LIFE IN OAKRIDGE | 2020

In the heart of West London, south of Oxford Street, lies the neighbourhood of Oakridge. Established in the 1950s, Oakridge has grown to be a largely family-occupied neighbourhood. The quiet streets are lined with mature trees and friendly neighbours.

Proximity of Oakridge to Downtown London

Who Lives in Oakridge?

Oakridge is mostly comprised of single family homes, with townhomes and apartment buildings sprinkled throughout. Almost 90% of the people living in this neighbourhood are homeowners. Socio-economically, Oakridge is a middle-upper income area, with the average household income being $120,000.

A street in the Oakridge Neigbourhood

Oakridge Drive sign

Winding street in the Oakridge neighbourhood

Oakridge Drive by a Magnolia Tree

Life in Oakridge

Oakridge is home to five elementary schools (Riverside, Clara Brenton, John Dearness, St. Paul, Notre Dame), two secondary schools (Oakridge, St. Thomas Aquinas), and one French Immersion school (West Oaks). The variety is an incredible benefit for families with children of all ages! The school quality and variety is one of the most attractive attributes of this wonderful communities and is why a lot of young families want to call it home.

One of the most popular attractions is Sifton Bog, which was donated to the City of London in the early 1960s. Sifton Bog has a winding boardwalk that leads to a small dock where you can view the various wildlife that call it home. You can also go off the trail and explore the woods further. It is a delightful escape to nature, without leaving the city at all.

Photo provided by Lincoln M. on Yelp

Oakridge Centre at the intersection of Hyde Park Road and Oxford Street West. This plaza includes a Real Canadian Superstore, Rexall, Gordon’s Jewellers, Pizza Pizza and more.

Other amenities include Thames Valley Golf Course, and a large shopping plaza at the intersection of Hyde Park and Oxford. A large Superstore with a Fit4Less gym upstairs, Rexall, and Remark can all be found in the Oakridge Shopping Centre. Let's not forget it is also home to London's most Westerly Starbucks, which is always bustling with locals. The arena and pool nearby make getting involved in sports a cinch!

Overall, if you’re looking for a place to raise a family in the city, that is close to many amenities, but not too far from green space, Oakridge is a neighbourhood to seriously consider. It’s no surprise that this neighbourhood has flourished since its inception 70 years ago.

Interested in Oakridge Homes? Let’s find one together.

LIFE IN HYDE PARK 2020

Tucked in the corner of Northwest London, Ontario, you will find one of London's fast growing neighbourhoods, Hyde Park.  It remained a mostly rural area on the outskirts of London up until the last 20 years or so, at which point it began to grow. With both the expansion of residential neighbourhoods and retail spaces, this has become one of London's most popular communities to live and shop.

Proximity of Hyde Park to Downtown London

Life in Hyde Park

Map of Hyde Park

Hyde Park has experienced a boom in single family detached homes, townhouses, and condos.  While there are some homes dating back to the 1960’s in Hyde Park, there are also many new developments happening throughout the community. With several elementary and secondary schools to choose from, this community is a great place for families to call home.

Whether you’re looking for your first home, your forever home, or even a place to retire, there is something for everyone in Hyde Park. Many new developments have attracted both first time home buyers as well as young families. In recent years, the demand for retirement living across London has grown and Hyde Park has met some of that demand, with the development of high rise towers built by Old Oak Properties.

Business is Booming

In recent years, many businesses, (large commercial and mom-and-pop style alike) have called Hyde Park home. The Hyde Park Business Improvement Association plays a big role in creating a strong community that supports life and local business in the area. The HPBIA throws their annual ‘Pondfest’, which encourages Hyde Park business and community members to join in free activities, and learn more about what the neighbourhood has to offer.

Some outstanding locally owned businesses in Hyde Park include Curley Brewing Co., Parkway Garden Centre, Lord Gainsborough Restaurant, Copps’s Buildall and Unger’s Market. It’s so easy to shop local when you live in this neighbourhood!

96% of people living in Hyde Park are homeowners. Why? The answer is clear. The quiet, family neighbourhoods, the huge embrace of the community, and the proximity to all the essentials make this an incredibly attractive place to settle down.

Interested in Hyde Park Homes? Let’s find one together.

April Market Update

What a strange couple months it’s been. We’ve all had to adapt to a new way of living, and conducting business. Every aspect of what we considered ‘normal’ has been impacted, and the real estate market is no different.

The Numbers

Basically what we have seen is we have seen sales decrease by just over 55% in the London and St. Thomas area, compared to April 2019. What we haven't seen a drop in is sales prices; the average sales price has remained the same. In fact, it's seen a slight increase but it's less than a percent so I think it's negligible.

It does point to the fact that sales values have remained strong in spite of the fact that the volume of sales has been cut in half compared to the same time last year.

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What to Expect Going Forward

One of the things that I love about working for RE/MAX is that it is owned by a wonderful broker, and they've done such a fantastic job of tracking our own stats of what's happening in our brokerage on a week-to-week basis . We certainly saw the same drop that the rest of the market saw. But for the past two weeks, we've actually seen those sales numbers begin to increase. So it begs the question: have we hit the bottom of the market and are we on the way back up as it relates to sales activity?

Light at the end of the tunnel?

While it's definitely not back to what it was (or what it should be for this time of year), we're well on our way to coming out of that slump. I'm certainly seeing that myself with the number of inquiries that I'm getting from people, and the activity that I have from sellers and buyers that maybe put things on hold when all of this started.

The one thing that they highlighted is that we've actually seen a more significant reduction in the number of listings that we're taking. We've seen a 60% drop compared to the same time last year, and I think it could point to the possibility that that reduction in listings is more severe than the reduced number of overall sales that we're seeing.

An Age Old Issue: Supply vs. Demand

Is there a possibility that we are chewing up more and more of the supply? Supply and demand is really the driving factor behind what we have seen in the past three years in the market. With price increases, a shortage of supply, and buyer demand increasing, and the fact that we've seen no reduction in prices whatsoever over the course of this, means we can point to the fact that the buyer demand is still outpacing the inventory that's on the market. I think that there's a strong case to be made that we will continue to see this going forward. That will continue to protect home values in London Ontario. So if you are a London homeowner worried about the value of your home, I would say, "Don't be." If anything, I think if we were going to see a reduction in the the price of your home, that we would have seen it already. As we get used to what a new normal is for us, people are going to begin feeling more and more comfortable getting back into the market and looking for their home. I have certainly seen that over the past few weeks in my own dealings.

3 to 6 Months From Now…

I think what we're going to see is a slow, steady incline. I don't think things are gonna take off. I do think that there is a possibility that we could see the values in London continue to grow. While that's probably not a bad thing, there was part of me that hoped that it would stabilize because we've seen such significant growth in the value of homes over the past 3 1/2 years. It wouldn't be a bad thing to see things slow down a little bit, and perhaps this will do that. But if we continue to see a shortage in supply of homes, then we are going to see prices grow as well.

So if you're considering a move right now, if you're thinking about jumping in and trying to buy something, I think right now could possibly be an opportunity where the demand is not quite as high. The struggle is the inventory is not as high but I think that's gonna be a struggle that we face for the rest of the year as buyer confidence grows and the supply is just not there. You might be competing even more heavily. And you have to remember that this time of year is typically the spring market, and that really hasn't happened yet. As the restrictions get lifted and the warmer weather comes, we're gonna see that spring market, it's just gonna be a month or two delayed. All of a sudden, we'll be in a hot summer market at this point.

Obviously I don't have a crystal ball on exactly what's gonna happen, but looking at what we see going on at a brokerage level, what I anecdotally see going on, I think that things are gonna pick up. If I were buying a home, I would still have a lot of confidence in the values that are being asked for homes. Overall, I think we’ve fared much better compared to other big cities across Canada, and I think we should be thankful for that.

If you want to know something specific about your house, your community, or an aspect of the economy or the real estate market that you feel I didn't cover here, then feel free to send me a message, or if you're old-fashioned, then feel free to pick up the phone and give me a call.