Resale home prices will rise by as much as 3% in the 2nd quarter according to the Metro Resale Index report released by the Conference Board Of Canada. Sounds good to potential sellers , but there is a rub: 3% ties us with Windsor as one of the lowest performing urban centres in the country.
The apparent reason? Our local economy is not performing at the levels of other major cities. In fact it has been reported that our economy is actually under-performing. The unemployment statistics alone could be proof of that. London and area needs jobs.
So; is the glass half full or half empty?.
If you are employed and buying a home, London remains as one of the most affordable major cities in Canada and really is a great place to live. If you are selling, modest gains are better than losses, besides most sellers are motivated by other factors such as lifestyle change, family size, job relocation etc.
When the national six o’clock news reports skyrocketing house prices averaging over $300,000 and the need for mortgage reforms, think of the local picture.
Stay tuned to this station www.LondonHomesandCondos.com
