Written by Kieran Delamont, Associate Editor, London Inc.

Home sales up in October, but prices continue to slide

The London and St. Thomas Association of Realtors (LSTAR) released data for home sales in the month of October this week, with numbers showing the volume of home sales increasing for the second consecutive month. According to LSTAR, a total of 661 homes exchanged hands in the region (the LSTAR catchment area also takes in Strathroy, St. Thomas and portions of Middlesex and Elgin counties), up from 526 recorded sales in October 2023 and also a gain from the 562 sales in September of this year. On the supply side, 1,388 new properties entered the market, slightly down from 1,415 in October 2023 and the 1,569 new listings that came to market in September. LSTAR chair Kathy Amess referred to the jump in sales as “encouraging” and a sign that the market could be picking up steam on the back of recent interest rate cuts. “We are optimistic about the future,” Amess said. “We haven’t had time for the marketplace to realize the full effects from the Bank of Canada rate decrease last month so we look forward to seeing where things go in the next while. October does indicate that we are heading in the right direction.”

The upshot: Though the uptick in sales is a positive sign for the local market, it remains a damn fickle environment. As London Inc.’s real estate analyst Marcus Plowright pointed out in his On the House column this week, despite volume gains in October, local prices continue to decline. “Prices in London fell again, with an [October] average price decline from $620,976 to $615,895,” he said. “For context, since the Bank of Canada starting easing interest rates in June, responding to a softening economy and easing inflationary trend, prices have only gone in one direction. Prices have fallen every month, from a June high of $656,000 down to October’s average of $616,000 ― a six per cent decline during a period of lowered borrowing costs.” Adding that London continues to have a record 3.3 months of inventory, Plowright said it remains a very challenging market to sell a home. “Selling during a period of declining prices and strong buyer power is a stark contrast to recent times, when there were more buyers than sellers.”

Read more: LSTAR | London Inc.

Drewlo Holdings and Auburn Developments sell last privately owned portion of Sifton Bog

The last patch of privately owned land in the Sifton Bog has been sold back to the Upper Thames River Conservation Authority (UTRCA). Drewlo Holdings and Auburn Developments, which owned 18 acres of the bog, sold the land to the UTRCA for an undisclosed amount. UTRCA plans on upgrading the trail system and adding new signage to the area, which has unofficially been treated as part of the bog system for a long time. “Having this property gives us the opportunity to add a buffer between urban development to the east and the highly sensitive bog site,” said Brandon Williamson, land management coordinator with UTRCA. “This arrangement protects that sensitive ecological habitat, and not it’s in our land holdings, so we can protect it, enhance it, remove some invasive species and also restore it.”

The upshot: In addition to improving the trails at the Sifton Bog, the land in question probably held little value for developers, since it is ecologically protected and designated as an Area of Natural and Scientific Interest by the Ontario government. So, it was probably a pretty easy decision for Drewlo and Auburn to help improve a community asset. “We’re always looking for amenity features for development and to enhance the city. Attracting more people to the city and making it vibrant and grow ― it’s important, and you need these types of features to do that,” said Auburn Development’s president Jamie Crich. Allan Drewlo, president of Drewlo Holdings, added, “We’re always looking at the overall positive impact to the city, whether everybody interprets it that way or not.” 

Read more: UTRCA | CTV News London

London medical device named to Time magazine’s list of best inventions

A medical device invented here in London, and deployed on the battlefield in Ukraine, has been named one of the year’s top inventions by Time (magazine). The device, developed by Front Line Medical Technologies, is called the COBRA-OS, and is a balloon-like device that, when expanded, can block the aorta and prevent trauma patients from bleeding to death. The device has been in the works since 2018 ― so it’s not really a 2024 invention ― and recently received some approvals for use in Europe. When the war broke out in Ukraine, several devices were donated to the Ukrainian war effort. “We’re still an early stage, small company from London, Ontario,” said the CEO of Front Line, Asha Parekh, speaking to The London Free Press. “To get mentioned in Time magazine as an impactful invention that’s changing the world, it’s a little mind-blowing.”

The upshot: Way, way back in the year 2017, as part of London Inc.’s annual Top 20 Under 40 package, the device’s inventor Adam Power ― a vascular surgeon and co-founder of Front Line ― told us about this device, which at the time was just something he was picking away at alongside his surgeon duties. Fast forward to today, it’s being touted as a game changer for conflict medicine. "The COBRA-OS is designed with the realities of military medicine in mind,” Powers said earlier this year, when the device received approval for use in NATO military medical systems. “Its simplicity, rapid deployment and effectiveness in high-pressure situations align perfectly with the needs of military groups around the world.” 

Read more: Time | London Free Press

Serving London with a survey: Covent Garden Market seeks consumer input to help shape its future

The Covent Garden Market is looking to reinvent itself somewhat, and it wants your input. With all sorts of residential development underway downtown, the market is looking at what kind of changes might help to improve the visitor experience. “The downtown is going through a transition period, and the market is, too,” the market’s general manager Amy Shackleton told The London Free Press. “Our goal is to better understand our customers. We also want to know who’s not visiting, and what the barriers are.”

The upshot: Like the rest of downtown, the Covent Garden Market is dealing with all sorts of new challenges, trends and opportunities. It has suffered from a lower level of foot traffic since Covid (thanks in large part to less office workers in the core), though a growing downtown residential population could bring benefits. “It’s been a big shift from Covid to now,” said Shackleton. “Now, we’re seeing that switch to a lot more residential around us, so we want to be able to cater to the needs of those customers.” The obvious big piece might be food access ― there are no major grocery stores downtown (though there have recently been rumblings one might be on the way), so the market is probably the closest access that many downtown residents have to fresh food. A recent city report found that the market likely needs to close a $3 million funding gap over the next decade in order to maintain its current level of service, so it’s likely a good time to take the temperature of its customers and figure out which direction it ought to take moving forward. 

Read more: Covent Garden Market Survey | London Free Press

Gotham Studios to focus exclusively on food & beverage sector

Local creative production studio Gotham Studios announced last week that it was embarking on a “strategic repositioning,” focusing entirely on the food and beverage industry. “By focusing our expertise on the F&B sector, we can deliver more value and deeper insights tailored to the needs of our clients,” said CEO Nick Lavery. “Our team’s creativity and experience make us an essential partner for food brands seeking to elevate their visual presence.” The company notes that, over its 12 years, it has already worked with companies like McCormick Canada, Joe Kools, Angelo’s and others. “The studio’s shift to specialize in F&B content aligns with the increasing demand for visually compelling content in a competitive market,” the company said.

The upshot: Specialization is the name of the game in the creative industry these days, and many companies are finding growth (or maintaining the status quo) by focusing in on niche sectors rather than aiming to be generalists. In a crowded marketplace, and up against content disruptors like AI, many see it as a necessary step for agencies to take these days. “Specialization is what helps you survive in crowded markets,” wrote Hannah Pinhas in Workamajig. “In large, undifferentiated markets ― like agencies ― specialization is vital.” The move is made all the easier for Gotham thanks to its sister company, Take5 Digital, which the company said “will continue to offer a full range of production services, specializing in content creation for healthcare and financial sectors,” and that Gotham’s existing non-F&B clients will be transitioned to. 

Read more: LEDC

Dispatch: November 8, 2024

A summary of recent business appointments and announcements, plus event listings for the upcoming week.

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