Condo Buying in London Ontario Is Like Fashion, Changes Occur Rapidly

Are you spending countless hours searching the MLS, real estate magazines, classified ads &  real estate websites looking for the right condominium at the right price in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses?

Have you missed out a few properties because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some excellent properties that sell in a day or two or one priced so aggressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious, or you are in the ‘just thinking stage’ of real estate. Possibly to purchase or sell.

Like fashion, real estate changes quickly, people change, neighbourhoods change, real estate markets change, and the motivation of buyers and sellers change.

So how do I, as a real estate professional & problem solver help?

We view a lot of houses and condos every week. We do loads of searches daily for clients; we are continually researching properties, even For Sale By Owners.

Search Lpndon Ontario Condos For Sale

 

We are out looking at properties every day, we know the jungle, the alleys, the streets, avenues, crescents, what a reasonable price is, what junk is and what the games are that some play.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near-sighted home inspectors, just put up with us!

Small price to pay to get what you want!

  These folks did, and they are still with us!

London Ontario Condominiums 2018 And What To Expect in 2019

One of the best ways to understand the condominium market in London Ontario is to look at how many days these were on the market before being sold and what was the sale price percentage versus the asking price.

condo sales in London Ontario

Our real estate board LSTAR ( The London St.Thomas Association of REALTORS*) breaks London down into three geographical areas, North, South and East. ( I know, why not the West?) I plead silence with my opinion on why!

Sold Condominiums in London Ontario  2018
Area % of Asking Price Average Days on Market
North 102.2% 22
South 104.92% 17
East 103.49% 24

What does all this mean? The inventory of townhomes and townhouses for sale is low, and with more buyers than sellers, we see bidding wars, hence, higher sale prices. Apartment condos remain strong as well, and where townhouses and townhomes used to dominate the market, apartments are catching up, not only in the volume of sales but in price as well.

Is this a good time to sell a condominium? Yes!

For buyers, be prepared to act as there are more buyers than sellers, but do your homework and do not let emotion override prudence and common sense.

The hottest segment right now is the one floor detached or attached bungalow townhouse with a two car garage, seconded by attached townhouses.

What will 2019 bring?

2019 prediction condominium sales London Ontario

  Building permits for new construction are higher than ever for both high-rise buildings and townhouses and townhomes. Affordability is a powerful motivator for first-time buyers and downsizers over single-family homes.

  Until I can walk on water and be exact, all condominiums in London Ontario and area will experience a rise in prices because of demand.

 

New Downtown London Ontario Apartment Buildings

      Downtown London Ontario Highrise Apartment Buildings

Vertical living in downtown London Ontario is becoming more and more popular and proof of that is the existing properties being built or being planned.

Downtown London Ontario Apartment Condos

Rezoning: It means the city will allow it to be built on that site.

Site Plan: A proposal from the developer on how the development will be built, considered the final major hurdle before construction, necessary to get a building permit.

505 Talbot St.

  • Tricar Group
  • 29-storey, 200-unit luxury condo named Azure
  • Status: Complete

515 Richmond St.

  • Old Oak Properties
  • 32-storeys, 175-units.
  • Status: Under construction.

40 York St.

  • Tricar Group
  • 24 storeys, 212 units
  • Status: Under construction

131 King St.

  • York Developments
  • 30-storeys, 266 units
  • Status: Approved by city council. No site plan.

809 Dundas St.

  • Paramount Inc.
  • Twin, 24-storey towers, 480 units
  • Will offer 25 affordable housing units for 25 years,
  • Status: Approved by city council. No site plan.

147-149 Wellington St.

  • Jam Properties Inc.
  • 18-storey residential building
  • 0.44 hectares
  • Rezoned. No site plan.

195 Dundas St.

  • Danforth London Ltd.
  • Former London Mews at King and Clarence streets
  • $300-million, three-tower development
  • 700 units
  • The first tower: A 25-storey, 140-unit tower at 195 Dundas is the first of the three planned highrises.
  • Status: Rezoned. A site plan application has been submitted.

391 South Street

  • Medallion Corp.
  • 19 and 23 storeys proposed for the SoHo area on the site of the former Victoria Hospital lands
  • The first phase of proposed multi-phase development
  • About 600 units.
  • Status: Zoning approved. No site plan.

479-489 Talbot St.

  • Rygar Properties
  • $300 million, 700-units.
  • A nine-storey building flanked by towers of 38 and 29 stories between Fullarton street and Dufferin Avenue.
  • On the site of the former Camden Terrace
  • Status: Rezoned. There is a site plan application.

661 and 667 Talbot St.

  • Drewlo Holdings
  • 16-storeys, 236-units
  • Locust Mount Estate site.
  • Status: Rezoned. No site plan application.

560-562 Wellington Street

  • Auburn Developments
  • 22-storey tower, 151 units
  • Wellington Street at Wolfe Street, across from Victoria Park.
  • Status: City staff recommended denying the application. It has been referred back to staff.

96 Ridout St. S.

  • Tricar Group
  • 22-storey, 191 units.
  • Status: Zoning approved. No site plan application.

455 Clarence St.

  • Landowner George Anastasiadis
  • 32-storey, 182-units.
  • Status: Rezoned. No site plan.

183 King St.

  • Southside Group
  • 25-storey, 200-units.
  • Status: No zoning approved. No site plan. A dispute over building demolition.

50 King St.

  • Middlesex County
  • 30-storey, 200-units.
  • Status: Rezoned. No site plan.

Mid-size in the core

Richmond and York

  • 36 unit apartment, on site of former New Yorker cinema
  • For Youth Opportunities Unlimited (YOU)
  • Status: Site plan is in, YOU is still fundraising

356 Dundas St.

  • 69 affordable housing units
  • Status: Under construction

The above was reported by The London Free Press on Saturday, November 24, 2018, here is the article

Existing Downtown London Ontario Apartments For Sale

When Buying a Condo in London Ontario, Are Buyers Still Overpaying?

Are buyers still overpaying when buying a condo in London Ontario? In 61% of the time, yes!

Overpaying for real estate in London Ontario over the past few months is happening quite often and I have heard the following from buyers and their Realtors.

do not overpay for a home in London Ontario

 

  • “There is nothing I can do about it”.
  • “That’s just the way the real estate market is right now.”
  • “It is what it is”
  • “Get with the times”

Really? So, you are just going to sit there and take it?

Learned helplessness is a condition in which  buyers adapt to a scarcity mindset,  with the fear of loss being huge and instant gratification a must & not thinking of the second and third consequences of overpaying for a home in London Ontario and feeling that there is nothing they can do about it.

That their offer and the acceptance of the offer is totally out of their control.

Yes, the real estate market in London Ontario is vibrant and as a home owner, that is quite positive, yet the consequences of overzealous buyers and their Realtor’s actions will have a negative long term  effect , as history has proven over and over and that the axiom “What goes up must come down”, holds true.

As a home buyer in London Ontario, you have choices and there are strategies you can take to ensure you do not over pay and get caught up in the frenzy.

Let me know if you do not want to overpay, I won’t let you!

Selling a Townhouse In London Ontario Quicker?

When thinking about selling a townhouse in London Ontario & area, where do you start?

Ask about selling a condo in London Ontario

When do you start?

Is there a difference if it is a townhouse or an apartment?

A freehold or a regular condo corporation?

How would you feel if you knew some surefire ways to prepare before selling a townhouse or a town home or an apartment condo in downtown London, if you knew about the timely steps to take, the questions to ask, the caveats to be aware of?

From experience of selling 100’s of condominiums in London Ontario, this will get you thinking and keep you on track before, during and after you list your condo for sale on MLS

   Here it Is!

 

Searching For London Ontario Condos To Get The Right One

As another way of helping past clients, they said that learning about how they went about searching for London Ontario condos, helped them make  wise decisions and a good financial choice.

Would it be of benefit to you to if you could get what I call ‘market education’, (to look at 3-4 properties that are similar to  what you are looking for,  not to make an offer or buy  on any of those 4, but to learn a little about the market?

take my car

Then, when you are ready, you will know what to expect and to better clarify your wants & needs.

As well, I will leave you with a 40 page in-depth buyer manual loaded with tips and ideas, from the just looking stage to the day you move in.

There is no obligation on your part, no signing anything, just an old fashion face to face meeting that again, past clients said really helped them.

Again, we see 3 or 4 places, the idea is not to buy these but to get to know what you can buy for your money.

Again, let’s go look at a few and keep your cheque book at home!!!!!

PS:

  • No signing anything
  • No blah blah blah stuff , such as ,”we’re #1, we sell gazillions of homes, 
  • No, “I’m a miracle worker and can find your dream home for 1/2 price
  • No begging ,” Please buy from me or they are going to take away my house, kids and Mercedes!
  • No  BS 
  • No coffee, tea or lunch (if you are not bringing your chequebook, I’m not buying either!)

Searching For a Condo In London Ontario With No Luck?

Are you spending countless hours searching the MLS, real estate magazines, weekend classified ads and real estate websites looking for the ideal condo in London Ontario & area, be it an apartment in a high rise, a two storey townhouse or a detached town home , that is within your price range and in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses? Going To Builder’s Models?

Have you missed out on some because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some great condos that sell in a day or two or one that was priced so   agressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you  or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious or you are in the ‘just thinking stage’ of real estate. Perhaps to purchase or sell.

Regardless, like fashion, real estate changes fast, people change, neighbourhoods change, real estate markets change and the motivation of buyers and sellers change.

So how do I, as a real estate professional, as a Broker of Record and Owner keep you, the curious, the maybe, the must have by the end of the month, the retiree, the downsizer, the upsizer, the DINK’s (double incomes,no kids), the tire kicker, deal maker, bread winner or just plain ready to move informed about real estate in London Ontario?

My asociates and I view a lot of houses and condos every week. We do loads of searches daily for clients, we are constantly researching properties, even For Sale By Owners.

we find houses in London Ontario

As professional house hunters in London we know the jungle, the alleys, the streets, avenues, crescents  and can guide you on the right path to ensure your purchase is wise & financially sensible.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near sighted home inspectors, all you have to do is put up with us!

  These folks did and they are still with us!

Frustrated Finding London Ontario Condos?

Are you spending countless hours searching the MLS, real estate magazines, weekend classified ads and real estate websites looking for the ideal condo, be it an apartment in a high rise, a two storey townhouse or a detached town home , that is within your price range and in a good neighbourhood in London Ontario?

searching for a condo in London Ontario

Going to Open Houses? Going To Builder’s Models?

Have you missed out on some because they already have an offer or were sold before you even knew about it being for sale?

You may be missing out on some great condos that sell in a day or two or one that was priced so   agressively that it sells as soon as it comes on the market or in a specific area?

Is all that searching working for you  or is that you wish to avoid a pesky or bothersome real estate person (don’t blame you)?

Or, perhaps you are curious or you are in the ‘just thinking stage’ of real estate. Perhaps to purchase or sell.

Regardless, like fashion, real estate changes fast, people change, neighbourhoods change, real estate markets change and the motivation of buyers and sellers change.

So how do I, as a real estate professional, as a Broker of Record and Owner keep you, the curious, the maybe, the must have by the end of the month, the retiree, the downsizer, the upsizer, the DINK’s (double incomes,no kids), the tire kicker, deal maker, bread winner or just plain ready to move informed about real estate in London Ontario?

My asociates and I view a lot of houses and condos every week. We do loads of searches daily for clients, we are constantly researching properties, even For Sale By Owners.

we find houses in London Ontario

As professional house hunters in London we know the jungle, the alleys, the streets, avenues, crescents  and can guide you on the right path to ensure your purchase is wise & financially sensible.

You won’t have to jump off any cliffs, scale any mountains, wrestle a crocodile, put up with a pushy real estate salesperson, cross-eyed lawyers, impotent mortgage lenders, near sighted home inspectors, all you have to do is put up with us!

  These folks did and they are still with us!

363 Colborne St Downtown London Ontario Condos

363 Colborne St Downtown London Ontario condos

              363 Colborne St London Ontario  indoor pool

363 Colborne St is a 26 story condo building in downtown London Ontario and part of the Colborne Centre, which includes 323 Colborne St .  Minutes’ walk to some of the finest restaurants in London, Covent Garden Market, Budweiser Gardens, Victoria Park. You can  take a stroll down to the farmers market, downtown festivals and enjoy plays and activities at the Grand Theatre.

This downtown London Ontario apartment condo building has:

  • Underground Parking
  • Guest Parking
  • Controlled Entry
  • Surveillance System
  •  Public Transit
  • Elevator
  • Ensuite Laundry
  • Swimming Pool
  • Hot Tub
  • Exercise Area
  • Tennis Courts
  • Balcony / Patio
  • Large Closets / Ensuite Storage
  • Cable
  • In 2017, 16 apartments were sold through our MLS, from as low as $125,000 to as high of $200,000, these took about 30 days to sell and sold for 98.35% of the asking price.  I have prepared a 29 page report showing these 16 sales which includes prices, amenities and quite a few ideas on saving time and money if you were considering buying an apartment or thinking of selling your downtown apartment condo, you can download these reports here
  • Other apartment condos for sale in London Ontario

 

Year 1 bedroom average price 2 bedroom average price
2016  $145,375  $167,188
2015  $136,000  $148,233
2014  $134.000  $162,464
2013  $126,100  $159,040

Google Map

 More vertical living buildings

Shortage of Condos For Sale London Ontario

There is a real shortage of condos for sale London Ontario including townhouses, town homes and apartment condos!

The London and St Thomas Association of REALTORS® (LSTAR) announced 400 homes were sold in January, down 28.8% from January 2017, which held the record for best January results since.

London Ontario Real Estate Market Graph

Why were sales down?

Very few homes for sale! There were 623 new home listings on MLS, down 31.8% from last January, and there were 1,020 active listings, down 27.7% from this time last year.

Average home sales price continues to rise across London and St. Thomas. The average sales price in the region was $333,424, up 9.8%, London South was $351,167 , up 11.5%, London North was $397,075, up 6.2%, London East, was $294,348, an increase of 32.1% from January 2017.

In St. Thomas, it was $247,135, up 19.7% over last January. 30 homes sold in January in St Thomas, down 36.2% from last year. There were 66 active listings, down 34.7% from last January, and there were 46 new listings, down 32.4% from the previous year.

As you can see, this is a seller’s market. A seller’s market is when there are more buyers than sellers and a lack of good homes for sale.

sellers Market London Ontario

What does this all mean?

If you were ever contemplating selling a house or a condo in London Ontario and area, now is a good time to capitalize on the market. Will the spring be better or worse? Who knows but what I do know, gambling on home prices is even worse than investing or should I say gambling in the stock market, mutual funds, playing the ponies or flipping a coin!

The following chart is based on data taken from the CREA National MLS® Report for December 2017 (Canadian Real Estate Association). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

January 2018 London Ontario Real Estate Market Results