Home sales down as market balances out
The move to boost interest rates last month may already be having an impact on the housing market, with some regions reporting sales down significantly.
It’s something St. Thomas homeowner Pam Myall has mixed feelings about. She recently put her home up for sale, knowing full well that she missed out on her chance at getting top dollar.
“And this year of course was prime year because the prices of the market went up,” says Myall. “The reason we waited for the summer was unfortunately we had to wait for a build to be finished ‘cause you have to have a place to land.”
The overall average price of a home in the London St. Thomas region fell from $686,287 in June to $667,323 in July, according to the London and St. Thomas Real Estate Association (LSTAR).
“It’s still busy, prices are still tremendously up over three, four, five years ago for sure, but it has slowed,” said St. Thomas realtor and former LSTAR president Earl Taylor. He said the market is becoming more balanced.
“Our real estate market has made a change, and is it warranted? Absolutely. We went through two years of tremendous growth, so now we’re starting to settle out. The federal government, of course, has introduced a one per cent interest rate increase in order to reign back inflation,” he says.
Taylor also cautioned however that one month does not make a trend.
As for Pam Myall, she’s not about to fret because, fortunately for her, she’s under no pressure to sell quickly.
“We are going in with the philosophy that it takes what it takes. We’re not purchasing another house, so we really do have the time to wait until it does sell,” she says.
CTVNews.ca Top Stories
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
'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.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
7 surveillance videos linked to extortions of South Asian home builders in Edmonton released
The Edmonton Police Service has released a number of surveillance videos related to a series of extortion cases in the city now dubbed 'Project Gaslight.'
Ukraine uses long-range missiles secretly provided by U.S. to hit Russian-held areas, officials say
Ukraine for the first time has begun using long-range ballistic missiles provided secretly by the United States, bombing a Russian military airfield in Crimea last week and Russian forces in another occupied area overnight, American officials said Wednesday.
Pilot reported fire onboard plane carrying fuel, attempted to return to Fairbanks just before crash
One of the two pilots aboard an airplane carrying fuel reported there was a fire on the airplane shortly before it crashed and burned outside Fairbanks, killing both people on board, a federal aviation official said Wednesday.
BREAKING Manitoba government tables bill to end ban on homegrown recreational cannabis
Manitoba is planning to lift its ban on the home growing of recreational cannabis.
All Alberta wildfires to date in 2024 believed to be human-caused: province
There are 63 wildfires burning in Alberta's forest protection area as of Wednesday morning and seven mutual aid fires, including one in the Municipal District of Peace.