According to the latest report from the London and St. Thomas Association of Realtors, the average price of a home in the London area dropped by more than $50,000 compared to the previous month.
“When we’re getting offers now, it’s not quite as many. So as opposed to getting 10 to 15 offers on properties now with more diversification and product, we’re getting you know, maybe three to five offers on some properties,” Peter Ramsay, a real estate broker at Oliver and Associates, said.
With new home builds expected to increase over the warm weather months and more people testing the market on selling their homes, it’s increased homes inventory, that means there is more houses available, and more choice for buyers.
“Houses are actually sitting for a week or two now versus you know, three to four days and then just selling really quickly, said Ramsay
That news is met with optimism for people looking to get into the market in the future. Like Maria Pierri, who is hoping her children can soon afford to buy a home of their own.
“My son was thinking of buying so for now the price has gone down that will be an idea and again,” she said.
While some people like Linda Mclinchey, who helped her parents with the sale of their house in January, consider themselves lucky.
“I just know my mom and dad sold their house at a perfect time and I’m now playing the lottery with my father who is 90,” she said.
But there are others who still feel the price needs to come much lower before they consider buying or selling.
Dee Thompson stayed out of the market as she felt it was artificially inflated
“I didn’t see the possibility of buying because if you do sell you cannot buy anything for that price,” she said.
Another measure that is noteworthy is the time homes are staying on the market and the home inventory, both up from March.
Meanwhile, prices are down from last month, but still have increased over 150 per cent from the same month five years ago.