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."
CTVNews.ca Top Stories
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
OPP responds to apparent video of officer supporting anti-Trudeau government protestors
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Loud boom in Hamilton caused by propane tank, police say
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.