-Why london RE market will be continously hot for another several years at least before it hit the plateau as we have seen in GTA nowadays?
There are no fancy words, no thorough numbers stats…ONLY my 16 years experience working as a realtor in london & st thomas board.
Stay tuned…if you are serious about your finance!
If any of londoners deny how crazy our Real Estate market it was last year, there are only two possibilities:
1. You don’t own your home and don’t intend to.
2. You only admire warrant Buffet and Real Estate is not your cup of tea.
For the rest of us, average people who own our principal residence, who may own a couple of investment properties, we couldn’t help noticing how hot our real estate market was last year in 2017.
I remember last summer when I and my husband drove around the area when most of time we were doing some errands after dropping kids to the dance studio, we can see many household residents were chatting together. When our car was approaching, I can see they were pausing their conversation ( My personal car plates JIE DAN got many attention, believe or not). I can almost feel they were talking about Real Estate: SHOULD WE SELL? The market was so hot that I myself wasn’t feel I was in Canada!!!
To give you some snap shot what our real estate market was in 2017, please imagine this: As a realtor ( 16 years experience), I have to write at least 3 offers before my buyers got to buy A property. Yes, 3 was my magic #. Some agents who were not that much experienced….their # was almost 10.
Then, The government stepped in. 15% land transfer tax is to be applicable to foreign buyers. Yes, The financial market, the insurance agent can’t take it anymore… You have to agree the money market consists of both of real estate and liquid assets. It varies where the funds go depends on the interest rate. besides, none of the landlord would be happy to see their tenants buying their first home.
The Real Estate Market was cooling down a little bit in london but dramatically affect GTA market. Buyers were not adding 5% over the asking price, yet surely, the asking price was adjusted accordingly. Yes, the home owner priced their property accordingly base on the proper value ( not under the market value to entice the multiple offers).
Properties there droped 20%, properties were not selling, Real Estate agents start playing stock then.
Lately, I have come across many conversations starting like this. I mean most of time its from strangers who care about me when I said I am a realtor:
-Oh, hope this year the real estate market goes down a bit…not as crazy as last year. ( truly, the hot real estate market benefit nobody else other than investors considering higher property tax payable0
_Oh, those torontonians…. ( Yes, our good looking properties are way under the market value that people from GTA can’t resist the temptation to come down to buy)
Nevertheless, local londoners don’t realize how lucky we are and how much we have that people are pouring their money to own your relaxing life style.
The Truth is: People have to pay double of price of RE if living toronto! Our safe & peaceful social environment & the traditional canadian value that honours each being including pets….we are blessed!
My prediction For the next 5 years, our real estate market will continue to go up no matter you like it or not!
So, for people who hasn’t own any home yet, please hurry.
People who are handy to fix the property, great news? you just earn yourself the opportunity to make a fortune!
Investors, its never to late, buy low & sell high later!
To people who understand, you would thank me one day that you have built your fortune after reading this article, suppose you take action.
To people who never thought about even owning their first house, think thoroughly.
Its never too late to own your own home, to buy your first investment property!
For your any Real Estate buying or selling in london, please call me as local expert!
I help you succeed!
Broker of Record
Sutton - Jie Dan Realty Brokerage
18-390 Springbank Dr.