#1 - 15 Ontario Street S, Grand Bend ~ Commercial Space For Lease

New Listings Stay at Record Levels in October

 

 

488 homes exchanged hands in October 2023 via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), 2.45% more than during the previous month, but 0.5% less than a year ago. The number of new listings climbed to 1,232, which marks a record high for the month of October.   Housing supply stayed virtually unchanged from last month, decreasing only very slightly from 4.4 months in September to 4.3 months in October.   "Amid healthier inventory levels, modest sales, and a surge in new listings, it appears the local housing market is leaning in favour of homebuyers. The scales are tilting, offering buyers greater opportunities,” said Adam Miller, 2023 Chair of the London and St. Thomas Association of REALTORS® (LSTAR). "This was also reflected by October’s overall sales-to-new listings ratio," he added.   The overall sales-to-new listings ratio for LSTAR was 39.6% in October, up from 36.1% in September, but down from 46.9% in August. According to the Canadian Real Estate Association (CREA), a ratio between 40% and 60% is generally consistent with a balanced market.   "In this setting, local homebuyers find themselves with a wealth of choices and a little extra breathing room in their property search. However, some of them are opting to play the waiting game, keeping a close eye on interest rates and wondering if they've truly reached their peak or if they still have room to grow,” Miller explained.   The October average home price in LSTAR’s jurisdiction was $629,605, down from $633,848 in September. The composite MLS® Home Price Index (HPI) Benchmark Price sat at $592,100, slightly down from $595,300 in September. The HPI benchmark price reflects the value of a "typical home" as assigned by buyers in a certain area based on various housing attributes, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold. The HPI benchmark price is helpful to gauge trends over time since averages may fluctuate by changes in the mix of sales activity from one month to the next.

November Newsletter ~ The PEDLAR Team Update

 

We Remember November 11 is upon us this month and there are a few options for ceremonies around the area. Local ceremonies are held at the Grand Bend Legion, Forest Cenotaph, Exeter Cenotaph, Parkhill Legion, Thedford Cenotaph, St.Joseph Cenotaph, Kettle & Stony Point Cenotaph and more. Lots of options for ceremonies depending where you are locally to attend and pay your respect's. We haven't noticed it in past years but we are seeing many communities including Parkhill, Grand Bend, Thedford, Forest are erecting signs on light posts of local heroes from the war that fought for our freedom in the various wars. A very special program to bring more attention to this very special day in our Canadian lives! In other local news there are lots of holiday markets going on around town and various communities to get ready for the upcoming holidays. These are mostly local vendors attending these markets to show off their talents and make for a great gift that you won't find anywhere else, definitely not on amazon! Check out our socials to find out where these are happening in the area and we will be share to share the details. We are never to busy to talk real estate so give us a call today at 519-238-5700! The PEDLAR Team Food Drive 2023   It is our second year running this program with Green Bucks Country Christmas Store and it was a great success the first year! So let's make this years contributions to our local food bank even better! Bring in a bog of non-perishable food to our office at 46 Ontario Street S, Grand Bend during business hours (Monday to Friday 9:30-5) and be entered into a draw. With each bag receive one ballot to enter into our draw for a $200 gift card to the Green Bucks Country Christmas Store to one lucky donor! Drop offs are accepted anytime from Nov 1 - Nov 30, 2023. The local food bank is in high demand for donated non-perishable items so their shelves can be stocked for the holidays. THANK YOU to those that donate or share our post on instagram and facebook to spread the word! The Role Of Population Growth In Canada's Housing Shortage   Is Canada experiencing the Baby Boom all over again? Yes and no. According to new data from Statistics Canada, the Canadian population increased by more than one million people, growing at a 2.9 percent clip, the highest since the 1950s. This eclipsed every other G7 nation by wide margins. Canada’s population stands at a little more than 40 million, and experts predict it will double in the next 25 years. However, the exponential population growth does not result from more people having families. Instead, 98 percent of the increase was driven by immigration (permanent and temporary) and non-permanent residents, including refugees and international students, arriving in Canada. In 2022 and 2023, Ottawa accepted approximately 1.13 million immigrants, the highest on record. Andrew Griffith, a former director general at the federal Immigration Department, recently told The Toronto Star that while Ottawa maintains a well-managed immigration system, this is unsustainable and weighing on the nation’s infrastructure. “We have to have an integrated immigration plan that actually looks at both the permanent residents and the temporary residents, given that the temporary residence is largely uncontrolled and has been increasing at a very high rate,” Griffith said. “If you look at its explosive growth over the past few years, the past 20 years, that obviously contributes to all the pressures on housing, health care, infrastructure and the like.” Indeed, the Canadian real estate market, which had already faced tremendous affordability challenges before the immigration boom, is one of these areas that could become even more vulnerable to bolstered demand. Read the full article: https://blog.remax.ca/the-role-of-population-growth-in-canadas-housing-shortage/ Bank Of Canada Will Cut Rates Over Mortgage Renewals: Desjardins Strategist    An interesting conversation to be had by the government in the coming interest rate decisions is the looming portion of low interest rate holders that will be up for refinance in the next 12-36 months. Those that got in at the 2020/2021 low mortgage rates will be up for renewals in the masses as most mortgage terms are 5 years. This expert from Desjardins predicts you could see interest rate decreases as early as Spring of 2024! The BOC will not lower by 100 basis points so it does make sense that they could start this early to gradually decrease the rate. This experts opinion was that you could see 3%-3.5% BOC rate by end of 2024. Is close to Benjamin Tau's estimation which was 3.5%-4% by end of 2024. We have been screaming from the mountains that buyers need to 'marry the house and date the rate!' It is only human nature that when rates start to come down you will see more buyers in the market which will only bring prices to increase as buyer demand increases. Get in early and buy during the fall/winter which is a historically great time to be a buyer when inventory is high and buyer pool is smaller! Refinance in a year when the rates are coming down and save yourself the increase in housing prices due to the newly created demand. To read the full article and watch the video click the link: https://www.bnnbloomberg.ca/bank-of-canada-will-cut-rates-over-mortgage-renewals-desjardins-strategist-1.1993222 Bluewater Recycling Association   BRA has updated their guidelines for recycling so click the link below and make sure you stay up to date with what can and can't be recycled! Click the link: https://www.bra.org/recycling/plastics/ NEW BUILD HOME FOR SALE 10108 Port Franks Estates Drive, Port Franks Listed at $899,000   VALUE ALERT! Price reduced to a price where this home can't be built for what it is listed at!! 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. Click the link to watch the virtual tour: https://www.youtube.com/watch?v=t2NYZcKbTFM LAKEFRONT FOR SALE 72269 Cliffside Drive, Bluewater Listed at $749,900   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!Click the link to watch the virtual tour: https://www.youtube.com/watch?v=imk3jzl3buo SOUTHCOTT PINES FOR SALE 10320 Sherwood Crescent, Grand Bend Listed at $1,075,000   Welcome to 10320 Sherwood Crescent in sought-after Southcott Pines in Grand Bend! This home is your ticket to a laid-back yet luxurious lifestyle, where nature meets comfort in the most charming way. Surrounded by mature trees and meticulous landscaping, the property exudes a sense of tranquility that feels like your very own private oasis. The brick and stucco exterior give it great curb appeal! Allowing for an expansive 4,000+ sq ft, this home offers an abundance of living space. The main level effortlessly connects a welcoming entrance foyer, a cozy living room with gas fireplace, a spacious dining room, and a thoughtfully designed kitchen. Natural light floods in through ample windows highlighting the pride of ownership that resonates throughout the home. Main level also offers a large office with glass pocket doors, two-piece bathroom and main floor laundry. The option of primary bedrooms with full five piece ensuites on both the main and second levels offers flexibility that suits your preferences and lifestyle. Featuring 5 spacious bedrooms and 3.5 bathrooms, this home ensures space and comfort for everyone. With a full finished basement, there's even more room to create memorable moments, whether it's for entertainment or relaxation. Step outside onto the expansive porch, where a gas line for a BBQ awaits your outdoor culinary endeavors. The porch not only provides a picturesque setting but also ensures a level of privacy that's simply priceless. Home features a large attached garage that is separated into two zones allowing to easily park three vehicles. Driveway is heated making life just that much easier in the colder months! For those seeking the allure of Lake Huron's sandy shores, a beach access trail conveniently begins just across the corner from the property, promising an easy escape to the deeded beach access to Lake Huron. All this and more on a quiet street in Southcott Pines and only a short walk to all of Grand Bend amenities! Click the link to watch the virtual tour: https://www.youtube.com/watch?v=cU-hnnSUkg8   Ontario Regional Referral Team 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! Check out the website for ORRT and learn more about the group: https://www.orrt.ca/ Get Your 2023 Grand Bend Locals Card!   Support Local With Your GRAND BEND Locals Card 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.   Click the link to see more information: https://grandbendlocals.com/ New To Lambton Shores? 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.  Click the link: https://www.lambtonshores.ca/en/living-here/new-to-lambton-shores.aspx?platform=hootsuite   Lambton County & Huron County Business Map   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.  Lambton County: http://www.shoplambton.ca Huron County: https://huron.maps.arcgis.com/apps/webappviewer/index.html?id=dc52efb9fee04e748431bb74c8335c9f Social Media   Have a great day everyone and don't forget to check out our social media sites like youtube, facebook, twitter and our website to stay up to date on all the latest listings. You can find the links to these various social media outlets above our information below. See the benefits of using a high quality drone and camera for videos and pictures to add content to each listing. GIVE US A LIKE ON OUR FACEBOOK PAGE BY CLICKING THE ICON BELOW! We love to hear about your experience with The PEDLAR Team so please feel free to head to our facebook page and leave a review. Click the link to leave a review: https://www.facebook.com/thepedlarteam/reviews/

If you or any of your friends and family are looking to buy or sell make sure to call us first! Referrals are the greatest compliment Check our website out by clicking the link below http://www.grandbendrealestate.com  Doug Pedlar      Mark Pedlar     Garrett Pedlar      Broker of Record                         Broker                        Sales Representative   519-902-4099    519-670-0746     519-872-0910  remaxdoug@hay.net           remaxmark@hay.net          remaxgarrett@hay.net