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.

Our Family has moved into Grand Bend

After 29 years in the same home we have moved into the Harbourcourt community here in Grand Bend. That was a lot of work moving for all of us, especially Jeannette and she never stops working. We have most of the boxes unpacked and it almost looks like home, just have to get a few pictures on the wall to make it complete. I can now walk to the office, grocery store and the beach just have to find time to do that too!

Townsend Meadows Block 5 has started

The foundations are in for the four units in Block 5. They are now waiting for the infloor heating and we are hoping to have the units ready for Christmas.

April sales are Brisk!

Sales last month outstripped those of the previous April by 17.3%, with 716 detached homes exchanging hands and 164 condos. “Although we’re obviously delighted by these figures, we need to put them in perspective,” advises Barb Whitney, President of London and St. Thomas Association of REALTORS® (LSTAR). “In April 2011 sales were down 26.3% from those of April 2010 -- the same month that set an all-time LSTAR record for the month of April, 2010 of 1017 sales. What we’re seeing now is more on a par with previous Aprils going back to the turn of the millennium.”
“Active listings at month’s end were down 4.9%, which is a bit of a departure from what we’ve seen over the past several years and points to a ramping up in activity,” says Whitney. “We continue to see our market as balanced, however – now and for the near future.”

Soup'n Bread Day in London

President Barb Whitney, Melissa from London St. Thomas Association of Realtors (LSTAR) and myself helped feed the homeless in London yesterday. LSTAR sponsored the annual event that was held at the Covent Market in downtown London on York Street. We served goodies, bottled water and Melissa's birthday cake.

National home sales rise in March

OTTAWA – April 16, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity edged higher in March 2012.
Highlights:
• Home sales rose 2.5% from February to March.
• Actual (not seasonally adjusted) activity stood 1.6% above levels in March 2011, the smallest year-over-year increase since last April.
• The number of newly listed homes eased 0.3% from February to March.
• While still well balanced, the national housing market tightened due to the rise in activity.
• The national average home price edged down 0.5% on a year-over-year basis in March.
Sales activity over MLS® Systems of Canadian real estate Boards and Associations rose 2.5 per cent from February to March 2012. The increase lifted national activity to its highest monthly level since April 2010.

March sales down slightly

In March, local real estate sales decreased 4.8% over those of previous year, with 623 detached homes and 147 condos exchanging hands over the course of the month. Detached were slightly down by 3.7% and condo’s by 13.3%. “So, while this month’s figures are nothing to get excited about, they are also nothing to be concerned about. Slow and steady wins the race” says Barb Whitney, President, London and St. Thomas Association of REALTORS®.
“The number of active listings at month’s end was up by 2.5% – our inventory or supply of available homes. This is the kind of market REALTORS® like to see – lots of activity. Sellers see that properties are moving at a good pace and buyers have a wide array of choices. In other words, our local market continues balanced.” says President Barb Whitney.