SALES COOL IN SEPTEMBER

The real estate market cooled in September 2012, with only 596 homes exchanging hands over the course of the month. Altogether 493 detached homes sold, down 16.3% from September 2011, along with 103 condos, down 8.8%. Altogether sales were down 15.1%

"There was a slump in resale housing activity nationwide between July 2012 and August 2012, with declines reported in about two-thirds of all local markets, including our own," says Barb Whitney, President of the London and St. Thomas Association of REALTORS®. "The data isn't in from around the country yet, but we're likely going to see a similar pattern play out this month as last." She adds,"According to the Canadian Real Estate Association, recent changes to mortgage regulations are just now starting to have a dampening effect upon the market. Now that amortization periods for high ratio mortgages have been shortened, fewer first time buyers can qualitfy for a mortgage than previously. Lower first-time buying activity is a lynchpin of the housing market and its curtailment was bound to have downstream effects over the rest of the market. Year-to-Date home sales are even with last year's.