To my Clients and Friends,
I hope you are anticipating the months to come while looking back fondly over the experiences, memories, learning, and growth of 2017. I always find January to be an exciting time to set goals and dreams for the future while contemplating the accomplishments, challenges, and triumphs of the year behind us. With this in mind, I am eager to connect with friends and clients with an update on life from my corner of the world and real estate in our local market.
Even if you weren’t an active participant in London’s real estate industry over the last year, you likely heard about the ‘boom’ we experienced. Sales and growth unlike we’ve historically recorded made for an intense journey for many of my clients – Buyers and Sellers alike. Low interest rates, limited inventory, an influx in migration (especially from the GTA!), and a stable economy created a perfect storm for real estate activity. This caused Buyers to face steep competition in many situations as they contended with multiple offers and soaring sale prices. Sellers were also caught up in the frenzy as they were bombarded with interest and often had to navigate aggressive tactics such as “Bully Offers”. It is always my intention to educate, guide, and inform my clients as they navigate their real estate decisions, and if you found yourself engaging in this exciting yet daunting marketplace, I hope you felt well cared for throughout every step of your transaction. THANK YOU for your trust, and for the privilege to represent you in your real estate decisions – it is a true honour to work alongside my clients who often grow to become friends!
Here’s a snapshot of how 2017 shaped up:
- Sales were up 8% since 2016 with 11,203 transactions reported in 2017
- London’s market experienced six consecutive months of record sales since data collection began in 1978
- The average price for a home in London is reported at $330,037, an increase of 18% since 2016
- Inventory remained low, down 35.6% compared to 2016
With so much excitement, it begs the question: Now what? I anticipate that we will continue to see a robust marketplace through 2018. Though new lending rules will impact affordability for Buyers, I do not believe this will greatly hamper the momentum we have established over the last year. Active listing supply remains low, Buyer confidence remains stable. London remains a very affordable place to live relative to other major Canadian cities, and continues to attract Buyers for a variety of reasons ranging from lifestyle opportunities to employment prospects. Although interest rates are projected to rise to a range of 4.9-5.7% and continue to creep higher into 2019, raising the cost of home ownership, our economy will follow suit. I expect that we will enter into a more balanced marketplace as Buyers gain some equal footing and negotiating power.
Not unlike the forecast for real estate in London, I am excited to continue building momentum within my personal business this year too. This season represents a new beginning for me now that, after balancing and juggling family life alongside my career, our children have all entered the school-aged years, freeing up some additional time to further develop and cultivate my career. With a few changes on the horizon and great plans ahead, I am excited and eager about what the future holds. I have been blown away by the ongoing support from past and current clients who have allowed me to join the ranks as a top producer within our office. I am so encouraged to ramp things up and build on what has been a strong and steady foundation of selling real estate over the last eight years.
Please pass my name along to anyone you may find to be considering a home sale or purchase in the future. I would be honoured to come alongside your friends, family members, coworkers, neighbours, or community connections and help them make the most of their real estate endeavors. Thank you in advance for the compliment of your referrals and the privilege to service your sphere of influence. You can also hop onto my Facebook page, www.facebook.com/londonontariohomesforsale, and leave a comment or review – your feedback is so very helpful and greatly appreciated.
I wish you a year ahead abundant with peace, driven with purpose, blanketed by plenty and spurred by passion. Please don’t be a stranger and drop me a line anytime – I’d love to hear from you and welcome any questions you have along the way.