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2017 Opens with Blockbuster Numbers in London

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2017 Opens with Blockbuster Numbers in London
3 min. read

The real estate market of London in Ontario opened 2017 with a bang. Although much of Canada is dealing with a certain amount of economic trepidation, London’s real estate market shows no sign of the hesitation that may be appearing in other parts of the country. On the contrary, records are being broken and the market appears to be getting more competitive every day.

This January, there were 574 homes sold in London. This smashed the previous January record by 26.2%, a sure indication of a market that is surging to new highs. Coupled with several other factors in London at the moment, the incredibly strong demand for homes has created a nearly ideal market for those looking to sell their homes. Opportunities to maximize profits are widely available, while buyers may be facing a very competitive market that will require a combination of patience and aggressiveness in order to find the ideal home.

Condo Market Surging

Although the entire market is certainly strong in London as 2017 gets rolling, the condo market has been especially active. Compared to the activity in the previous year, condo sales expanded by a truly staggering amount in January. 140 condos were sold in January alone, which was 79.5% more than moved at the same time last year.

Despite the demand for condo properties and the overall decline in supply seen across the board in London, condo prices remained relatively stable. The average condo was .5% more expensive in January than it was in December, with the average sale price landing at $285,418.

Supply: The Other Half of the London Story

The other half of the story in the London market at present is the ever-dwindling supply of available homes. Supply has been dropping steadily since 2014 but is now reaching levels low enough to drive a strong seller’s market. January of 2016 already had both total available listings and new listings figures that were considerably lower than the ten year averages. In 2017, both the number of total listings and new properties put up for sale were lower again than the previous year. Overall, there were 12.2% fewer homes for buyers to choose from this January.

Ultimately, London is an ideal market to be in right now if you are someone looking to maximize the value of their property investment. For buyers, the name of the game is being prepared to spend a little more time looking for the right property, and then being ready to act decisively when you find your family’s next home.

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