London Ontario Real Estate - October 2024 UPDATE: Sales UP, Still Slow

#LondonOntarioRealEstate #LondonOntario #canadianrealestate

London’s real estate market showed some signs of life in October, with sales rising more than would be expected in a normal year, as the Bank of Canada’s rate cuts appear to have drawn more buyers into the market.

Links:

LSTAR: Our Latest Statistics:

Realtors see reasons for optimism as London-area home sales rise:

Policy interest rate:

No, Canada's half-point interest rate cut won't ignite London-area home sales:

Sluggish London area housing market awaits potential interest rate cut:

What does the Bank of Canada’s rate cut mean for real estate?:

TD raised its housing sales and price forecasts. Here’s how it sees the real estate market unfolding over the next year:

Census Profile, 2016 Census:

Variable mortgage rates are falling, but fixed rates aren’t ready to follow suit:

Canada 5 Year Government Bond:

10-year Treasury yield posts huge leap to 4.46% on Trump win, possible GOP Congress sweep:

Wayback Machine – RBC Mortgage Rates:

Bank of Canada needs deeper rate cuts to bring real estate sector off sidelines, say experts:

Will the Bank of Canada's interest rate cut spur the housing market?:

Mark Mitchell – Mortgage Broker London Ontario
920 Commissioners road east
London, Ontario N5Z 3J1
Phone: [phone] (Call or Text)
Brokerage Lic: 10464
Broker Lic: M16001479

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[devstatingx]

Ive mentioned it before but i kinda wish the BoC kept rates high.

[tz]

Thank you for the update, Mark! The current real estate market is in an "artificial, non-organic state" due to government and central bank meddling. Price discovery is completely destroyed, and the outlook is too fluid and bleak. for investors, there are better options.
The overreliance on real estate has resulted in a two-trick pony Canadian economy (real estate and immigration). with time, two tricks no longer work, the only next thing is devaluation of the currency.
End of the day, RE is only worth what the next guy is able to pay, look what 'next guy' we are importing right now...

[AshrafulAlam-zwxw]

Home price will continue to fall. No worries.

[nedi]

But variable rates will eventually follow too correct? If the policy differences with the US and Canada remains anf possible increasing, the USD keeps on ripping and unemployment remains low in North America inflation will come back.

[AxeRyan-dj]

Who is behind the banking system? Who runs the banks? They are not Canadians, That is for sure.

[vaqueroontario]

Sales up(?) Not relative to listings they are not!

[bigsid]

'Stupid Facts' getting in the way of the Realtors Party ;-(

[andrewvader]

Is it true for London St Thomas at the last five years growth has been 50% were 10 years ago is 150 %.. where the best time to buy was 5 years ago. Like how true is this information going to be with housing market where no one's going to bill for anything if it keeps going up 50% every 5 years

[Stormshfter]

The bond market is not cooperating.
US 10 year Treasury yeild is way up this week.
Trump is too unpredictable for buying US debt.

[pilotgirl]

Thx Mark. Not what I want to hear but better than I feared. Hoping a bit more upside next spring as I wish to sell and downsize. However I’m in a strong equity position so I don’t need to sell. If I was up sizing, I’d be selling and buying but downsizing hurts a bit more. Good info on London. Thx

[mogulrider]

After 47 yrs of participating in this game called investing I've seen a few things.
I've said to wait for 2026-27.
Yet I see the same old rhetoric about buy, buy, buy.
Why 2026? It typically takes 5-7 yrs to bodybag the debtors from the previous cycle. This fact goes back to the 1970s. Way before that in fact but that is my timeline as an adult.
Patience is the one thing few have....

[legacyturbo]

I honestly don’t think the Realistate market will improve despite interest rate cuts. I see it all around me people are broke …. The cost of living is too expensive as it is. People that did potentially have a down for a home might not have much left due to the rising cost of everything. Also the job market is horrible business aren’t really hiring if anything they’re cutting back. It’s brutal out there mark I’m sure you see it as well.