'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
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
U.S. vetoes a widely supported UN resolution backing full membership for Palestine
The United States has vetoed a widely backed UN resolution that would have paved the way for full United Nations membership for the state of Palestine.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.