‘It is a seller’s market’ in London, according to recent survey

With a 9.9 per cent increase, the price of homes in London is still on the rise.

That’s according to the Royal LePage House Price Survey for the 2019 third quarter.

The market has successfully recovered from the downturn in 2018 after the government of Canada introduced the federal mortgage stress test.

“The London housing market is going through a period of adjustment,” said Peter Meyer, owner and broker of record at Royal LePage Triland Realty.

“While inventory is still historically low, a modest increase in listings has resulted in prices increasing at a slower rate.”

Meyer added right now it’s considered a sellers’ market, but it is starting to balance out.

Kingston home prices continue to rise, but show signs of slowing: Royal LePage

The average home in London costs $420,494, with both two-storey homes and bungalows seeing an increase of over 10 per cent.

With the possibility of a new casino coming to southwest London, Meyer said there is anticipation in the region.

Unemployment is low. The economy is growing. Why do Canadians feel they can’t get ahead?

“Housing is already being built in the area of the proposed casino to meet buyer demand from those seeking employment or business opportunities this venture may bring.”

Moving into the fourth quarter, Royal LePage is forecasting the prices of homes will continue to rise nationwide by 1.5 per cent year over year.

© 2019 Global News, a division of Corus Entertainment Inc.

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