Real Estate

why people from GTA are pouring in London and buying

  • Last Updated:
  • Oct 17th, 2017 8:14 pm
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Dec 21, 2005
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Clacker wrote:
Jul 12th, 2017 1:49 am
One other anecdote in the other direction. When we bought our house ~6 years ago we looked at homes in a new development called Fox fields. At the time they were offering lot's of incentives like free finished basements, etc to try to sell, now 6 years later... they still haven't sold all of the units and just down the road (Richmond & Sunningdale) there's a wasteland of semi-constructed houses that have gone nowhere for ~3 years... so I'd take these london free press stories with a giant grain of salt...
Timing is everything

Last May/June, you could pick and choose pretty much any lot in the Forest Hill/Ballymote area (the last release of new builds). I remember going through the Sifton model home for Ballymote and it was quite attractively priced (around 400k iirc) for a 2300 sq ft.
:idea: :) :lol: :razz: :D
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charliebrown wrote:
Jul 12th, 2017 11:40 am
Timing is everything

Last May/June, you could pick and choose pretty much any lot in the Forest Hill/Ballymote area (the last release of new builds). I remember going through the Sifton model home for Ballymote and it was quite attractively priced (around 400k iirc) for a 2300 sq ft.
See to me that's not an attractive price at all but quite an inflated price unless we're talking all upgrades + pool + full 2 car garage + 50+ foot lot....

We purchased our ~2200 sq ft for 284k ~7 years ago in much the same area of town, but my view on real estate is also quite skewed as I come from a smaller town with lot's of space.
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Clacker wrote:
Jul 14th, 2017 12:01 am
See to me that's not an attractive price at all but quite an inflated price unless we're talking all upgrades + pool + full 2 car garage + 50+ foot lot....

We purchased our ~2200 sq ft for 284k ~7 years ago in much the same area of town, but my view on real estate is also quite skewed as I come from a smaller town with lot's of space.
And you bought 7 years ago ... price has obviously gone up called supply and demand ... just thank yourself for getting in early. I'm sure someone would have screamed '284 that's so expensive" .. all relative really.
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Sanyo wrote:
Jul 14th, 2017 9:12 am
And you bought 7 years ago ... price has obviously gone up called supply and demand ... just thank yourself for getting in early. I'm sure someone would have screamed '284 that's so expensive" .. all relative really.
So roughly 30% increase over 7 years -- that's much more reasonable than the 30-50% increases PER year that has been happening in the GTA before this April

Also, i think newer houses also means the new owner can wait another 7-10 yrs before they have to replace the roof/windows/etc

A slightly bigger house in that area just listed at 549k (~50 ft lot, i'd guess around 2,500 sq ft 4 bed, 4 bath)
:idea: :) :lol: :razz: :D
[OP]
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i am pretty sure London is a great city and most under valued in Ontario with very high potential to many companies to open offices here its also surrounded by natural beauty and thames river ..its just been very under estimated so far and people started to realize how great the city of London when it comes to cost of living and the amount of resources it has ..after living in GTA for 3 years and moving here i feel like i moved to a great city which i don't want to leave again
[OP]
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Feb 16, 2017
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can anyone tell me why there is such a high activity in Stoney Creek area ? i went to open house for below listing which is active for just 3 days i am surprised myself to see the bidding wars for the below property .. i am sure this will end up selling close 360-370k

http://www.century21.ca/firstcanadian/P ... 0_BLOOM_CR

where as other locations are selling around 10k above from asking price ... overall i would like to wait n see till september how the activity goes here
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Zzzzzz

most of the condos I was looking at 6 months ago in London are still on the market to this day. How is this a hot market? Oh, yeah.... the OP sold in one of the most expensive cities in Canada and bought in London.... and now has a dream :)
[OP]
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BiegeToyota wrote:
Jul 22nd, 2017 11:56 pm
Zzzzzz

most of the condos I was looking at 6 months ago in London are still on the market to this day. How is this a hot market? Oh, yeah.... the OP sold in one of the most expensive cities in Canada and bought in London.... and now has a dream :)
no way my friend i saw a condo on west mount in april 2017 listed for 280k now in market for 314k see 34k increase in price in 3 months and trust me that area is in top 3 most demand area stoney creek, hyde park and west mount of london if you wait n check it in january 18 price might be in 400's

https://www.zolo.ca/london-real-estate/ ... levard/314

i talk with proofs i am interested to see the links if you have one which you are referring
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mattdominic wrote:
Jul 23rd, 2017 12:44 pm
no way my friend i saw a condo on west mount in april 2017 listed for 280k now in market for 314k see 34k increase in price in 3 months and trust me that area is in top 3 most demand area stoney creek, hyde park and west mount of london if you wait n check it in january 18 price might be in 400's

https://www.zolo.ca/london-real-estate/ ... levard/314
The fact that this building (now under construction) is STILL not sold out = indicator of how things have slowed for the London area.

Granted, the $549k house I mentioned earlier sold after 1 weekend of open house showings (no clue how much they got); i m guessing houses under $600k have no issue selling but it's a bit slower for anything above $600k
:idea: :) :lol: :razz: :D
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mattdominic wrote:
Jul 22nd, 2017 10:00 pm
can anyone tell me why there is such a high activity in Stoney Creek area ? i went to open house for below listing which is active for just 3 days i am surprised myself to see the bidding wars for the below property .. i am sure this will end up selling close 360-370k

http://www.century21.ca/firstcanadian/P ... 0_BLOOM_CR

where as other locations are selling around 10k above from asking price ... overall i would like to wait n see till september how the activity goes here
Stoneycreek has more affordable entry level homes (If you look north or west, you'll see homes go for considerably more). It has good proximity to the new YMCA, is known to be quite safe, and has excellent schools. You'll find the area has a high number of families with children. Interest seems high in the area for that reason, and because listing prices are lower in general, it generates more intense bidding for the time being at least.
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[OP]
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Any agents here who can tell me sold prices of properties recently ?
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This kind of makes me laugh. Most people I talk to wonder why anybody would open up offices in this town. The infrastructure is poor getting from the North end to the South end is ridiculous and for goodness sake trains still stop traffic 5-10 times a day throughout the entire downtown core. My wife and I have lived in several cities in Canada and Europe and although the amount of greenery in London is nice this city doesn't really have much else going for it.....
mattdominic wrote:
Jul 22nd, 2017 12:40 am
i am pretty sure London is a great city and most under valued in Ontario with very high potential to many companies to open offices here its also surrounded by natural beauty and thames river ..its just been very under estimated so far and people started to realize how great the city of London when it comes to cost of living and the amount of resources it has ..after living in GTA for 3 years and moving here i feel like i moved to a great city which i don't want to leave again
[OP]
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Feb 16, 2017
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Clacker wrote:
Jul 24th, 2017 11:26 pm
This kind of makes me laugh. Most people I talk to wonder why anybody would open up offices in this town. The infrastructure is poor getting from the North end to the South end is ridiculous and for goodness sake trains still stop traffic 5-10 times a day throughout the entire downtown core. My wife and I have lived in several cities in Canada and Europe and although the amount of greenery in London is nice this city doesn't really have much else going for it.....
i see where you are coming from no problems in driving in heavy traffic waiting at too many traffic signals also paying high car insurance premiums and parking charges but hates to wait for train pass through for few minutes occasionally . Also there are many places in London where you can reach downtown without waiting at rail gate .

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