, January 10, 2012 New home starts were up in the London Census Metropolitan Area  in December according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). However, in the year ending December 2011, single-detached home starts were down nearly twenty per cent compared to 2010.
“Single-detached housing starts have been gradually increasing over the last few months on a seasonally adjusted basis,” said Margot Stevenson, CMHC’s Senior Market Analyst. “The strength in both the single-detached and townhouse segments indicates new residential construction ended the year on a positive note,” added Stevenson.

2011 was another great year selling real estate

Just completing my records for 2011 and found that sales ended up very similar to last years! The number of sales were identical to 2010 but the number of listings taken, was up 40%, from 48 to 68 this year. We had more upper end sales this year and with the increase in listings there is more inventory available. Most of 2010 was a balanced market and prices should level off this coming year with the extra listings now on the market. Our average price for this year with the residential market in our office, was $234,200, which is in line with the London area as well. Wishing you and your families all the best for 2012.

Market Stable in 2011

The London St. Thomas Association of realtors reported that 2011 proved a solid year for real estate sales, with 8,048 homes exchanging hands over its twelve-month course -- just 1% down from the previous year. “It was a little slow coming out of the gate, but in the end we finished strong, despite concern over the extent to which global economic worries would impact us locally,” says Jack Lane, LSTAR President for 2011. “December delivered a strong performance as well, with 384 sales, just 0.8% down from the previous December. “We are especially pleased by how well St. Thomas did in 2011,” observes Lane. “Its sales were up 3% over last year’s and its average price rose to $189,413, up 3.7%.”


The average price for a detached home in LSTAR’s jurisdiction at Year End stands at $244,430, up 5.3% from January 2011. The average price for a condo stands at $179,560 year end, down 3.4% from January 2011. Homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centres.

Home sales, prices climb in November says CREA.

The Canadian Real Estate Association says November sales of resale homes rose 6 per cent, while prices added 4.6 per cent year over year. The national body says seasonally adjusted sales were also up 0.5 per cent from October. It was the third straight month that national activity was up from the month before.
The national average price increased 4.6 per cent year over year to $360,396, the smallest jump since January. The number of newly listed homes was down 3.4 per cent from October to November.

REALTORS® and OPP launch Realty Watch

The London and St. Thomas Association of REALTORS® (LSTAR) and the Ontario Provincial Police have launched a new community policing program– Realty Watch.
“The program has two components,” says Sgt. Steve Montpetit, O.P.P. Provincial AMBER Alert Coordinator. “The first has to do with reporting suspicious activity. REALTORS® can report either directly to the police or through Crime Stoppers any suspicious activity they observe in the course of their day-to-day business . . . and that’s potentially very useful when you consider how much crime takes place during the day when people are away at work.”
“The second component of the Realty Watch Program has to do with responding to alerts,” Montpetit continues . “Both AMBER alerts, which go out in the case of child abduction cases , but other alerts as well, such as those that go out when people with a medical condition go missing. LSTAR has over 1,500 Members spread out over three counties linked together through an association-wide, internet-based communications system that allows them to receive alerts immediately. From a police perspective, that’s a lot of eyes on the ground.”
“Realty Watch is a concrete way REALTORS® can help improve the Quality of Life in our community,” says Jack Lane, LSTAR President. “In the course of doing our business, we’re out and about in neighbourhoods at all times of the day and night; provided we know what to look for, we might be able to provide useful information to the police, and that’s what Realty Watch is all about. As for the alerts, the broader the net the police can cast, the more likely we are to find people in trouble before it’s too late. “
Realty Watch was kicked off with an intensive training session, taught by Sgt. Montpetit and Sgt. Monica Harris, O.P.P. Provincial Crime Stoppers Coordinator and attended by over 134 REALTORS. Both Mark and myself attended this training session at the Real Estate Board.

RE/MAX Market Outlook report says the Market will be balanced in 2012

Mississauga, ON (December 6, 2011) - Canadian residential real estate defied conventional logic and outperformed expectations in 2011, posting another solid year of housing activity virtually across the board. The trend is expected to carry forward into 2012 as Canadians continue to demonstrate their faith in home ownership, despite concerns over the European debt crisis and its impact on the global economy, according to a report released by RE/MAX.
The RE/MAX Housing Market Outlook 2012 examined trends and developments in 26 major markets across the country. Eighty-eight per cent (23/26) anticipated average price increases by year-end 2011 - with percentage hikes ranging from one to 16 per cent. The forecast for 2012 shows the upward trend moderating, but still ahead of 2011 figures. Overall home sales are expected to remain on par or ahead of last year's levels in 85 per cent (22/26) of markets in 2011 - including Saskatoon with a year-over-year percentage increase of 13 per cent and an eight per cent uptick in Calgary, Winnipeg, Hamilton-Burlington and Sudbury. Almost half of Canadian markets will match the 2011 performance, while the remainder should post increases ranging from one to five per cent next year.

London Condo Starts up this month!

LONDON, December 8, 2011 - New home starts were up in the London Census Metropolitan Area
(CMA) in November according to preliminary figures released today by Canada Mortgage and
Housing Corporation (CMHC). Builders laid foundations for 130 homes compared to 105 in November
2010.“Increased demand for townhomes homes raised new construction levels last month. Townhomes
offer a convenient lifestyle and are a more affordable option for buyers who want a new rather than an
existing home,” said Margot Stevenson, CMHC’s Senior Market Analyst.
Year-to-date, builders have started 1,082 single-detached homes compared to 1,388 in the first 11
months of 2010. Total starts are 19 per cent below last year for the same period.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help
Canadians access a variety of high quality, environmentally sustainable and affordable housing
solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and
knowledge to support and assist consumers and the housing industry in making informed decisions.