London Housing Prices Thread

[MolsonExport]

London Housing Prices Thread

the price escalation of housing in most Canadian cities is completely unsustainable. London has witnessed some of the most rapid price increases in the country. This has contributed to sprawl outside of London, with Lucan, Strathroy, and other towns in the commuter watershed seeing subdivisions popping up like dandelions in the spring.

When I moved here in 2005, housing prices (Average) were 200K. They topped 800K in February 2002.



Many London voters can't afford a house, here's how Ontario politicians say they'll help

[haljackey]

Normally I am against sprawl but we need more housing like pronto. Cut some red tape to relieve the housing market and build whatever high/med/low rises you can.

Excess capacity will cool down the market back to maybe semi-affordable levels. Right now things are unrealistic.

Once the boomers die out there may be a uptick in supply as many of them are in a house for like 6 despite the two of them living there. They refuse to downsize.

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[MolsonExport]

I find boomers are clustered in the older neighborhoods of London, such as Bungalowland on Oxford west of Wonderland, near the university, Old North, Hunt Club, etc. The nwer McMansions are usually filled by DINKS and families.

[jaradthescot]

This thread it about a year out of date. The market has already begun cooling. Started in February in the GTA and just takes a few months to trickle out to London, but it's already reached us in small part. That said, we definitely need a way to bypass so many NIMBY arguments against new development. We need a much larger supply of houses without sprawling even further than London already has.

[MolsonExport]

We need an infrastructure to support increased density. The city missed a great chance when they passed on LRT. Building it later, when the London area is 750K, will be much, much harder.

[jammer139]

The recent .5% BOC increase started it and another .25-.5% increase next month will give more pause to the real estate market. Still need to build more supply as other demographic and economic forces are driving population growth in the London area. If we see another 40000 move to London in the next 5 years they will need homes.

[ssiguy]

What is needed is for the BoC to raise interest rates substantially from it's meager 1% to 5% to level the price of housing costs, get away from a non-productive real estate economy, encourage savings as opposed to spending, get inflation down so worker's wages actually keep up with it, and discourage governments from spending money they don't have.

[MolsonExport]

^that would add numerous years to my mortgage maturity date

[Djeffery]

Originally Posted by ssiguy

What is needed is for the BoC to raise interest rates substantially from it's meager 1% to 5% to level the price of housing costs, get away from a non-productive real estate economy, encourage savings as opposed to spending, get inflation down so worker's wages actually keep up with it, and discourage governments from spending money they don't have.

Great. Figure out how to stop the population from growing too then. 5% mortgage rate isn't going to magically crater current house prices and it's not going to help build new homes either when the builders have to finance their projects for years before they see one dime come back from a renter or buyer. Fewer homes being built will keep homes that come on the market more expensive.

[Djeffery]

Originally Posted by MolsonExport

I find boomers are clustered in the older neighborhoods of London, such as Bungalowland on Oxford west of Wonderland, near the university, Old North, Hunt Club, etc. The nwer McMansions are usually filled by DINKS and families.

I agree. My area (mid 80's era Byron) is where my wife grew up. Her parents live in an apartment now, wishing they had hung on to the house a few more years lol. There are a few 60+ households still floating around but it's mostly younger families. We've been here 12 years and as an early 50's person, I feel like the old guy on the street now lol. A lot of the Boomers were smart and stayed in the bungalows they raised their kids in, and now are in the right type of house to grow old in. Whereas we did the moving up thing to have the bigger family home to raise the kids, and will be looking to downsize again in a few years. Problem is downsizing used to also mean a cheaper house, whereas now, a one floor house that has the stuff we are after is as much or more money than what we would be selling.