News

Candidates registered for City Council and the position of Mayor were invited to answer two questions.

Steve Cordes, the Executive Director of Youth Opportunities Unlimited (YOU), was on hand Wednesday, September 3rd, to receive a cheque from London and St. Thomas Association of REALTORS® (LSTAR) President Jim Holody for $3,732.76. The funds were raised through the Association's Kool Wheels Charity Bike and Auto Show, which took place on June 14 and was sponsored by Dalmar Motors.

Area home sales began to trend upwards in the Spring of 2014 with sales that exceeded those of the previous year in May (by 5%), June (by 23.4%), July (by 24.4%) and, now, August (by 13.6%). 791 homes sold in August 2014, making last month the best August since 2007, when 871 homes sold. "Even better, we're starting to pull ahead of last year," says Jim Holody, President of the London and St. Thomas Association of REALTORS®. "As of August 31, a total of 6,102 homes have sold, 7.1% over 2013 at this same time. We're seeing a strong recovery on the part of our local market after a long, hard winter and an unusually cool spring. If this continues, 2014 may very well prove to be a better year than 2013."

980 homes sold in July 2014, making last month the second best July on record, surpassed only by July 2007, when 1,009 homes exchanged hands. "This month's sales, like those of May and June, point to a strong recovery on the part of our local market," says Jim Holody. "The market was in lockdown during an exceptionally long, drawn out winter and unusually cool Spring. Now it's in overdrive."

The London and St Thomas Association of REALTORS® is proud to announce that the recipients of this year's LSTAR Scholarship are Morgan Austin, the granddaughter of LSTAR Member Peter Christensen, Laura McFalls, the daughter of LSTAR Member Jeff McFalls, Benjamen Stafl, the grandson of LSTAR Member Yvonne Collyer, and Kale Waram, the grandson of LSTAR Members Mike and Lynn Brady.

981 homes exchanged hands last month, up 23.4% from June 2013. "Everything was up," says Jim Holody, President of the London and St. Thomas Association of REALTORS®. "Detached homes were up 22.3%, condos were up 28.4% and listings were up 18.6%. An increase in listings is good news because it means our market remains a balanced one. In addition, the Year-to-Date sales total 4,337, up 2.8%. There's no question but it's a happening market out there. Our Members have been telling us that the market has been playing catch-up to adjust for the unusually cold winter; the stats for the last two months certainly bears that out." He goes on to point out that, "Low interest rates, the conclusion of the provincial election and strong consumer confidence all contributed to making last month the best June since 2007 – itself a record year."

The Spring Market might have been slow out of the gate, but it more than made up for any lost time in May. A total of 988 homes exchanged hands last month, the highest record for a month in six years. "Condo sales took it over the top. 793 detached homes sold in May, up 0.5%, but it was the 195 condo sales - up 28.3% - that made the difference. "Condo sales have been lagging over the past several years," says Jim Holody, President of the London and St. Thomas Association of REALTORS®, "so we knew there was pent-up demand. What we're seeing here . . . and last month when they were up as well, is a market correction – a very positive one in light of the important role condos play in the housing mix."

Home ownership is part of the 'Canadian Dream' say 90% of Ontarians, but a Municipal Land Transfer Tax (MLTT), like the one imposed in Toronto, would stand in the way of this dream for seven in ten Ontarians, if it were imposed in their municipality, according to new research from the Ontario Real Estate Association (OREA). In light of the unfolding provincial election, Ontario REALTORS® are raising awareness around the MLTT's restrictions on home ownership and its negative economic impacts to ensure it does not spread to municipalities outside of Toronto.

April saw the condo market rebound to more normal levels. 170 condos sold last month, up 18.1% from the previous year. "The market for condos has been unusually slow over the last year," says Jim Holody, President of the London and St. Thomas Association of REALTORS®. "However, the five year average for condo sales in April is 158.2, so we're not far in excess of that. This apparent uptick in sales is probably more like a market correction."