According to a report by the London and St.Thomas Association of Realtors, as we move into the spring housing market, home prices are stabilizing. In January 2009 we saw home sales lower by 35% when compared to the year before, in February sales were down 30% when compared to the year before, and in March we saw that home sales are down just 7.2% when compared to the year before. This is a very encouraging sign and attests to London's relative strength in this global economic slowdown that has yet to form a clear bottom. When lower housing prices in London Ontario are combined with the lowest mortgage rates ever seen (5 year rates at 3.85% or lower), this makes for an excellent opportunity to purchase a home.
Mortgage refinancing is also very attractive to Londoners as thousands are switching to new, lower rate mortgages before rates begin to rise and this opportunity is lost.
For details and for more information, call or email me, Brent Richardson, at your convenience.
519 568 3377 - brent@brentrichardson.ca
