Home prices fall in April, more availability: LSTAR
According to the latest report from the London and St. Thomas Association of Realtors, the average price of a home in the London area dropped by more than $50,000 compared to the previous month.
“When we're getting offers now, it’s not quite as many. So as opposed to getting 10 to 15 offers on properties now with more diversification and product, we're getting you know, maybe three to five offers on some properties,” Peter Ramsay, a real estate broker at Oliver and Associates, said.
With new home builds expected to increase over the warm weather months and more people testing the market on selling their homes, it's increased homes inventory, that means there is more houses available, and more choice for buyers.
“Houses are actually sitting for a week or two now versus you know, three to four days and then just selling really quickly, said Ramsay
That news is met with optimism for people looking to get into the market in the future. Like Maria Pierri, who is hoping her children can soon afford to buy a home of their own.
“My son was thinking of buying so for now the price has gone down that will be an idea and again,” she said.
While some people like Linda Mclinchey, who helped her parents with the sale of their house in January, consider themselves lucky.
“I just know my mom and dad sold their house at a perfect time and I'm now playing the lottery with my father who is 90,” she said.
But there are others who still feel the price needs to come much lower before they consider buying or selling.
Dee Thompson stayed out of the market as she felt it was artificially inflated
“I didn't see the possibility of buying because if you do sell you cannot buy anything for that price,” she said.
Another measure that is noteworthy is the time homes are staying on the market and the home inventory, both up from March.
Meanwhile, prices are down from last month, but still have still increased over 150 per cent from the same month five years ago.
CTVNews.ca Top Stories
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
Train derailed in Sarnia after colliding with a truck
Police are investigating after a transport truck collided with a train in Sarnia.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Fewer medical students going into family medicine contributing to doctor shortage
As some family doctors are retiring and others are moving away from family medicine, there are fewer medical students to take their place.
'It's discriminatory': Individuals refused entry to Ontario legislature for wearing keffiyeh
Individuals being barred from entering Ontario’s legislature while wearing a keffiyeh say the garment is part of their cultural identity— and the only ones making it political are the politicians banning it.
Bodies found by U.S. authorities searching for missing B.C. kayakers
United States authorities who have been searching for a pair of missing kayakers from British Columbia since the weekend have recovered two bodies in the nearby San Juan Islands of Washington state.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.