London Free Press

Housing Starts In London And Area Up In July, Canada Mortgage And Housing Corporation Says

Fuelled by a red hot real estate market, home building in the London area is on a roll not seen since before the last recession, says the president of the London Home Builders’ Association (LHBA).

So far this year there have been 784 single family starts, up 42 per cent from the first seven months of 2015.

Trevor McKenzie, president of the home builders’ association, said the market is the strongest in almost 10 years.

Local Home Sales Sizzle, But Supply Dwindling

The hot streak continues for the London real estate market, with July sales almost setting another monthly record.

The London and St. Thomas Association of Realtors (LSTAR) said 990 homes sold last month, just shy of the 1,009 units sold in July 2007.

That follows a sales record for the month of June and the second-best May in the London-St. Thomas market.

“These kinds of numbers, month after month after month, speak to the vibrancy of our current market,” LSTAR president Stacey Evoy said Tuesday.

New Highrise Boosts Local Housing Starts To Record High Levels

London-area housing starts shot up 41 per cent in the first six months of 2016, thanks mainly to a couple of big apartment projects.

June was another big month for local housing construction. Canada Mortgage and Housing Corp. (CMHC) recorded 513 starts in London-St. Thomas last month, compared with 182 in June 2015.

Fanshawe Condo Plan Upsets Neighbours

A 142-unit condominium development may be built on the site of the former home of Nancy and Bill Poole, a neighbourhood group has heard.

And they don’t like the sound of that, at all.

“Everyone in the neighbourhood is opposing this, we are all against it,” said Shauna Roch, a member of the Stoneybrook Heights/Uplands Community Association.

“We would like to see development on the site, but we want it in keeping with the neighbourhood.”

Highrise Creating A Buzz In The Core

George Anastasiadis is in ­demand.

Since his new downtown residential highrise has been approved by the city, his phone is ringing off the hook.

City developers have been calling to buy the site, Toronto builders want in and still others say they will partner with him to make the 32-storey, 182 unit project at 455 Clarence St., a reality.

He’s feeling a little overwhelmed.

June Home Sales Set Record

Stacey Evoy just came back from eight days in Jamaica. Some vacation. The London real estate agent sold three homes on her laptop while she was there.

It’s symptomatic of the sizzling London area real estate market. The London St. Thomas Association of Realtors reported Monday 1,133 homes were sold in June, a record for the month and the third best month ever. Another monthly record was set in April.


London Losing Critical New Home Building

London is losing new home building and the cash it provides the city, to neighbouring communities, say home builders and developers.

A scarcity of building lots here is pushing construction out of town and if the city agrees to delay 15 developments, some for as long as 10 years, it will worsen an already critical problem and cost the city money.

“A shortage of lots is a major concern for home builders,” Jim Kennedy, president of the London Development Institute, said Friday.

Highrise heightens housing starts

A new downtown condo project gave London area housing starts a big boost last month.

The Canada Mortgage and Housing Corp. (CMHC) said there were 534 housing starts in London-St. Thomas in May, compared to 443 in same month in 2015. The big factor in the numbers was Tricar Group’s Azure condominium project at Talbot and Dufferin Streets, which will be the city’s tallest residential highrise.

Alberta exodus may hit home here

They’re coming home and bringing money with them.

Londoners who moved to Alberta for better jobs during its boom are expected to start moving back, helping to boost area home building and housing prices, Canada Mortgage and Housing Corp. forecasts.

Combined with other factors driving local sales, including seniors cashing out of hot markets elsewhere to buy here, CMHC predicts a shortage of listings to meet the demand will make London a seller’s market.

London, St. Thomas area posts real estate numbers not seen since before the 2008 recession

Bidding wars, frantic buyers, overloaded agents and home sellers with Cheshire Cat grins.

It’s nowhere near as crazy as Vancouver or Toronto, but London’s real estate market is on a tear not seen since before the 2008 recession. The London and St. Thomas Association of Realtors said 1,068 homes sold in April, a record for the traditionally busy month. That blew past the 1,017 homes sold in April 2010 and was 10.8 per cent higher than the same month last year. Total sales so far in 2016 are up 10.7 per cent.