News

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."

LSTAR held its 2013 Annual General Meeting on April 22, 2014, at the London Convention Centre. Representing the Canadian Real Estate Association were that Association's Past President, Laura Leyser, and Mike Carson, Director-at-Large and a Past President of LSTAR. Representing the Ontario Real Estate Association (OREA) were its President (and LSTAR Past President) Costa Poulopoulos and Western Area Director Anna Vozza. The Windsor-Essex County Association of REALTORS® was represented by its President, Bill Courtney, while the Ontario REALTORS Care Foundation was represented by Barb Whitney, also an LSTAR Past President. The Real Estate Council of Ontario was represented by Tom Wright, President/CEO, Bruce Matthews, Deputy Registrar, and RECO Director Peter Hoffman, another LSTAR Past President. CMHC was represented by Judy Binder.

The following article was written by Joseph Richer, registrar of the Real Estate Council of Ontario (RECO), and was published, originally, in the "Toronto Star" on April 3, 2014. Joseph Richer oversees and enforces all rules governing real estate professionals in Ontario.

Despite temperatures that continued to dip well below average for the month of March, there were signs that Spring had finally arrived for a region that had remained locked in a deep freeze over one of the coldest, snowiest and longest winters on record – real estate sold signs! In March 2014, 548 detached homes sold, up 10.7%, along with 118 condos, up 0.9%. Altogether 666 homes exchanged hands, up 8.8%. “In addition to the fact that the Spring market typically kicks into action in March, there was a lot of demand pent up over the unusually severe winter,” says Jim Holody, President of the London and St. Thomas Association of REALTORS® (LSTAR). “Those are the reasons we're seeing these higher numbers.”

A great commercial can make you stop and watch. It can leave you thinking or just laughing along. Either way, if people are talking about it, you know it fulfilled its purpose.

The Board of Directors of LSTAR would like to congratulate Costa Poulopoulos on his recent ascension to the presidency of the Ontario Real Estate Association (OREA). OREA, founded in 1922, represents the 58,800 real estate brokers and salespeople members of Ontario's 40 real estate boards. Poulopoulos, the Broker of Record and Owner of London-based Realty Executives Elite Ltd. Brokerage, served as LSTAR President in 2006.

A total of 498 homes sold in February 2014, down 13.5% from the previous year. "The first couple of months of the year are traditionally slow months for real estate," says Jim Holody, the 2014 President of the London and St. Thomas Association of REALTORS®. "Factor in some of the coldest temperatures in recent memory and one winter storm system after another and you've got a market in deep freeze. Fortunately, the only thing wrong with our market is the weather and that's about to change. Buyers who want to get ahead of the game would do well to get out in front of the crowd. The Spring market is going to start to kick in this month and I think we're going to see some pent-up demand start to change the equation."

Currently in Ontario, anyone can call themselves a home inspector. This could pose a problem for Ontarians who might base their decision to buy or sell a home on information they receive from an unregulated, unlicensed home inspector. "Home inspectors play an important role in the home buying and selling process," says Jim Holody, President of the London and St. Thomas Association of REALTORS®. "Professionals with this much influence should be licensed and have proper training to ensure consumers receive a consistent and standardized service."

The winners of the Don Smith Commercial Building Awards, established by the Regional Commercial Council of LSTAR and sponsored by CBRE, Dancor Construction, Elgin County and Millennium Real Estate Solutions, were announced on February 4th to a capacity crowd at the London Club. According to Jack Lane, RCC Chair Elect, the awards program was established, "to recognize, reward and celebrate excellence and innovation in commercial building right here at home." The program was named after the late Don Smith, legendary co-founder of EllisDon, a world-renowned construction company with London roots.