President of the London and St. Thomas Association of Realtors, Jim Holody says this time of year interest rates are particularly low.
Holody says you can lock in long term financing for about 4%, and seasonally the market starts to slow down a bit as we approach Christmas.
He says there aren’t as many buyers in the market compared to the busy seasons, such as March.
Holody feels for the young buyer it may be a good time to buy a house and grab a deal.
Holody says home sales have been great, he adds they are up 7.4 % over last year, and November alone was up 4.7 per cent; making it the best November since the financial meltdown in 2007.
He adds the local economy continues to be good, and it’s reflecting in home sales.
He says people are finding work and feeling better about their current jobs and seem to be making the leap to buying their first house or buying again.
Holody assures home buyers in the region by saying there is absolutely no Real estate Bubble in London, like there is talk of in Vancouver and Toronto.