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
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
B.C. theatre to pay $55K to neurodivergent actor in discrimination case
British Columbia's human rights tribunal has awarded a neurodigergent actor, who was diagnosed with sensory and learning disorders, more than $55,000 after finding that a Kelowna theatre company discriminated against him because of his disabilities.
Who's responsible for regulating cannabis stores operating under the sovereignty banner?
It's not quite clear who is supposed to be regulating so-called sovereign cannabis stores or even ensure they're benefiting Indigenous communities.