The London and St. Thomas Association of Realtors reported 678 homes sold in June with 1,510 new listings. Average prices varied: Central Elgin rose to $822,389, London East to $530,031, London North decreased to $753,575, and Middlesex Centre increased to $1,164,378. LSTAR Chair noted market resilience and adaptability, with overall average home price at $671,309. St. Thomas saw average home price drop...
Market Update
Refinancing a mortgage in Ontario offers potential relief from high interest rates. It involves replacing your current mortgage with a new one to adjust terms and rates....
Ontario landlords can raise rent by up to 2.5% in 2025, reflecting consistent rates in recent years. Impact of Inflation: Without the cap, the increase would have been 3.1% due to inflation....
London city hall is considering offering cash incentives to builders for adding affordable units and to landlords converting offices to apartments. City staff suggest using a $74-million federal fund to provide increased incentives. The proposals include offering $45,000 for each affordable unit added and increasing grants for apartment units converted from offices to $35,000. The goal is to build 3,000...
Ontario's growing Real Estate inventory is giving homebuyers more power in negotiations....
Developer charges in Brampton are being reduced by up to 25% for rental builds to align with the province's housing goals. The city council approved changes to lower development charge rates for various types of housing, including single homes, apartments, and industrial builds. These adjustments aim to support the construction of 1.5 million new homes in Ontario, with Brampton expecting around...
Taxes, fees, and levies account for 31% of new home costs. Approval processes add months to building projects....
Ontario saw ↑23% in housing starts in Mid-Q2 yearly. Despite the increase, 2024's overall housing starts ↓6% yearly....
Review the contract carefully to ensure you are getting the agreed-upon interest rate and understand any lender fees. Be aware of your prepayment privilege and any prepayment penalties associated with paying off your mortgage early....
The average home price in Brampton was $1.01 million in June 2024, up 0.7% from May 2024 but down 9.3% from June 2023. Detached houses averaged $1.18 million, up 0.7% monthly but down 9.7% yearly. Semi-detached houses averaged $912,621, down 1.7% monthly and 10.5% yearly. Attached houses averaged $869,021, down 0.7% monthly and 7.6% yearly. Townhouse-style condos averaged $693,359, down 0.3% monthly and...