The London real estate cycle is moving again and one local broker says it will not be slowing down anytime soon.
Bruce Sworik, broker-owner of Sutton Group-Select Realty says London is back on track after it was slow to rebuild following the 2008 recession.
"We're gearing up in the auto industry and manufacturing," he says. "It has created a lot of newer jobs, or reactivated jobs, and it's allowing people to get approved for a mortgage to be able to purchase their first home."
Sworik is sure that the real estate prices are here to stay.
"I think the next five to seven years are going to be a great catch-up time for Londoners, and it's a great time to purchase your first home or increase the value of your real estate holdings."
He notes it is still a very balanced market, although it is getting a bit closer to being a seller's market.
"If you're thinking of selling, it is obviously a better time to sell than it has been in seven years because we have record sales."
A record of 1,109 homes were sold in June 2015, breaking the old record of 1,011 homes set in 2006, according to the London and St. Thomas Association of Realtors.
"London has incredible housing prices and I think the rest of Ontario is really starting to wake up on what a great deal London Ontario real estate prices are," says Sworik.
As of June 30, the average price for a detached home increased 4.4% to $282,408.
