You have just discovered the best place to find out what is happening in the exciting city of London Ontario! 

Take some time to peruse through some of my latest Blogs where you will find out more about upcoming local events and the latest news that matters most to our community.

 

May 5, 2022

Median Home Price Drops 9.3%

Chris Bramwell Market Report May 2022

The median home price was up 19.2% in April when compared to the same period in 2021. However, the current year's median price data tells a different story. Since the high in February of 2022, the median home price declined slightly in March, followed by a further 9.3% drop in April. In addition, the volume of sales in April declined 27.6% when compared to the same period last year. This indicates that consumers are reacting to the changes in interest rates and the market is transitioning into becoming a more balanced environment.

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Posted in Market Updates
April 6, 2022

Signs of a Market Shift

Chris Bramwell April 2022 Market Report

 

Sales continued to decline in March (-14.7%) and during the first quarter (-8.2%) when compared to the same period in 2021. Listing activity was up slightly during the month and for the first three months of this year. I am starting to see some signs of a possible market shift. More data is required before we can be confident that a balanced market might be returning.

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Posted in Market Updates
March 4, 2022

Demand Drives Home Prices

Chris Bramwell Market Report February 2022

The looming threat of a hike in interest rates by the Bank of Canada had no effect on the London market in February. The BOC anticipated a slow rise in interest rates, which started on March 2nd, which may impact the demand but not until later in 2022. The attached article provides an interesting review of the current situation.

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Posted in Market Updates
Feb. 4, 2022

Winter Chills and a Hot Market

Chris Bramwell January 2022 Market Report

The median home price in London was up 31.4 % when compared to January 2021. The median home price rose the most in the East area (51.6%) versus January 2021. The North increased by 28.1% and the South had a relatively modest increase of 14.3%. A bright spot in the report was the Market Advantage Indicator, which dropped significantly from the previous month to finish at 76.9. This shows a more balanced market however, my expectation is that it will rise again in the coming months as more home sellers and buyers enter the market. The Days on Market and Months of Inventory information continue to show how fast-paced the market is and the limited selection of homes available for buyers.

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Posted in Market Updates
Jan. 7, 2022

Prices Continue to Rise

Chris Bramwell December 2021 Market Report Image

Home prices continue to rise with the median price increasing 31.0% in December when compared to the same period in 2020. All London market areas show similar percentage increases when compared to the same period last year. The Market Advantage Indicator jumped again to 127.0, highlighting the continuing imbalance in the market. The Listed Properties Days on Market stayed the same at 8 days, showing how fast paced the market remains. Months of Inventory was crushed in December coming in at .2 months or less than one weeks worth of inventory. Continuing high demand and chronically low housing inventory are creating this challenging market environment.

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Posted in Market Updates
Dec. 8, 2021

Low Housing Inventory Drives Prices Up

Chris Bramwell November 2021 Market Report

The median home price in London increased to $637,500 in November. This represented a 28.8% rise when compared to November 2020. All three regions increased their median home price in the range between 23.4% to 28.4% in comparison to the same period last year. The continuing shortage of available homes is the major driver behind the increase in the median home price.

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Posted in Market Updates
Nov. 4, 2021

BOC Hastens Timing of Rate Hike

Chris Bramwell October 2021 Market Report

The Bank of Canada has indicated that it might accelerate its plan to increase interests rates as soon as the second quarter of 2022.  The primary driver of the BOC’s shift in direction is the risk that inflation will exceed the BOC target range.  Please review the attached article for more information.

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Posted in Market Updates
Oct. 7, 2021

Housing Shortage Drives Home Price Increase

Chris Bramwell September Market Report Image

The median home price in London increased to $603,000 in September.  This represented a 24.3% rise when compared to September 2020.  East London continued its rapid rise with the median home price up 29.2% over the same period in 2020.  North and South London followed closely behind at 25.0% and 24.5%, respectively when compared to September 2020.  Generally, the low housing inventory was the major driver behind the increases in the median home price.

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Posted in Market Updates
Sept. 8, 2021

Market Continues to Stabilize

Chris Bramwell Market Report August 2021

The median home price was up 23.7% in August when compared to the same period in 2020. However, the current year's median price data tells a different story. Since the high in March of 2021, the median home price has declined slightly for five consecutive months. This indicates that the market is starting to stabilize. The Market Advantage Indicator jumped to a yearly high of 94.6 due to the fact that the number of listed properties declined more rapidly than the number of homes sold during the month. This shows that the market cooled a little in August.

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Posted in Real Estate News
Aug. 5, 2021

Hot Summer – Cooler Market

Chris Bramwell August 2021 Market Report

The median price rose 27.2% as compared to July 2020 but the current year trends indicate the median sales price may be stabilizing. The market reached a high in March 2021 and since then, has marginally declined this year, for four straight months. South London had the lowest monthly increase of 20.2% when compared to the same period in 2020. North and South London rose 31.0% and 40.9% respectively when compared to July 2020.

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Posted in Market Updates