Technology has changed the way we communicate, the way we travel and the speed and efficiency of our work. Some of us that have lived our adult lives through the technology transformation of the last 30 years might (jokingly) argue that the change hasn't always been for the better, but in the home-building industry, change is definitely a good thing.
Despite a slow start in the spring, sales for 2011 nearly matched the previous year.
After a slow start in the spring, home sales in the London-St. Thomas market rebounded in 2011 and nearly matched the previous year.
The London-St. Thomas Association of Realtors (LSTAR) reported Tuesday that 8,048 homes were sold in 2011, about 1% fewer than 2010.
The year got off to a slow start when sales in the spring were lagging 15 to 20% behind 2010.
London got some good news on the housing front with new home starts up in the city and area, the Canada Mortgage Housing Corp. (CMHC) reported Thursday.
Builders poured foundations for 130 homes compared to 105 in November, up 24%, with numbers boosted by townhouse construction, said Margot Stevenson, senior market analyst for CMHC.
But the market for single, detached homes, the largest economic indicator, is still in a slump, she added.
Demand for London and St. Thomas real estate is forecast to remain stable while prices move up in 2012, according to a national housing market report released by Re/Max real estate Tuesday.
The real estate company is predicting 8,100 residential units will be sold in London and St. Thomas, the same as in 2011 and 2010.
The average price is expected to increase 2% to $238,000.
Sales are forecast to fall by 3% in Kitchener-Waterloo and increase by 1% in Windsor and Hamilton areas.
A Farm Credit Canada report shows Canadian farmland prices accelerating upward in many markets, especially in Southwestern Ontario — the nation’s richest farm belt — in part because people are trying to buy rural homes that can’t be divided from the land.
“It is a lifestyle consideration,” said Dale Litt, senior appraiser with FCC.
The report found that in the first six months of this year farmland in Ontario jumped in value by 6.6%.
In the previous two six-month periods Ontario farmland increased by 2.4% and 4.3%.
BANG ON!: Retirements have potential of affecting availability and price of home.
This is the year in which the oldest baby boomers (born in 1946) start to exit the workforce. Statistics Canada predicts baby boomer retirements will continue through 2031, when retirement-aged Canadians will represent about 25% of the population.
All industries will be affected, but losing skilled trades in construction has the added potential to seriously affect housing availability and affordability for Canadians.
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August was a stronger month for building permits in the city, but home building is still in the doldrums.
A report going to city council’s built and natural environment committee on Monday shows there were 415 building permits issued in August worth a total of $50.7 million — both numbers a slight improvement over the same month last year. But so far this year there have been 2,690 building permits issued, a 20% decline compared with same period last year.
After a slow start, the London-St. Thomas real estate market has rebounded this year, with year-to-date sales almost catching up to 2010.
The London-St. Thomas Association of Realtors (LSTAR) said 702 homes sold in September, up 19.2% over the same month last year. The sales included 589 detached homes and 113 condos.
So far this year, 6,512 homes have sold, slightly below the 6,567 sold in the same period last year.
Homes sales in London and St Thomas heated up in August, jumping 21.7% compared with the same month last year.
The London-St Thomas Association of Realtors said 763 homes sold last month: 620 detached homes and 143 condos.
Association president Jack Lane said August sales were above the long-term average of 753 sales for the month.
More sellers entered the market; the number of active listings was up 9.8% by month’s end.
The market is balanced between buyers and sellers despite the jump in listings, Lane said.