Arnate Swigger

Arnate Swigger

REALTOR®
CENTURY 21 First Canadian Corp., Brokerage*
  • 519-868-2918
  • 519-673-3390
  • 519-673-6789
  • 420 York Street
    London, ON N6B 1R1
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best august on record

 

Just one short of a thousand homes exchanged hands in August 2016, making last month the best August on record for the London and St. Thomas Association of REALTORS®. "This has been an absolutely outstanding year for real estate in our area," says Stacey Evoy, LSTAR President. "We've seen the best April ever, the best June ever and now the best August ever – all in 2016." 804 detached homes sold last month along with 195 condos. Year-to-Date sales are up 9.1%.

Inventory was down 29.4%. "Supply continues tight and demand high," says Evoy. "If you're thinking of listing your home, consider the fall market."

Sixty two homes sold in St. Thomas in August, slightly short of the total for last August. "You have to bear in mind that last year was the best August for St. Thomas since 2007," cautions Evoy. The average price for a home in St. Thomas Year-to-Date stands at $225,317, up 3.9%.

The best-selling house style in LSTAR's jurisdiction for August 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year-to-Date stood at $295,078 up 4.6%, while the average price for a condo over the same period stood at $201,393, up 6.1%. The average price of all homes sold through LSTAR's MLS® Year-to-Date stood at $277,236, up 4.8%.

House Style Units Sold Average Price
2 storey 239 $384,384
Bungalow 174 $220,079
Ranch 109 $336,907
Townhouse 95 $188,571
High rise apt. condo 40 $170,676

The following table, based on data taken from CREA's National MLS® Report for July 2016 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

City Average Sale Price
Vancover $1,042,110
Toronto $723,865
Fraser Valley $660,985
Victoria $572,339
Hamilton $494,949
Calgary $478,327
Edmonton $386,640
Ottawa $367,984
Kitchener-Waterloo $361,993
Montreal $358,891
Saskatoon $343,309
Regina $319,004
Niagara Region $318,969
London St. Thomas $277,660
Canada $478,954

According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means August home sales in LSTAR's jurisdiction spun approximately $54,945,000 into our local economy and created approximately 333 jobs," says Evoy. "What REALTORS® do is a huge driver of the economy and, here, at LSTAR, we are very proud of the part we play in making our community a better place to live, work and raise a family.”

Click here to see the original news release of LSTAR.

What Canadian Buyers Want in a Home

 

Heat savings over hardwood: Survey reveals shift in home buyers’ desires

The Canadian dream home has a new laundry list of “must haves”

Utility bills can cost a homeowner even more when they go to sell their property according to the CENTURY 21® Canadian Home Critics Survey. In the results, which expose purchasers' motivations and turn offs, Canadians overwhelmingly report that they would select a home with energy efficiency upgrades (41%) over updated finishings like granite countertops or hardwood floors (22%). View the full survey press release here.

"It's well-known that home buying is an emotional process, so understanding the shifts in where buyers place value is key to a sellers' success," said Todd Shyiak, national director of operations, CENTURY 21 Canada. "Location is still important to today’s home buyers, but the sheer volume of information available has made them more aware of how a home's features can impact their lifestyle."

So, how are Canadians judging your home?

Home buyers want “Layout, location, location.”

Canadians say that layout is the most important consideration when selecting a home (27%), even over location factors such as the desirability of the community (26%) or commute distance (12%). Layout also has the strongest impact on their first impression of a house (39%) while a home's size carries much less weight (11%).

The survey also uncovers that buyers are willing to renovate for looks but not for repair. Only 13% of Canadians view the need to renovate rooms as a major home buying deterrent. Yet, 30% will walk away from a purchase if they notice just a small amount of water damage, even when the costly issue of outdated plumbing or electrical facilities (29%) is considered.

When it comes to homes, Canadians are clean freaks.

If your house has old flooring, just make sure it’s spotless. Uncleanliness tops home buyers' turn off list (60%), whereas dated flooring (40%) or bold paint colours (18%) have much less impact.

The Goldilocks’ effect: Buyers most driven to find a home that fits just right.

40% of Canadians say their number one motivation to buy a house is to "better fit a new life stage," followed by the desire to "have a home of their own" (29%) and “because it’s a smart investment” (just 10%).

Size matters to millennial home buyers, boomers have bigger concerns.

Millennials look more at the face value of houses, including square footage (millennials 9%, boomers 4%) and room count (millennials 12%, boomers 3%). In contrast, boomers are more concerned with lifestyle factors, such as how well the space is laid out (millennials 18%, boomers 34%) or if it’s located in a desirable community (millennials 18%, boomers 30%).

For boomer buyers, it's what's inside that counts.

Boomers are less likely to be turned off by a home's cosmetic features, such as dated flooring (millennials 51%, boomers 36%). This demographic, who may be settling in for retirement or downsizing, seek homes that won't cost them time or money in the long run. Boomers prefer homes with energy efficiency upgrades (millennials 29%, boomers 54%) and are more likely to avoid ones with outdated plumbing or electrical facilities (millennials 23%, boomers 32%).

Canadian home buyer desires from coast to coast:

  • Why buy a home? Atlantic Canadians view homeownership as a smart investment.
  • “Home of my own” instinct tops Quebec residents’ motivations to buy property.
  • Dated décor turns off Ontario home buyers.
  • Prairie home buyers seek neighbourhood and house to fit their families.
  • Albertan home buyers focus on “layout over location.”
  • BC home buyers are property psychic, avoiding costly future expenses.

“Knowing your buyer can mean the difference between getting the best price for a home or missing opportunities,” said Shyiak. "In-depth knowledge of each community's unique needs has distinguished our agents’ service and their clients’ success."

The CENTURY 21 Canadian Home Critics Survey delves into home buyers' mindsets to help consumers and sellers make the best decisions for their needs. 

 

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Communities

Cities
Komoka

Komoka village is a crossing point for many railway lines and was formerly a railway hot spot featuring various hotels and development. Today, the Komoka ...

London

Welcome to London … In things traditional and contemporary, you'll discover our city offers plenty to see and do. The links within the Visitors ...

Mount Brydges

Mount Brydges has a small commercial "downtown" featuring mostly local businesses and shops. Local agriculture includes maize, tobacco and wheat. The soil ...

St. Thomas

The city has come a long way since it was first settled in 1810. Named after Thomas Talbot, who helped promote the development of this region during the ...

Strathroy

Strathroy-Caradoc is a municipality located just west of London. It was created through the merger of the former township of Caradoc and the town of Strathroy ...

Neighbourhoods
Byron

Located downriver (west) from London on the outer fringes of the city, Byron was originally called Westminster, then renamed Hall's Mill, and then finally ...

Lambeth

Lambeth; located in the southwest area backing onto Highway 402,  is part of London, Ontario. Providing easy access to the 401, St. Thomas as well ...

Lockwood Park

The area of Lockwood Park is located within the district of Highland, London Ontario and is bordered by Wellington Rd, Southdale and Upper Queens.  ...

Stoney Creek

This district is bounded by Adelaide St. to the west, Fanshawe Park Road to the south, Highbury to the east and the city boundary to the north. It is characterized ...

Stoneybrook

Stoneybrook is a largely suburban neighbourhood in London's north end, composed of larger than average homes and lots.  Located just east of the ...

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