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London New Home Sales Survey

The decline of new home sales in the London area slowed in the 3rd Quarter 2009 as a result of slightly higher demand for new single detached homes. New home sales were down slightly compared to the same period in 2008 (265 units vs 279 units).
Sales of existing homes increased slightly as a result of low mortgage rates.

Single Detached Home Sales

Sales of new single detached homes moved up slightly compared to last year (209 units vs 185). A single detached home is the most popular type of home in London.

Semi-Detached Home Sales

Semi-detached home sales decreased by 36% from 47 units last year to 30 units this year.

New Home Sales Prices

The average price for a new single detached home rose in the 3rd quarter to $334,883, up from $311,047 in the same period in 2008. The price for semi-detached homes rose by 1% to $219,442.

All information is courtesy of Canada Mortgage and Housing Corporation.

Housing Starts Up in London

The home construction market in London Ontario showed more signs of recovery in October with 125 single housing starts in the London and St. Thomas area in October, up from 93 in the same month last year.

In an annual forecast released last week, the Canada Mortgage and Housing Corporation estimated 1,840 housing starts for the London-St. Thomas area this year and 1,890 starts in 2010.

The full story can be read in the London Free Press.

Top Real Estate Team in London

We’re pleased to announce that we’ve just been recognized as the top real estate sales team in London by Century 21.

The Century 21 London office is the #1 Century 21 sales office in Canada (units sold 2004, 2005, 2006, 2007 and 2008) as well as the #1 Real Estate office in London (units sold 2004, 2006, 2007 and 2008).

Call us today for a FREE market evaluation. With mortgage interest rates at the lowest they’ve ever been there has never been a better time to buy or sell a home. If you have any real estate questions call Julie or Trevor on (519) 673 3390.

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