News

A total of 498 homes sold in February 2014, down 13.5% from the previous year. "The first couple of months of the year are traditionally slow months for real estate," says Jim Holody, the 2014 President of the London and St. Thomas Association of REALTORS®. "Factor in some of the coldest temperatures in recent memory and one winter storm system after another and you've got a market in deep freeze. Fortunately, the only thing wrong with our market is the weather and that's about to change. Buyers who want to get ahead of the game would do well to get out in front of the crowd. The Spring market is going to start to kick in this month and I think we're going to see some pent-up demand start to change the equation."

Currently in Ontario, anyone can call themselves a home inspector. This could pose a problem for Ontarians who might base their decision to buy or sell a home on information they receive from an unregulated, unlicensed home inspector. "Home inspectors play an important role in the home buying and selling process," says Jim Holody, President of the London and St. Thomas Association of REALTORS®. "Professionals with this much influence should be licensed and have proper training to ensure consumers receive a consistent and standardized service."

The winners of the Don Smith Commercial Building Awards, established by the Regional Commercial Council of LSTAR and sponsored by CBRE, Dancor Construction, Elgin County and Millennium Real Estate Solutions, were announced on February 4th to a capacity crowd at the London Club. According to Jack Lane, RCC Chair Elect, the awards program was established, "to recognize, reward and celebrate excellence and innovation in commercial building right here at home." The program was named after the late Don Smith, legendary co-founder of EllisDon, a world-renowned construction company with London roots.

A total of 382 homes sold in January 2014, down 12.8% from the previous year. "January is traditionally a slow month for real estate," says Jim Holody, the 2014 President of LSTAR, "and the Polar Vortex undoubtedly put an additional chill on the market. Not even Canadians want to go house hunting when it's 20 below! The market fundamentals in our area are strong and we've got eleven months to play catch-up and then some." He adds, "For savvy buyers who don't mind braving the cold and the snow, now is the time to enter the marketplace and buy a home  when everyone else is waiting for things to warm up!"

The Regional Commercial Council of LSTAR has named the twenty contenders for the 2013 Don Smith Commercial Building Awards. The event is sponsored by CBRE, Dancor Construction, Elgin County and Millennium Real Estate Solutions. Judging tour transportation is generously provided by Voyageur Transportation Services.

The Board of Directors of the London and St. Thomas Association of REALTORS® (LSTAR) is pleased to announce that London REALTOR® Jim Holody will serve as its 2014 President.

2013 saw 7,905 home sales, down a marginal 1.4% – 115 units – from 2012. 6,442 detached homes exchanged hands last year – down only 1.1% from the previous year - and 1,463 condos – down 3%. "We had a slow start to 2013, but the market stabilized over the course of the year and finished strong," says Doug Pedlar, the 2013 President of the London and St. Thomas Association of REALTORS®.

On December 11, 2013, in the presence of the assembled Board of Directors of the London and St Thomas Association of REALTORS®, LSTAR President Doug Pedlar presented Gabriella Catolino, Director of Development & Capital Campaign for St. Joseph's Hospice, Donald Bryant, Capitol Campaign Chair, and Marisa Kanas, Campaign Development Officer, with a cheque for $25,000, to be used towards the establishment of a residential hospice in London at the Sisters of St. Joseph's Residence.

Home sales in November were up 7.6% overall, with 551 homes exchanging hands over the past month. “We always like to see an increase in sales,” says Doug Pedlar, President of the London and St. Thomas Association of REALTORS®. “It's important, however, to bear in mind that last November's sales were comparatively low, which means that what we are seeing now may be more like a market correction than anything else.” The average number of sales for November between 2008 and 2012 was 535.