The London realty market is through the roof, sitting unbalanced. There are currently more buyers then homes available in the market, driving price up.
Peak Professionals Realty Broker, Kathy Amess, say’s the market is out of balance because, “We just don’t really have enough inventory.” Toronto buyer’s come into the London market with Toronto prices. With these larger budgets, they push up prices so London buyers have to work a little harder to win the bid. “The markets really busy right now: were still seeing lots of multiple offers on properties” says Amess.
If you are trying to set a budget, Amess says “Anything under 300-thousand dollars is really a challenge.[…] Anything over 550 to 600-thousand has slowed down.” With prices like these, you can sit a little closer to the Toronto incoming buyers price ranges.
This constantly raising market worries future buyers like Brett Van Horn. Brett is a millennial, and says “I’m worried I won’t be able to afford a house.” If prices keep going the way they do, people like Van Horn are at risk of becoming lifetime renters.