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The London Condo Professionals 
Ty Lacroix Broker of Record 181 Commissioners Road W London, ON N6J 1X9
Phone: 519-435-1600 Email Ty

Condos in London Ontario


  

Condos for sale London Ontario MLS

  Every day we get asked about the London Ontario condo market.

  • “What is the London Ontario condo market doing?”

 

  • “When is the best time to buy or sell a condo?”

 

  • “How much should I offer?”

 

  • “What should I sell it for?”

 

 Questions & Answers About Condos in London Ontario

    The first step in answering any of those questions is understanding how the London real estate market is performing and not by guessing or burdened with emotional perceptions. Every day, we are active in the condo market, helping clients buy or sell a condo & constantly breaking down sale prices, days on the market, sale price to asking price ratios and price reductions. 

 Update on The Condominium Market in London Ontario and area from January 1 to April 30, 2019

   There have been 573 sales which include apartments, townhouses and townhomes, averaging 10 days to sell for 103.88% of the asking price. How long this torrid pace will continue depends on whom you ask, I feel it will continue for another year at minimum. 

 

 My reasoning is that London Ontario still offers some of the best values in real estate across Canada, our hospitals & services, halfway between Toronto and Detroit for air travel and for leisure, Lake Erie to the est and Lake Huron to the northwest, all within a 50-minute drive!

  Preparedness: Is one of our core principles 

   Are You Ready To Buy a Condo in London Ontario

   

 From helping hundred's of  Londoners about condos in London, before buying or selling one, you may want to get what I call “brutal truth factual numbers” about what prices are today and not an opinion where prices are heading or what someone received for their unit 6 months ago.

 Price, condition, style and location dictates what a townhouse, townhome or an apartment sells for and how long it will take to market. Our buyer clients do not overpay, and our sellers do not leave money on the table because of blind optimism or false perceptions!

  Factual (the truth) condo information and specialized knowledge about condo regulations, by-laws, apartment buildings and condo complexes are what our brokerage and staff do on a daily basis.

A Real Estate Website Just For Condos in London Ontario

 As the owner and Broker of Record, my associates and I have built this brokerage on the principle that for someone to be able to make good decisions, they should have correct up to date facts & solutions to meet their needs. Over the years, from experience & repeat and referral business, that principle still holds today.

 

Ty Lacroix Broker of Record                  testimonials about Ty Lacroix            

Ty Lacroix Broker of Record & Owner

 To See all condos for sale in Southwest Ontario, we have walk scores, live maps and much more information than any other Realtor site, AND. Without you having to ransom your children, your dog or cat or tell us what colour your socks are to get information!

     


Reviews


reviews & testimonials


Condominium Guides


Good Decisions Condos in London Ontario

Condo Buyer's Guide
The Condominium Authority of Ontario developed this Condominium Buyer’s Guide to help potential condo buyers understand what condo ownership means, and to provide some background information to help you decide if condo ownership is right for you.
London Ontario Condo Guide
Here is your London Ontario Condo Guide along with pictures that are representative of condo styles and neighbourhoods’ in London. By no means does this guide include every condo complex in London Ontario, I intend to give you a base for London condo prices and styles so that when you are ready to either purchase or sell a condo in London Ontario & area, and you will be more knowledgeable and comfortable with the process.
Follow These Steps Before Buying a Condominium or a House
Our Exclusive 39 Page Real Estate Buyer's Guide takes you from starting to think about a purchase and all the steps from start to finish, you moving in! You will be able to buy with confidence that the price you pay and the property you chose is right for you. As well, packing and moving check lists, who to call, choosing a home inspector, lawyers, eight home comparison check lists, how to be thorough, even coping with your pets when moving. Get this free 37 page free report now!

What Is The Condo Market Like In London Ontario?


 One of the best ways to understand the condominium market in London Ontario is to look at how many days these were on the market before being sold and what was the sale price percentage versus the asking price. 

      condo sales in London Ontario

  Our real estate board LSTAR ( The London St.Thomas Association of REALTORS*) breaks London down into three geographical areas, North, South and East. ( I know, why not the West?) I plead silence with my opinion on why!

Sold Condominiums in London Ontario  2018 and so far in 2019
Area % of Asking Price Average Days on Market
North 101.2% 12
South 103.12% 11
East 104.29% 9

 

  What does all this mean? The inventory of townhomes and townhouses for sale is low, and with more buyers than sellers, we see bidding wars, hence, higher sale prices. Apartment condos remain strong as well, and where townhouses and townhomes used to dominate the market, apartments are catching up, not only in the volume of sales but in price as well.

  Is this a good time to sell a condominium? Yes!

 For buyers, be prepared to act as there are more buyers than sellers, but do your homework and do not let emotion override prudence and common sense. 

 The hottest segment right now is the one floor detached or attached bungalow townhouse with a two car garage, seconded by attached townhouses.

 What will 2019 bring? 

 2019 prediction condominium sales London Ontario

  Building permits for new construction are higher than ever for both high-rise buildings and townhouses and townhomes. Affordability is a powerful motivator for first-time buyers and downsizers over single-family homes.

  Until I can walk on water and be exact, all condominiums in London Ontario and area will experience a rise in prices because of demand.

 

 

 


Ten Most Affordable Cities in Canada For Singles


The past year hasn’t been easy for prospective home buyers. Despite some recent year-over-year price softening in the nation’s hottest markets, the national mortgage stress test, combined with various policies at provincial levels, effectively took a bite out of purchasing power for all Canadians.

This is especially acute for single home purchasers; not only does having two incomes boost affordability, but it also helps satisfy the income and debt servicing requirements mandated by the aforementioned stress test. Those trying to get onto the property ladder solo may have long heard the narrative that it’s next to impossible to do so given these new requirements.

However, according to a recent study conducted by Zoocasa, that’s not the case in the Prairie and Eastern Canadian markets. In fact, 10 cities in these locales can still be considered affordable for single buyers earning a median household income.

The study, which assessed 20 cities for affordability from coast to coast, calculated the minimum income required to purchase the average home in each market, using a 20-per-cent down payment, 3.29-per-cent mortgage rate, and 30-year amortization as criteria. That amount was then compared to actual median income data of “persons living alone who earned employment income” as reported by Statistics Canada.

Markets were then ranked on whether the buyer had an “income surplus” – the amount of financial wiggle room they’d still have after purchasing their home – or an income gap, which indicated they’d be out of range altogether.

Based on these calculations, Regina can be considered the most affordable for single-income buyers, based on an average home price of $284,424, a median income of $58,823 and the greatest income surplus of $20,025. That’s followed by Saint John, where the average home priced at $181,576 could be purchased on an income of $42,888 with $18,038 left over, and Edmonton, where earning $64,036 would net a $17,826 surplus on the average home price of $338,760. The most affordable cities list is rounded out by Calgary, Lethbridge, Winnipeg and Halifax.

Single buyers earning a median income didn’t have much hope in the nation’s priciest markets, however. Vancouver is the least affordable, with an average home price of $1,109,600, far out of reach of an income of $50,721 to the tune of $88,361.

While incomes and home prices were more attractive in Toronto, buyers still face a steep gap of $46,858, based on a $55,221 income and home price of $748,328. Victoria rounds out the top three, where an average home price of $633,386 is still $39,359 out of range for the median income of $86,400.

Other markets not considered affordable for single buyers include Guelph, Kitchener-Waterloo, London, Montreal and Ottawa.

The study also considered earnings by age group, as purchasing power tends to increase with age. This was the case with Gen Xers (35-44 and 45-54), who enjoy the greatest purchasing power of all single buyers. For example, A Gen Xer purchasing a home in Regina would have an income surplus of roughly $4,000 greater than the average, at $24,215.

Single millennials, however, experienced the weakest purchasing power, especially in the priciest markets; someone between the age of 25-34 earning the median income would fall a whopping $92,774 short on a home purchase in Vancouver.


What is a Status Certificate & Why You Need One


  When people think of the financial position of a condominium, they believe it regards the amount of money in the reserve fund. The myth that has grown up around this is that a condo corporation with a large amount of money is in better shape than a condominium with a much smaller sum of money in it.

   Money in the reserve fund

   A Status Certificate is a document containing information regarding the operational, legal, and financial dimensions of the condominium corporation. The corporation is required to give each person so requesting, a status certificate concerning a unit in the corporation.

A request for a Status Certificate is given to the property manager. The property manager on behalf of the condominium corporation is allowed ten days to deliver the Status Certificate to the requester. The cost is generally around $100.

The enjoyment of owners is most directly affected by the By-laws and House Rules of the condominium corporation. The by-laws explain to owners how a building is run on a general level.

The following are the types of matters by-laws deal with.

  • The Board of Directors – how many, how they are nominated, elected or removed and how long they can serve.
  • How the condominium corporation can borrow money.
  • The assessment and collection of contributions to ordinary expenses.
  • What constitutes a standard unit? This covers what the condominium is or is not responsible for in a residence when it comes to damage, repair or replacement. Owners need to know this to get insurance for their unit.
  • How the units and common elements are to be maintained, used and managed.
  • Members' meetings and annual general meetings. The appointment, remuneration, functions, and duties of agents, officers and employees of the condominium.

By-laws must be reasonable and consistent with the Condominium Act, and the condominiums own declaration.

By-laws can be added to, amended or removed. Changing a by-law requires a majority vote of the owners (i.e. 50% of Unit Owners plus one). That vote must take place at a meeting of the owners that must be specifically called for. All owners should be given at least 15 days written notice of that meeting.

The 1998 Condominium Act requires that a minimum of 3 directors be appointed. Generally, boards will have between 3 and 7 directors depending on the size and type of Condominium Corporation. More often than not, within a board, there will be a President, Vice-President, Treasurer and Secretary.


 


In most condominiums, directors of boards restrict their activity to making decisions and advising the Unit Owners with respect to maintaining or improving the affairs of the condominium. They deal with the financial, legal and physical aspects of running the building as well as with the concerns of the Unit Owners.

It is not usually the job of the board to actually carry out the day-to-day running of the building – that job is normally delegated to the property manager. However, the board is responsible for ensuring that the building is being run properly by the property manager.

Board of Directors for a condominium

A Board of Directors is well advised to seek expert advice and opinions from professionals such as lawyers, accountants, contractors, architects, and designers before making decisions or communicating advice to the Unit Owners.

Once a year (must be within 6 months of the end of each fiscal year of the corporation), the corporation will hold an annual general meeting for all the Unit Owners.

The involvement of as many Unit Owners as possible at an annual general meeting or generally in the affairs of the corporation (whether on the board or on committees) is important for the welfare of a condominium. More input can

If a unit holder does not want to or cannot attend an A.G.M. or other special meeting, they can appoint, in writing, another person to represent them as a proxy and vote at the meeting in accordance with their wishes.

Unit Owners can call their own special meeting provided they can obtain 15% of Unit Owners willing to sign the request for the meeting.

The property manager has a variety of responsibilities including the following:

  • Enforce By-laws and House Rules.
  • Ensure the building is properly maintained.
  • Deal with contractors and oversee the work being done by them on the building.
  • Hire and supervise employees of the condominium such as cleaning staff, concierge and doormen.
  • Advise the board with respect to the by-laws, house rules, renovations, security and problems arising from the unit holders or such things as damage to common elements.
  • Communicate and deal with unit holders. For example, they must advise unit holders of fire alarm drills and window cleaning as well as deal with unit holders' complaints. Depending on the nature of a complaint, a property manager may want to bring the complaint forward to a Board Meeting for resolution.
  • Prepare monthly and annual financial budgets and statements.
  • Manage the receipt of monthly maintenance fees and the payment of expenses.

The Condominium Act puts the following obligations on the owner and the condominium corporation:

  • Owners must, within 30 days of leasing or renewing a lease, notify the corporation of this fact and provide the lessee's and owner's names. Within this same time period, they must also provide a copy of the lease and furnish the lessee with a copy of the Declaration, by-laws, and rules of the corporation.
  • Owners must notify the corporation of lease terminations.
  • The Corporation is required to maintain a record of all notices required regarding leased units.

A check should be made of the Condominium Declaration, by-laws or house rules as very often they may contain restrictions on leasing/renting. The following are some typical restrictions:

  • The owner is still responsible for the monthly maintenance fees and for any damage caused by the tenant.
  • The suite cannot be used for hotel purposes or leased for less than one year.
  • The details of the lease and information about the tenant must be provided to the property manager prior to the commencement of the lease.
  • The property manager must inspect the unit prior to the lease to ensure it is in a good state of repair.
  • A tenant cannot sublet a unit.
  • An owner must notify the property manager within 7 days that the unit is no longer being rented or occupied.

 

 

 

 


Sutton Group Envelope Real Estate Brokerage Inc.


Sutton Group Envelope Real Estate Brokerage Inc.

181 Commissioners Road W. London Ontario N6J 1X9

Phone 519-435-1600

www.enveloperealestate.com

www.condosinlondon.com

 

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