While the housing market in the Forest City is trending down, it’s not an alarming drop, and a housing boom like the one in 2010 is unlikely to return anytime soon.
Even record low interest rates haven’t been able to trigger a buying frenzy in either new or resale homes.
As realtor Joyce Byrne shows a couple around a London home, all three know the pressure to make a rush purchase is a thing of the past.
“In 2010, the easiest way to explain it was, I had to run to appointments, now I can walk.”
In fact, homebuyers have found some homes sell quickly while others stay on the market for months, so there’s no need to put in a bid immediately.
But while there’s no market boom, it’s not depressed either, with the resale housing market dropping only ten per cent over the last year.
For example, 500 homes sold in February 2012, compared with just under 450 in the same month this year.
There has been a bigger drop for new homes, with starts falling more than 20 per cent in the first two months of 2013.
But with the summer rush yet to begin, it’s not a trend local trades are noticing.
Still, Byrne believes the market in London will remain steady, especially if people looking to sell market their properties right.
“If sellers price their houses right, properly stage it, I think they can expect a sold sign on their front lawn because buyers are excited about interest rates and they’re lucky to live in London. It’s the second cheapest city in Canada to own a property.”
