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.

The median home price in London increased to $777,000 in February. This represented a 32.7% rise when compared to February 2021. East London continued its rapid rise with the median home price up 37.6% over the same period in 2021. North London followed at 24.8%. South London rose 28.2% when compared to February 2021. Continuing high demand and low housing inventory are driving the increases in the median home price.

The Market Advantage indicator moved up slightly from January to 78.2. The common understanding is that scores between 40 and 60 reflects a balanced buyer/seller market. The Median Days on the Market showed a rapid Listing turnover rate of 7 days and the Months of Inventory was at the very low level of .5 months.

I can assist you in creating a Seller or Buyer's strategy that will be effective in this market, just text or call me at (519) 777-6521. Remember, the first step in the selling/buying process is talking with your Financial Institution or Mortgage Broker about securing your mortgage pre-approval.

Chris Bramwell February Market Report 2022