London-area real estate continues its slowdown, but realtors feel confidence could be returning
The latest home sales figures show a market that is still considerably slower than what London has seen in recent years.
"The amount of money you have to save to buy a place, it's unreasonable,” said Tim Huffman.
He has owned his own junk removal business for seven years and said he puts in the work, “Every day, 12 hours a day, and at the end of the day you can't make ends meet."
Huffman said the cost of borrowing and the cost of living are keeping him on the sidelines when it comes to buying his own home, and told CTV News London, “The thing is with the market right now, it's impossible. You've got to live with three people just to afford it."
The November housing market report from the London-St. Thomas Association of Realtors (LSTAR) shows a significant dip in sales, with 816 residential properties exchanging hands in November of 2021 compared to 451 this November — a 44 per cent drop.
“It's a difficult read right now and with the extreme fluctuations that we've seen all year,” said LSTAR President Randy Pawlowski. “I think it's sidelined a lot of people who were ready to buy or ready to sell but are just a little uncertain."
The average sales price across the region in November was $615,247, down about 10 per cent from November last year.
The area's highest average price in the London-area last month was in Middlesex Centre, at $921,460.
Pawlowski said inflation and the cost of borrowing has created uncertainty, but with the Bank of Canada reportedly ready to slow interest rate increases, he feels confidence will grow.
"The Bank of Canada interest rate is hovering around 4 per cent. So, it's just going to take some time for people to adjust and get comfortable with the new rates,” he explained.
He added there are some encouraging signs, like the fact that the market has a growing inventory, with new listings climbing to 875 last month.
Pawlowski said after the super-heated buying environment in recent years, with homes barely hitting the market before they were purchased, the new environment should bring some stability.
“We're now firmly in a balanced market territory,” he said. “I think stabilizing is a good term to use when we're talking about the general marketplace right now."
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