London Inc. March/April 2023 - 29

variable rate mortgage rates
were low. What advice are you
giving people in that situation?
It's important for homeowners in this
situation to understand that each
case is unique. For most people in
the London market, unless they were
buying for a quick flip or turnaround,
I have great confidence as the market
returns more to a normalized market
that we will continue to see a good
growth in the market over the next
couple of years.
Interest rate increases appear
to have eased for now. Will that
help restore some confidence
among buyers? And is the federal
stress test helpful or harmful
for first-time buyers? Absolutely.
The slowing or stopping of Bank of
Canada interest rate hikes will help
restore consumer confidence. Many
buyers have been cautiously waiting
for this to happen. We also have a
whole group of renters who sold at the
peak of the market and got into shortterm
rentals waiting for the market
to stabilize and interest rate to level
out and get back into home ownership.
Regarding the stress test, if you would
have asked this question three years
ago many agents would have thought
this was one of the worst ideas, but
funny enough it has become a blessing
for many homebuyers as they had to
be approved at higher interest rates
similar to the rates that we are seeing
now.
What do you hope to have
accomplished when your term as
president ends a year from now?
I want to see LSTAR create stronger
working relationships with our
housing partners. We need to be table
partners with our municipalities to
work together on addressing the
housing demand, industrial locations
and business opportunities. Every
president's goal is to ensure that our
LSTAR members receive the service
that makes them one of the top
associations in Ontario.
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London Inc. March/April 2023

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