London, ON Real Estate News

By Ryan Hodgson
(Coldwell Banker 1st London)
The Canadian Mortgage and Housing Corporation has enhanced its mortgage policy. (CMHC insures mortgage with a loan to value ratio of less then 20% of the purchase value.)The following was released from CMHC:April 17, 2008 CMHC has successfully provided a homeowner mortgage loan insurance product up to 100% loan to value since November 2006. I am pleased to inform you that based on this experience, CMHC is now able to introduce enhancements at the 95.01% to 97% range. These enhancements are effective April 18, 2008. Premium Reduction and Borrower Eligibility Criteria Where the borrower is contributing a traditional source of down payment of at least 3%, the premium has been reduced from 3.10% to 2.90%. CMHCâ€TMs Beacon score guideline or equivalent for these applications is 650. Where th...
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By Ryan Hodgson
(Coldwell Banker 1st London)
Please click on the link below to see comprehensive report on the London Ontario real estate market. Updated reports, graphs and statistics detailing home sales and listing information from the past decade. Market Report  
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By Ryan Hodgson
(Coldwell Banker 1st London)
Sales figures are out for the first quarter of 2008. Number of sales are down 9.1% from same period in 2007 and average sale price has increased 7.1%.Of course the Free Press jumps all over the decrease in sales with words like plunged and dive. To put things in perspective, if the entire year of 2008 saw a decrease of 9.1% from 2007 sales numbers, the board would still have over 8,000 sales and historically would be a great year for sales. In case anyone has forgot, 2007 was the best selling year ever for the London/St. Thomas Real Estate Board - I expect sales to be lower this year.Market conditions are still very favourable for a strong year. One of the reasons which would account for a slight decrease in sales would be the weather. February and March say more snow then usual. As the...
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By Ryan Hodgson
(Coldwell Banker 1st London)
I've been saying for the last year that London, Ontario's economy is diverse enough to weather any significant manufacturing slump caused by the poor dollar or other economic factors. It seems the Bank of Canada agrees with me. Read HERE.As per Article:Manufacturing now accounts for only 14 per cent of jobs in the London are compared to 20 per cent 20 years ago. But he said the decline has been offset by gains in sectors such finance, transportation and professional services. "Adjustment is not easy. But London does seem to me to stand out as an example of the importance of having the flexibility to respond and adjust to changing circumstances," said Jenkins.A strong economy is very important to any community. London's Real Estate market will continue to benefit and real estate sales sh...
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By Ryan Hodgson
(Coldwell Banker 1st London)
Typically when you purchase a home and you have a mortgage placed on the property, the bank offers you mortgage insurance. For $15 -$25 per month, this is supposed to give the consumer peace of mind in case of death, serious injury or illness.However, this is not always the case. This insurance is not guaranteed and the insurance company has the right to underwrite the policy and void it after the fact - even if you believe you filled out the original questionaire correctly.Please click on the following link and learn about the differences in getting insurance through the bank or with an actual insurance company. It may change your family's life.Watch CBC special video HERE
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By Isabel Gomes, Interior Decorator, Stager - London, Ont
(Gomes Design)
Home Staging.  If you are thinking of selling your home in the Spring, now is the time to be preparing your home for sale. Even if you are planning or thinking about it in the future it is never to early. A Home Stager can help plan and prepare the packaging and marketing of your house to show it as well maintained and ready to move into..  To bring in trades that may be needed to paint and repair can be difficult. There is a shortage of trades like painters, plumbers, and electricians. They are scheduled way ahead of time for their projects.  Many do not do small jobs because of the demand on their time.Decluttering, cleaning, packing and re-arranging furniture also takes time.  In todays demanding schedules, finding the time at last moment to do all this work can be overwhelming.  Wit...
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By Adam Mihm, London Ontario REALTOR
(Coldwell Banker 1st London R.E.S.)
London Housing Market Affordability Housing in London continues to climb in value but compared to the national average it is a bargain.  London is 33% lower priced then the national average. Major Market Comparison: London and St. Thomas             $202,613Calgary                                    $415,391Durham Region                         $263,851Edmonton                                 $339,382Hamilton-Burlington                   $268,340Kitchener-Waterloo                    $251,157Ottawa                                     $272,773St. Catherine's & District             $217,349Toronto                                    $372,480Greater Vancouver                     $568,498 London will see steady growth, no dramatic spikes in the short term, which makes it a great place to inve...
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By Adam Mihm, London Ontario REALTOR
(Coldwell Banker 1st London R.E.S.)
 The new smart buses are scheduled to hit London's roads this coming spring (2008) and I have to say some of the features are really cool. The upcoming changes are part of a plan to improve local transportations systems by providing better customer service and make buses more accessible to all Londoners.  The Siemens VDO program has two key elements it allows real time communication to riders and potential riders of its position and time of arrival, as well it allows the bus to have priority service at traffic signals-so the bus can reduce the time it sits at a red light.  This will also help with environmental impact from the bus with idle times from sitting. Now if you are like me you were thinking how great that is and how do you get it-well it is $30, 000 per bus so unless you have ...
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By Adam Mihm, London Ontario REALTOR
(Coldwell Banker 1st London R.E.S.)
Ambassador London Event This week is the Ambassador London kick off.  This is a grassroots campaign to promote London as a great place to work, live and do business.  The purpose is to get local people from all walks of life together to promote our great city. Ambassador London is meeting Tuesday, November 5, 2007 at 4:30 p.m. at the London Convention Centre.  For more information on this campaign you can visit http://www.ambassadorlondon.ca/. Ambassador London will help provide tools like videos, photos, fact sheets, and online resources. London has so many wonderful things going for it and with recent awards like: Top 5 for Best Economic in North America; Top 5 for Most Cost Effective in North America; and ranked 4th in the Top 10 Overall Ranking for North America you can see that the...
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By Adam Mihm, London Ontario REALTOR
(Coldwell Banker 1st London R.E.S.)
Recent Ontario housing forecasts say resale and new home starts will continue to be in record territory through 2008. CMHC predicts Ontario resale volumes will hit 214, 350 for 2007 and reach 206, 250 for 2008.  The hottest resale areas in Ontario, for 2008, will be London, Hamilton, Brantford, and Sudbury with price gains exceeding the average for Ontario.Ontario new home starts will improve from 67, 700 units in 2007 to a projected 68, 175 units in 2008.London statistics for 2007 show a very strong housing market and this trend will continue for 2008.  It is expected that the growth will be a little slower next year because of the increase in mortgage carrying costs but still exceeding the projected Ontario average of 3.3%.If you would like more specific area information for London, i...
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By john MOROZ
(SUTTON GROUP - Preferred Realty Inc.)
Over the next several weeks it is the intent of this BLOG to provide the reader with information regarding a Life Style change.  If you are considering a lifestyle change and may be considering entering the Small Hospitality industry, ie. a B & B, a small Inn or a Resort type property, SPA; ask bout our LANDMARK (C) services which will allow you to get in on the ground floor or this exciting industry.We provide, feasibility studies, needs assessments, market research, operational strategies, site selection, design consideration and managment functions.  If you are also considering an Historic property; there are additional considerations which will have to be explored.With this in mind this tends to be an excellent starting point in your search for that perfect "Place".Also if you are a...
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