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.

 

Dec. 5, 2022

Home Prices Increase Slightly

Chris Bramwell Market Report DEC 2022

The median home price made a modest move up in November. Median prices increased by $2,500.00 from its level in October. The total price erosion since the February high has been approximately $199,500 or 25.7%. The year-to-year comparable shows that the median price dropped below the November 2021 level. We might be seeing some price stability within the market in early 2023. The United States Federal Reserve is indicating that they will take a less aggressive strategy on increasing interest rates. Hopefully, The Bank of Canada will follow suit in the first quarter of next year.

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Posted in Market Updates
Nov. 3, 2022

Home Prices Continue To Decline

Chris Bramwell Market Report Image Nov 2022

The median home price returned to its downward trajectory in October after a pause in the previous month. Median prices declined by $15,000 from their level in September. The total price erosion since the February high has been approximately $202,000 or 26%. The year-to-year comparable shows that the median price has dropped 7.7% below the October 2021 level. It appears that the early signs of price stability in the previous two months have not continued in October. The Bank of Canada’s aggressive strategy on interest rates is causing instability in home prices.

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Posted in Market Updates
Oct. 5, 2022

Home Prices Increased Slightly

Chris Bramwell October 2022 Market Report

The median home price made a modest move up in September. Median prices increased by $5,000.00 from their level in August. The total price erosion since the February high has been approximately $187,000 or 24.1%. The year-to-year comparable shows that the median price dropped slightly below the September 2021 level. I believe that we are starting to see the early signs of price stability in the market. However, the Bank of Canada’s aggressive strategy on interest rates may cause some additional instability in home prices.

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Posted in Market Updates
Sept. 6, 2022

London Home Price Decline Slows

Chris Bramwell Market Report September 2022

The median home price decline was modest in August. Median prices dropped by only an additional $5,000.00 during the month from the February peak price level. The total price erosion so far this year has been approximately $192,000 or 24.7%.

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Posted in Market Updates
Aug. 5, 2022

London Home Price Decline Accelerates

Chris Bramwell August 2022 Market Report

The median home price decline accelerated in July. Median prices dropped by an additional $60,000.00 during the month from the February peak price level. The total price erosion so far this year has been approximately $187,000 or 24.1%. The year-to-year comparable is now indicating that the market is close to parity with July 2021 median price. The difference was only 1.7%.

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Posted in Market Updates
July 5, 2022

London Prices Decline

Chris Bramwell Market Report July 2022

The median home price continued to decline in June from its high in February of this year. Median prices dropped during the month by an additional $37,000. The total decline from the February high point has been approximately $127,000 or 19.5%. The year-to-year comparable is now showing only a 12.0% increase in median price from the same period last year.

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Posted in Market Updates
June 6, 2022

London is a Buyers Market

Chris Bramwell May 2022 Market Report

The median home price continued to decline in May from its high in February 2022. Although the decline was substantially less than in April, median home prices still dropped in May by an additional $16,000. The total decline from the February high point has been approximately $90,000 or 11.6%.

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Posted in Market Updates
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