London Ontario Real Estate: November Sales & Conditional Offers Up

#londonontariorealestate #londonontario #lstar

London’s real estate market saw a major increase in sales in November, up 37.3% from 2023, though sales remained largely below what we would expect for November – leading to questions as to whether or not the London market is really ‘rebounding.’

Links:

London and St Thomas Association of Realtors (LSTAR) Statistics:

London-area housing market rebounds as realtors eye 'steady, solid' 2025:

Toronto-area home sales surge 40% in November as prices start to edge up:

Toronto Housing Sales Climb With Buyers Flocking Back to Market:

'We're in a recession,' says former Bank of Canada governor Stephen Poloz:

Interest Rate Announcement:

Real GDP per capita declines for 6th consecutive quarter, household savings rise:

Canada needs to take Trump's tariff threats seriously: experts:

Canada needs to take Trump's tariff threats seriously: experts:

Mark Mitchell – Mortgage Broker London Ontario
920 Commissioners road east
London, Ontario N5Z 3J1
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[ChristianDykstra]

Thanks Mark for another data driven opinion piece. Appreciate independent journalism.

[MBern-pgro]

Mark, can you set up a collab woth Jon Flynn? id be interested to hear your discussion about the current situation in Canada/ Ontario RE.

[Lava-wkfz]

Hi Mark love your video as always. However I was wondering by definition MOI 4 to 6 month is a balanced market anything less than 4 month should be sellers market I just dont see this in this case it feels like less than 2 month might become sellers market . do you have a better number？

[whiskeyinthejarful]

Mark, I’m sure you’ve probably covered this somewhere but isn’t the data kinda wildly “off” due to the fact that old/original listings aren’t captured in any metric? E.g., the SLPR reflects the final listing that the house actually sold at - in reality, I can see that plenty in London are re-listed 200k or more below what they were FIRST listed at… THEN they finally sell. Yet I’ve never heard of this being taken into account anywhere. It would be good to get accurate data on just how far off the mark most sellers are (before the market tells them what they’re actually going to get).

[tz]

Yay, poloz finally comes out from under the rock to beat the recession drum 🥁🥁🥁....thanks Mark for the update

[justinandout]

This is crazy - we're in recession, as well as asset bubble - yet people are cheering for rate cuts hoping to get even more into debt .... This won't end well

[garfieldirwin]

The only way this market can return to a healthy, balanced market is for prices to continue to fall. It is happening, but we're not there yet by a long shot. There are three houses on our street for sale and none are moving (in a desirable area) even though they have all relisted (some several times) for prices that are now $50k to $200k less than the original asking price. I'd hate to be a seller in this market.

[jasonkillion]

What will have a bigger impact, the renewal wave/recession or the plummet in housing starts? Feels like an unstoppable force meeting an immovable object.

[leightondaciuk]

Any chance you could do a video on Edmonton? The media and the real estate boards are proposing it's going to be one of the hottest I'm Canada in 2025. It would be great to have you review the data if you'd be willing.

[PlipPlopTheLastPlooPloo]

Looks like a mighty clear "Head and shoulders" pattern to me

[baseline]

Next yr should see a stronger market with 2-3 more rate ✂️

[mogulrider]

Lol. Yup she's a good chance to buy investment condos....
Mark, I sat down with a pencil and a roll of toilet paper and compared the 100, 000 precon condos waiting to close in GTA in the next 24 months. Yup, that's the number from my bankster buds. These folks are 30% underwater at closing. At least. Btw this not Canada. Just GTA.

Using my washroom math, I'd say my 2026 prediction is wrong.
We are looking at Tokyo Japan 1990. Using this analogous comp. I revise my bank auction to 2027 as a rough guess. That is one helluva lot of inventory to clear. Canada would be over half a million unsold units total. Wow

[gechgr]

Probably FOMO for last available detached single family homes available, at a 30-year amortization. For now.

[legacyturbo]

Lol do we really need anyone to tell us that we’re in a recession ..?? It’s clear as day that we’re in one and have been for some time now .!!!!