London, ON Real Estate News

By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
City of London renews commitment to make homeownership easier The City of London has announced the renewal of a program offering affordable homeownership. This very successful program, previously known as the Affordable Homeownership Program has been renamed Investment in Affordable Housing Homeownership Program and has been improved to offer more Londoners the opportunity to own their own home. The program consists of an interest free loan for qualifying home buyers to assist with down payment and closing costs. To be eligible, households must have a gross household income of $55,000 or less, and must qualify for and be pre-approved for a mortgage at a recognized financial institution. The selling price of the home must be no higher than $145,000. In addition to receiving 5% down payme...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
143 homes sold in Lambeth and Westwinds neighbourhoods in South West London for 2011.   The average asking price was $372,629 and the homes that did sell, sold for 98% of asking and these were on the market an average 69 days.   Lambeth is rapidly growing along with homes being built along the corridor of Colonel Talbot Road and Southdale with more retail and new subdivisions being started. With easy access to highways 401 and 402, more families are finding out about all the other amenities that Lambeth has to offer.   There are some great values still available in Lambeth and for those who are moving up or downsizing, there are some great homes available and this may be a great  time for you to talk to a real estate professional
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
011 proved to be a very busy real estate market in Masonville and Stoneybrook neighbourhoods in North London. With close proximity to The University of Western Ontario (UWO), The Research Park, teaching hospitals and of course, Masonville Mall, this area is a sought after neighbourhood to live and play! 107 houses sold with an average sold price of $408,986 which was 97% of the asking price of $421,583. 98 condos in the Masonville, Stoneybrook area sold at an average of $215,706 which was 98% of the asking price of $219,887!  Condos were on the market for less than 39 days and houses 34 days which proves that this area remains hot and in demand. As a seller, a real estate brokerage that has ready buyers will ensure you a quick sale so that you may continue on with your life. For in dept...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
Pond Mills in South East London Ontario remains one of the best values in home prices with 61 houses selling in 2011 for an average price of $202,600 and it has taken about 36 days for a home to sell.    For condos in Pond Mills, $123,023 was the average asking price, 49  sold in 2011 and these were on the market an average 48 days!   Pond Mills has a lot going for it and not just lower house prices. Very easy access to the 401 highway, great schools, shopping and public transportation.   Real estate is affordable in London and with the correct approach, can be quite rewarding for both buyers and sellers! This great neighbourhood has some secret gems and pockets of living areas that is affordable,safe and beautiful.
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
47 homes changed hands in 2011 in  the Hazelden neighbourhood in West London with the average asking price of $425,201 and actually geting $403,940 which was 95% of the asking price and these sold homes were on the market an average 36 days!I In this same period, 12 condos sold with an average asking price of $293,578, these sold for 97% of asking and were on the market an average 42 days. As you can see by these numbers, Hazelden is a sought after neighbourhood in London Ontario, homes sell quickly and above the London and area average. For further information and insight about upcoming homes for sale in London and Hazelden reports, stay tuned!
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
211 houses exchanged hands in Old South London & Wortley Village in 2011 with an average selling price    of $266,222 and on average it took 38 days for a home to sell and these homes sold for 98% of the asking price!  3 condos sold in this neighbourhood as well. Old South London remains a desirable neighbourhood with its own distinct mix of art, dining, culture and house styles. A lot of home owners have done some great renos and with deep lots, offer privacy that new neighbourhoods do not. More and more home buyers are shying away from cookie cutter homes, small lots and little privacy. To keep abreast of this fast market and more insight of this great London neighbourhood, let me know your thoughts, I know this area and the market.
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
  There were 90 homes that sold in the Summerside neigbourhood in South east London in 2011.     72 houses sold at an average price of $258,350 and 18 condos at an average $210,211. On average it took 63 days for a home to sell , 42 days for condos and homes sold for 98% of asking price which shows the London Real Estate market is stable, especially this newer community . This neighbourhood in south London is growing with  new retail planned, new parks and access roads. Summerside is proving to be a well priced neighbourhood in London Ontario and the growth is well planned and steady. Summerside is access to the 401 highway, Airport Road, St. Thomas, Ingersoll and Woodstock. For more detailed real estate trends that will enable you to make the right decision, just give me a call.
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
In 2011, 50 houses changed hands in the Riverbend area south of London with an average selling price of $458,654 and 10 condos sold, averaging $397,456.    The average days on market was 64 days for houses & 42 days for condos and these homes sold for 96% of asking price. Again, this neighbourhood is proving to be sought after in London because of all the nearby amenities such as golf, nature trails and convenient shopping.   If you are thinking of moving to this upscale neighbourhood, you have many options open to you, depending on your life style! I know this area extremely well and can perhaps add insight to this neighbourhood, plus, prove to you that 'Not All Realtors Are the Same'!
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
 263 houses sold in this great family Oakridge neighbourhood of London Ontario in 2011 with the average selling price being  $301,882 and on average these houses were on the market for 46 days & sold for 98% of the asking price!   88 condos had changed hands, taking 45 days to sell at an average price of $207,835.   With both houses and condos selling for 98-99% of asking price proves that the London Real Estate Market is stable and real estate prices remain one of the lowest in Ontario.   Oakridge is still sought after because of its location to some of the best schools in London, wide streets, mature trees and larger lots.   Whether buying or selling real estate in London, being prepared with facts, not opinions will ensure you can have the best of both worlds.  
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
    Again, in 2011 homes in the Hyde Park neighbourhood in North West London have been selling quite well.   In 2011,237 houses and 66 condos sold , houses for 98% of their asking price and condos 99%!  Houses in Whitehills took an average 42 days to sell followed by condos at 44 days.   Houses in this popular London neighbourhood sold at an average of $321,991and condos at $242,285 which shows that this neighbourhood remains very price competitive.   Homes in the newer section of Hyde Park are ranging from $285,000 to $375,000 so as you can see, with the great schools and new shopping Big Box Stores being opened, this area is sought after.  It is a great time to look for a home in Hyde Park because you have a great choice of listings to choose from and with the market a little slow, se...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
   Stoney Creek real estate activity was strong in 2011, with 110 houses being  sold at an average price of $271,910 which was 98% of the asking price of $277,620 and these houses took 43 days to sell!  47 condos sold, $175,340 was the average selling price and were on the market an average 47 days. One thing to keep in mind about Stoney Creek is that some of Stoney Creek homes have been around for 20+ years and these averages are not indicative of the newer neighbourhood such as Milestone Road etc.   Stoney Creek as with the rest of real estate in London Ontario, is stable, as we do not experience the peaks and valleys of other Canadian cities and we have most of the amenities to suit as well.   As a real estate professional, knowing London, the schools, churches, shopping and recreati...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
Uplands in North London is proving to be a desirable location in London Ontario because of easy access to the downtown, UWO and London Airport. As well, newer houses and condos are an attraction.    The average asking price of a house in Uplands in 2011 was $399,349 and 73 sold for an average of  98% of the asking price and these were on the market for only 34 days. 26 condos sold in this period for $307,744 which was 99% of the asking price  and these took 61 days to sell.    As you can see, the activity and prices in this neighbourhood are stable and as more and more people learn about this great neighbourhood, expect to see some growth in house prices.    With proper planning and knowledge, being prepared can ensure you the best value when buying or selling a home in Uplands.    I ha...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
Houses in Byron  sold quite well in 2011 with 208 houses & 63 condos being sold. On average these homes in this great sought after neighbourhood in west London were on the market for only 43 days!   As with most averages, some numbers can be deceiving , however, I am aware that some houses took less than a week to sell while others 2-3 months ! Homes that are priced well, in great shape are always sought after and I am a believer that facts leave clues.   The average asking price of a home in Byron was $335,689 and the average sold price was $328,785 which was 98% of the asking price. The condos in Byron sold so on average for  $230,203 which was 98% of the asking price of $235,305.  I should mention here that there are some condos for sale in Byron starting as low as $139,000.   As you...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
In a recent CMHC (Canadian Mortgage and Housing Corporation) news release, the vacancy rate in London is down to 3.8% for rental apartments! This is comforting news for those who are contemplating getting into the rental market for the first time or for those who wish to expand. This is an area of income properties that I have been directing my clients to as I see a great opportunity for passive long term investors. Here is the report.
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
 When buying or selling real estate here are 4 price strategies that are the most common that I have come across in my real estate career.   Clearly Overpriced: Every seller wants to maximize the amount they receive for their home. They may have an inflated value of what their home is worth because of: getting opinions from un-informed advisors and friends, having an over financed home, or they have renovated their home to a standard not consistent with their neighbours. My experience has been that unless this home has been on the market for three to four months, the seller will not drop his price. And if he does, and your offer is accepted, will the appraisal that your lender will order, what if the appraisal is below the offer price?     Somewhat Overpriced: About 75% of the homes on ...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
The other day on the news there was a report about real estate and the predictions for 2012 and the rising prices as well how in some cities in Canada the real estate market is booming while others remain  stable or are declining. For those of you who know me you know I like to make decisions based on facts and as history repeats itself, I hope the following graphs will help you understand and see that the real estate market for houses and condos in London Ontario is stable and there is no reason why 2012 will be any different.                                                                    Units Sold To Units Listed Last 12 Months                                                   Average Residential  Prices Last 3 Years in London Ontario                                              ...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
Things You Should Know Before You Hire Someone to Represent You to Help in Buying Real Estate. Not all real estate agents are the same. If you decide you want to purchase real estate, you need some good information before you make any moves. The most important consideration is: Are you comfortable and confident with the agent you selected? Are they listening to me? What does it cost as a buyer to use an agent? The compensation that an agent receives typically comes from the seller’s proceeds. In other words, there is no cost for a buyer to use an agent in the traditional agent/buyer relationship. Can my agent give me information regarding properties from other companies? Yes, if that other company is a member of Multiple Listing Service (MLS)- which most real estate companies are. For S...
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By Ty Lacroix
(Envelope Real Estate Brokerage Inc)
I am always asked when is the best time to list a home in London Ontario or how is real estate doing and what are the average prices. I also hear most excuses why homes do not sell or the rationalization of why some homes sell quicker than others and some, for more money. Understanding the local market and facing the reality of the local market can be a double edged sword for many London home owners. Selling your home is not a lottery, or a gosh by golly whim, or just putting up a sign on your lawn or pricing your home because one of your co-workers and one of your friends told you your home is worth ‘x’, because they sold their home last year and know of a friend of a second cousin who has a friend who used to sell real estate part time. (whew!) Below is a 3 year chart and graph of ACT...
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Condo Sales were soft in November Only 80 condos were sold in November, down 30% from last November. Sales of detached homes were down slightly by 1.8% Below is a snapshot of November sales throughout LSTAR’s jurisdiction  For a graphical market report of London home sales The London and St. Thomas Association of REALTORS® (LSTAR) is one of Canada’s fifteen largest real estate associations, representing 1,500 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods and is a proud participant in the REALTORS Care Foundation’s Every REALTOR™ Campaign. As m...
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Sales are slowing but prices are holding. For the second consecutive month, the number of homes sold is less than the previous month while year to date average prices are tracking slightly higher than 2010. This is another indication that the real estate market in White Oaks and the London area is “balanced.” Balanced Market: In a balanced market, the number of homes for sale satisfies the demand. Characteristics of this market include houses selling within a reasonable time period, sellers accepting reasonable offers and stabilized prices. The atmosphere is usually more relaxed.   For a more detailed report and monthly updates
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