In July 2023, 640 homes were
sold via the MLS® System of the London and St. Thomas Association of
REALTORS® (LSTAR), 19.6% more than in the seventh month of last year. The
local housing supply increased from 2.2 months of inventory in June to
2.9 months in July. During the same period, 1,333 new listings came on
the market, up by 8.2% over 2022. "In July 2023, LSTAR's overall
sales-to-new-listings ratio sat at 48%, indicating a fairly balanced
market," said 2023 LSTAR President Adam Miller.
"The higher borrowing
costs triggered by Bank of Canada's latest hike in its benchmark interest
rate barely put a dent in July's home sales and prices," Miller
noted. "This speaks not only to the local market's appeal and
resilience, but also to the huge demand for housing sparked by the
increased immigration, which, according to a recent study, reached
unprecedented levels in the last twelve months," he added.
In July, the average price of a single-family home located in LSTAR's jurisdiction stood at $734,234, while that of a condo townhouse was $546,569. The average price of an apartment sat at $383,647.
It is hard to believe that it is already August 1! Time flies by when your having fun so that must be the reason, we are having to much fun helping buyers and sellers fulfill their dreams and trying to soak up the sun when we can!
Although it hasn't been the hottest summer weather on record so far it hasn't stopped the tourists coming to our area so we are thankful for that. Main street has been busy as ever on the weekends with hotels filling up, restaurants having wait lists, items being purchased at local businesses and the beaches getting packed!
There is still lots of sunshine ahead so make sure to take advantage of the summertime and enjoy yourself! We only get a few months of nice weather and only a couple months with the kids off of school so don't push off making the most of it! Come out to Grand Bend area today and find yourself a day of fun along the shores of Lake Huron.
We love to talk real estate so call us anytime at 519-238-5700!
It's A Great Time To Buy Recreational Property
Summer has finally arrived, and many Canadians consider this a great time to buy a recreational property. The Canadian real estate market had record-breaking activity during the coronavirus pandemic, but now market conditions have normalized, with many markets shifting into balanced territory. Consumer confidence is improving, and with “cottage season” in full swing, the recreational property market is hot.
Statistics show that nearly 11 per cent of Canadians own a cottage, and around the same number of people aim to purchase one in the coming years. The biggest motivator to purchase a recreational property? The quality of life many believe these properties offer. Another major motivator is the belief that homeowners can pass these recreational properties down to their families.
In addition, another notable reason for considering the purchase of recreational property is to earn rental income. However, at the same time, economic uncertainty, especially in today’s rising-rate environment, has resulted in nearly 69 per cent of Canadians being hesitant to invest in recreational property.
With that being said, the Canadian real estate market is showing signs of renewed life, with home sales increasing 5.1 per cent month-over-month in May, according to the Canadian Real Estate Association (CREA). Moreover, the number of newly listed properties increased by 6.8 per cent. While property prices have somewhat stabilized compared to the high prices during the pandemic, the market is fairly stable, with the MLS Home Price Index climbing by 2.1 per cent month-over-month.
However, supply for recreational properties can still be challenging as the number of buyers during peak season can make prices more competitive for buyers.
What the BOC's Interest Rate Hike Means For Homeowners
The Bank of Canada (BoC) has been raising interest rates at the fastest and most significant pace since 1998. Here’s what the Bank of Canada’s interest rate hikes mean for homeowners.
The central bank started an aggressive campaign of interest rate increases in 2022, with the objective of cooling the inflation rate. While inflation has eased from its peak last summer, still sits above the Bank’s two-per-cent target, driven by a wide range of factors, from expansionary pandemic-era fiscal policy to surging commodity prices. Costs remain elevated across the board, from food and household goods to services. Can the institution achieve its objective of busting inflation and navigating the economy to a soft landing? Time will tell.
What is becoming evident, however, is that higher interest rates are weighing on the Canadian real estate market, impacting demand volumes and moderating price growth.
What the Bank of Canada’s Interest Rate Hikes Mean for Homeowners
In a survey of Canadians about the 2023 housing market, 45% said they are concerned that interest rate increases will impact their ability to buy or sell a home this year. Suffice it to say, borrowers are being affected by higher interest rates.
Indeed, a rising-rate environment reduces the purchasing power of prospective homeowners and increases the financial burden of current homeowners who have a mortgage. Add to this more stringent mortgage stress tests, and the number of homebuyers in the marketplace drops.
At the same time, homeowners who may have bought a home might have entered into a fixed-rate mortgage, which means they may not need to worry until about rising rates until their mortgage comes up for renewal in a few years.
In this section of our newsletter we like to feature a local business but we thought we would change it up this month with everthing going on in the area by some incredible volunteer groups! We have three incredible volunteer groups with events below that you need to know about and support them so they can contribute back more to this amazing community!
Summer Sunset Sounds Concert Series
The concerts are always second to none at the Grand Bend Rotary Stage on the main Grand Bend beach! Concerts are FREE and always start at 7pm on Sunday evenings. Bring a lawn chair and enjoy the sounds of some very talented artists as the sun goes down! This series is put together by volunteers and the amazing contributions by local businesses so come on out for free and joy! Donations are accepted at the event. See you Sunday August 13th for the next concert on the beach!
Grand Bend & Area Chamber Of Commerce 8th Annual Fundraising Classic Golf Tournament
The Grand Bend Chamber and volunteers always put on a great golf tournament being hosted at White Squirrel Golf Course this year for a day of fun and networking! All proceeds of the tournament go to support the Welcome Centre's Tourism and Visitor Services. Tournament is on Wednesday September 11th with a 1pm shotgun start. This isn't a competitive tournament and is meant for a day of fun for all levels of golfers! There will be a Nazem Kadri signed Calgary Flames jersey being raffled off so you don't want to miss this event! Register today at http://www.grandbendchamber.ca/golf
Ausable-Port Franks Optimist Club 50/50
Support the local Optimist Club that is running another 50/50 fundraiser this summer to raise funds for many projects that the club puts on for the youth in our community! The Ausable-Port Franks Optimist Club is celebrating 40 years of giving back to this amazing community and without your support in raising funds this would never be possible. We greatly appreciate anybody who can find it in their heart to buy tickets! With two early bird prizes it pays to get your tickets now!
FOR SALE 8471 Defore Drive, Lambton Shores Listed at $839,900
Updated Riverfront bungalow just south of Grand Bend near the Pinery Provincial Park with private boat docking. Enjoy life along the Ausable River with boating access to Lake Huron at Port Franks. Nice private setting in a quiet area with a great community feel surrounded by mature trees and farmland. At first glance you see the landscaped gardens, well maintained exterior and asphalt drive but walk around to the back yard and your greeted with a 12’ x 20’ covered deck, fireplace patio, 8’ x 16’ shed and the best place of all the Riverview covered patio. Watch the boats go by all summer long from your oasis with friends and family. Inside, the home has been totally updated over the last few years with pride of ownership evident throughout the property. Heated tile foyer welcomes you into the great room that includes a gas fireplace, eating area and patio doors to the back deck. The kitchen has new cupboards, stainless steel counter tops, stainless steel appliances, tile backsplash and center island for entertaining. Open concept design with the living room off the kitchen. Primary bedroom features double closets and the primary bathroom has been updated with a tile shower, stainless steel countertops and lots of cupboard space. Guest bedroom has built in bunk beds with built in desk. Main floor laundry, storage and second full bathroom. Updated windows, vinyl plank flooring, LED lighting, upgraded insulation in the crawl space and attic. Nothing left to do but enjoy life along the River!
FOR SALE 72269 Cliffside Drive, Bluewater Listed at $799,900
Welcome to this nicely updated fully turn key lakefront cottage or home situated at 72269 Cliffside Drive in Bluewater! Offering 70 feet of Lake Huron frontage so you can enjoy every last sunset from the pleasure of your own piece of paradise. Property offers lots of privacy with row of cedars on either side of property. Steel retaining wall with added armour stone and rearranged stone in front and behind seawall for further protection just completed in 2022. Private wood staircase down to the shores of Lake Huron with platform half way down. This three bedroom one bathroom home or cottage has seen lots of recent updates including vinyl windows, updated kitchen, updated bathroom, hot water tank, bunkie and much more. Enter into the spacious three season sunroom with pine ceilings. Leading into the open concept floor plan with kitchen, dining area and living room with pine ceilings throughout. Kitchen offers lots of cabinetry with updated doors and hardware for a fresh new look. Dining area with brand new one piece large window overlooking Lake Huron allows for undisturbed views! Living room with shiplap accent wall and gas fireplace makes it a very comfortable space. Vinyl sliding door brings you to the large lakeside deck. Three bedrooms with primary bedroom overlooking Lake Huron. Overflow guests get to stay in the brand new bunkie with hydro, window and TV. Updated full four piece bathroom with brand new tub and tiled surround. Wrap around deck connecting the entrance deck to the expansive 30x36 lakeside deck with 10x14 gazebo. Lakeside yard offers space for yard games and fire pit while listening to the sounds of Lake Huron. Exterior is easily maintained with metal roof and vinyl siding. Offering year round use with fibre internet recently hooked up and crawl space all outfitted recently with heat trace lines. New AC wall unit installed for those warm summer days. Just bring your clothes and food to start enjoying this fully turn key lakefront paradise today!
FOR SALE 10108 Port Franks Estates Drive, Port Franks Listed at $1,049,000
Custom built new home by Nicholson Builders in Port Franks on a large lot surrounded by mature trees. Close to the sandy beaches of Lake Huron, marina’s, community center and all of the amenities that makes Port Franks and attractive place to call home. Nicely landscaped exterior with stone surrounds and retaining wall, stone steps with covered front porch, concrete pad for parking, large gravel drive and vertical siding with stone banding. Inside, you have a well-designed 1776 sqft open concept floor plan with the quality and finishes expected when buying a new home from a recognized builder. Bright entrance foyer welcomes you to the home and into the large living room complete with a gas fireplace finished off on a shiplap and stone feature wall. Spacious kitchen with granite countertops, subway tile backsplash, maple white shaker cabinets, accent lighting over the island and patio doors to the back deck from the eating area. Lots of cabinetry and storage making this a functional kitchen with room to entertain. Primary bedroom suite includes double walk-in closets as well as a ensuite with heated tile floors, glass tile shower, free standing tub and double vanity sink. Two additional bedrooms on the main floor for kids and guests as well as an additional full bathroom with shiplap feature wall. Mud room with built in cabinetry for laundry off the double car attached garage. Home features vinyl plank and tile flooring throughout with pot lighting in the primary living areas. Unfinished lower level with roughed in bathroom, 8' ceilings, painted concrete floors and 4 large windows. Price includes HST. Come call Port Franks home and this new build home yours.
Looking to move outside of the area and not sure who to call? As always call The PEDLAR Team with any of your real estate needs! We are closely connected with a group of realtors that cover Southwestern Ontario. Along with our involvement in the Re/MAX community we are sure to line you up with a trusted knowledgeable real estate agent to make your plans a reality anywhere in North America, or the world for that matter because Re/MAX is global!
It is the hope that this card will encourage you to choose local businesses, more often. They've been quietly adding new businesses, new offers and TWICE as many draws! As lovers of Grand Bend, we need to stick together and keep our businesses OPEN. These Local businesses who are unable to provide specific offers, have stepped up to help provide MORE CARDHOLDER Draws! More Draws = More Winning & More Local Spending. Let's support them, for all they do to support our community.
The municipality of Lambton Shores is starting a new initiative of making municipality information easier to find out. Check the link out and see what things you didn't know about this awesome municipality.
A new initiative started by the Lambton County & Huron County Economic Development groups was uploaded recently. They each created a virtual mapping website to show all the businesses and store fronts across the counties. These were created as an idea during COVID and will become a great tool for locals and tourists alike after COVID. Any business can be posted in the respective area if you go to the proper link below for each county.
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