Weather Dampens Real Estates Sales for April

The London Free Press reported that the cool, gloomy spring weather helped dampen the real estate market in the London area last month. The London and St. Thomas Association of Realtors (LSTAR) said 750 homes sold in April including 619 detached homes and 131 condos, 23.6% below the sales in the same month last year. LSTAR president Jack Lane noted that April 2010 set a sales record for the month and this years April sales were close to the long-term average. 'When you factor in the persistently poor weather that has plagued our region over the last few months, I think 2011 sales point to a healthy, vibrant market. I predict by year's end, our numbers will be down only marginally from those of 2010,' said Lane. The average price for all homes sold in the area jumped 5.5% last month to $242,111.

Detached-Home Starts leveling off in London

LONDON, May 9, 2011 New home starts were lower in the London Census Metropolitan Area1 (CMA) in April according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). Builders laid foundations for 133 homes compared to 224 in April 2010.  “While total new home construction in the London CMA moved lower, detached home starts leveled off,” said David Lan CMHC’s Senior Market Analyst for the London CMA. “On a year-over year basis, detached home starts were down by nine per cent in April compared to the 46 per cent in March 2011. Contrary to the trend elsewhere, starts were up in St.Thomas” added Lan.

First Time Buyers getting ahead of the Higher Interest Rates

Driven by the threat of higher interest rates down the road, first-time buyers are contributing to strong upward momentum in residential housing markets across the country, according to a report released by RE/MAX. The RE/MAX First-Time Buyers Report , highlighting trends and developments in nineteen major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points. Just over 30 per cent of markets are reporting sales in excess of 2010 levels as a result, while almost 70 per cent have experienced an upswing in average price. Leading the country in terms of percentage increases in the number of homes sold are Western Canadian markets, including Saskatoon (up close to 15 per cent), Greater Vancouver (up close to 12 per cent), and Winnipeg (up just over 11 per cent). With an average price hike of close to 20 per cent year-to-date (February), Greater Vancouver continues to show unprecedented strength, followed by Hamilton-Burlington (eight per cent), Quebec City (seven per cent), Winnipeg (close to seven per cent), Greater Toronto (five per cent), and Greater Montreal (five per cent).

March Sales are Warming up!

The London Free Press just released this article about the London Market, saying the area real estate market showed some signs of improvement last month after a chilly winter. The London and St. Thomas Association of Realtors (LSTAR) said 647 detached homes and 162 condos sold last month for a total of 809. That's still down 5.8% from the same month last year but is an improvement over the last three months when sales were down 9-13% LSTAR president Jack Lane called the March numbers "solid." "Considering how much miserable weather we had in March, I think these numbers speak to the strength of our market and I expect this positive trend to continue throughout the year," he said. Lane noted the number of sales was just below the ten-year average sales for March of 813 homes.

Down in the Big Smoke of Hogtown for OREA

The OREA Assembly was at the Harborcastle Hotel in Toronto and it was very exciting with the election of the new board of Directors for Ontario. All the Real Estate Boards in Ontario were represented with their voting delegates, plus other real estate agents that came to observe the proceedings, hear the delegates and be educated as well. This was a great opportunity to see how our provincial association was run and to meet the agents that volunteer their time to do this. This was the view out the window of my room, but you can't tell how cold it was.

Busy Month of March for me!

With spring just around the corner, it is getting busier and the Real Estate Board is keeping me busy as well. OREA meetings are in Toronto this week, where we get to vote for our southwestern Ontario Representative, on the Ontario Real Estate Association (OREA) Board of Directors. Joe Hough, from my real estate board, the London and St.Thomas Association of Realtors (LSTAR), is running so I wish him luck with the election. I get to vote at this meeting as I am the Vice President of LSTAR, so that should be interesting meeting all the candidates from across Ontario that will be at the meeting.

London St. Thomas Board of Directors for 2010

This is a photo of the 2010 Board of Directors for LSTAR. Great group of professionals that I got to work with this past year at the real estate board in London. I will miss some of them, but then again there is a new Board of Directors for 2011 and I get to meet more wonderful real estate agents that care about real estate and their profession