'I don’t think we’ve reached bottom': London and area home prices continue to fall
Home buyers are holding out until prices hit bottom. That word Thursday coming from a past president of the London St. Thomas Association of Realtors.
“We do have a few homes on the market now, that’s for sure,” said Earl Taylor, as the St. Thomas based real estate agent pointed to wall full of listings at his office. “Two years ago, a year ago, everything that came up on the market, seven days later it was sold.”
He was commenting on statistics released Wednesday by the association. According to LSTAR, home prices fell for the seventh straight month in September to an average $635,256 from $648,036 in August.
Taylor said as the housing market continues to soften, sellers find themselves in the position of having to drop prices.
“We’re seeing home sellers say ‘we can’t change the condition of our home, we can’t change the location of our home, we can only change the price of our home,’” explained Taylor.
According to LSTAR, 497 homes changed hands in September, down 42 per cent from one year earlier, when 864 homes were sold. Taylor said the drop in sales can be attributed in part to a series of interest rate hikes by the Bank of Canada this year.
“With the hike in the interest rates it has reduced people’s ability to buy at the price they wanted to,” he said.
Taylor also points out that while home prices are falling, they remain significantly higher than only a few years ago.
“I wish I had a crystal ball, but I do not think we’ve reached the bottom. But don’t forget, the prices of homes are twice what they were five years ago. Sellers are still in a good position.”
CTVNews.ca Top Stories
DEVELOPING Man sets self on fire outside New York court where Trump trial underway
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
BREAKING Sask. father found guilty of withholding daughter to prevent her from getting COVID-19 vaccine
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
The Body Shop Canada explores sale as demand outpaces inventory: court filing
The Body Shop Canada is exploring a sale as it struggles to get its hands on enough inventory to keep up with "robust" sales after announcing it would file for creditor protection and close 33 stores.
Vicious attack on a dog ends with charges for northern Ont. suspect
Police in Sault Ste. Marie charged a 22-year-old man with animal cruelty following an attack on a dog Thursday morning.
On federal budget, Macklem says 'fiscal track has not changed significantly'
Bank of Canada governor Tiff Macklem says Canada's fiscal position has 'not changed significantly' following the release of the federal government's budget.