Friends and Clients,
It has been an incredible honour working with so many of you and your connections over the last twelve months. I have been blown away by the support of my clients. Your trust is truly a privilege and I am humbled to receive your referrals as I come alongside your friends, family members, colleagues, neighbours and those within our community to guide them successfully through their real estate endeavors. I am beyond grateful for a successful year of business and am pleased to have been acknowledged in the ‘top 15’ Realtors in my office multiple times throughout 2018, earning the #1 spot for sales in June. Thank you from the bottom of my heart for your help in achieving this!
There was rarely a dull moment last year as real estate continued to be a hot industry to navigate. As I suspected, the momentum we stirred in 2017 continued through 2018, making it another record-breaking year. Interest rates remained low, and so did inventory. Month after month, fewer properties were available than we’ve experienced in over a decade. With confident Buyers who were eager to enter the housing market, this made for a competitive endeavor with Seller’s keeping an edge on negotiating, and many properties selling well beyond list price.
Here’s a snapshot of how 2018 shaped up:
- Average price for a home in London has increased over 50% in the last five years, with a 17% increase in 2018 alone.
- Average price of a home in London now registers at $375,782 (as of Dec/18), marking an increase of 13.4% (since Dec/17).
- Sales to new listing ratio logged in at 119.7% in London, indicating that we continue to experience low inventory and a shortage of supply that favours a Seller’s market.
- The real estate market in 2018 propelled 3,200 new jobs with the potential of generating $519 million that is directed back into our local economy. This means that $53,000 of secondary spending occurs for every real estate transaction completed.
As we catch our breath after the frenzy we’ve experienced, a common question I’m asked is what is to be expected in the months to come? We have already seen the Bank of Canada rise interest rates, and I suspect this trend will continue over the next year or two. CMHC suggests that we will land in the range of 5.4-6.2%. Further, it is suspected that we will edge towards returning to a balanced market with a growth rate of 5% expected over 2019. Buyers will hopefully be able to gain some traction and the demand that Sellers are seeing will moderate. This will mean fewer bidding wars and perhaps less inflated sale prices. Not to fret, however. I don’t think London will see prices drop – we remain an extremely affordable city to live in, with a strong and growing economy, historically low unemployment rates, and ongoing migration into our city. This will protect our economy and ensure our real estate values remain where they have grown to be.
I have had a blast working on my business, dreaming about new strategies, and thinking about ‘what’s next’ … I have been so encouraged by your support, and look forward to finding ways to continue adding value to your real estate process. With nine years of experience under my belt, my knowledge has placed me in a wonderful position to build on the strong foundation I have established. The relationships I have established within the industry have been beneficial to my success, and I have enjoyed gaining traction, establishing a professional reputation within our city, and achieving my fullest potential.
If you’re looking to follow along, please find me on social media: Facebook: www.facebook.com/NicoleCakeRealEstate // Instagram: @nicolecakerealestate. Please give me a ‘like’ and follow along. These outlets are fabulous ways to stay informed and keep a pulse on what I’m up to. You’ll also find plenty of relevant information about the marketplace and how this impacts you as a consumer. Feel free to share these pages with your friends and family, and of course, send your connections my way if a move might be on their horizon. It would be a privilege to serve them.