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.

 

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
July 8, 2021

London Home Prices Stabilize

Chris Bramwell June 2021 Market Report

The rise in the median home price started to taper off in June. The median price rose 30.5% as compared to June 2020 but dropped to levels we haven’t seen since February of this year. One month does not make a trend however, I am cautiously optimistic that prices may be starting to stabilize. North London had the lowest monthly increase of 24.5% when compared to the same period in 2020. East and South London rose 34.4% and 30.8% respectively when compared to June 2020.

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Posted in Market Updates
June 4, 2021

The Feds and The BOC Impact Buyers

Chris Bramwell June 2021 Market Report

The Federal Government changes to the Mortgage Stress Test, for both insured (less than 20% down payment) and uninsured (above 20% down payment), took effect on June 1st. This policy change affected the purchasing power of Buyers by approximately 4%.

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Posted in Market Updates
May 7, 2021

Mortgage Stress Test Changes Impact Home Buyers

Chris Bramwell April 2021 Market Report

A federal banking regulator, the Office of the Superintendent of Financial Institutions (OSFI) has given notice of their intention to tighten the mortgage stress test on June 1, 2021. The stress test pertains to buyers who will have a 20%+ down payment on their next home. This change could cut the borrowing power of a majority of buyers by roughly 4 percent. I strongly suggest that all buyers discuss the impact of these changes with your financial institution or mortgage broker.

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Posted in Market Updates
April 7, 2021

London Market Surges in March

Chris Bramwell MARCH 2021 Market Report Blog Image

Sales and listing activity moved higher in March. A total of 897 homes were sold in the month representing a 57.4% increase over March 2020. A total of 1,082 properties were listed during the month which represented a 29% increase over the same period last year.

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Posted in Market Updates
March 8, 2021

Demand Drives London Home Prices

Chris Bramwell Market Report February 2021

The median home price in London increased to $588,000 in February. This represented a 38.4% rise when compared to February 2020. South London continued it’s rapid rise with the median home price up 41.7% over the same period in 2020. I speculate that the contribution of higher value, newly constructed homes are skewing the median price increase in this area. North London followed closely behind at 35.3%. East London rose 26.0% when compared to February 2020. Generally, high demand and low housing inventory are the major drivers behind increases in the median home price.

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Posted in Real Estate News
Feb. 5, 2021

London Home Prices Continue to Rise

Chris Bramwell Market Report Jan. 2021

The median home price in London was up 37.5 % when compared to January 2020. The median home price rose the most in the North and South areas versus January 2020. The North increased by 36% and the South had a huge increase of 65.1%. The East showed the smallest increase at 16.3% when compared to the same period last year.

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Posted in Market Updates
Jan. 9, 2021

No Winter Chill on Home Prices

Chris Bramwell Market Report DEC 2020

Home prices continue to rise with the median price increasing by 24.4% in December when compared to the same period in 2019. All market areas within London show similar percentage increases when compared to the same period last year. The Market Advantage Indicator jumped again for the third straight month to 122.6. The Listed Properties Days on Market remained the same in comparison to the previous month but much lower than December 2019. Months of Inventory improved slightly to .7 months. The increase in home prices has been driven by high demand.

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Posted in Market Updates
Dec. 9, 2020

Home Prices Continue To Rise

Chris Bramwell Prices Rise

The median home price in London increased to $495,000 in November. This represented a 30.3% rise when compared to November 2019. North London had its largest increase this year at 36.4% when compared to the same period in 2019 and South London followed closely behind at 33.0%. East London rose 24.1% when compared to November 2019. High demand and low housing inventory are the major drivers behind increases in the median home price.

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Posted in Market Updates
Nov. 9, 2020

COVID - No Impact on London Housing Market

Chris Bramwell Market Report Blog Image

Covid-19 has done little to slow the demand for homes in London during October.

All market data showed a strong performance for the month of October. The number of properties listed and sold during the month were up 3.7% and 15.0% respectively when compared to October/2019.

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Posted in Market Updates