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London Real Estate Market Update – December 2018

LSTAR (The London & St Thomas Association of Realtors) announced 439 homes* were sold in December. That is an increase of 2.1% over December 2017.

The LSTAR president offered the following comments “One of the trends that stood out in December was the sales-to-new listings ratio, which was 108.1% across the region. It’s a statistic the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a ratio between 40% and 60% is generally consistent with a balanced market). In London, the sales-to-new listings ratio was 119.7%, while in St. Thomas it was 100.0%.”

Average Sale Prices

  • London, the average sales price was $375,782, up 13.4% from last December
  • St Thomas was $304,079 in St. Thomas, an increase of 0.7% from December 2017

Breakdown By Area

  •  London South had an average sales price of $421,044 in December, up 16.2%
  • London North, the average sales price was $426,831, up 16.6% from December 2017
  • London East it was $284,100, up 7.0% compared to last December

Average Sale Prices Across Canada

Did You Know

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated each time a home changes hands in Ontario. “We can’t underestimate the impact the business of real estate has on all the communities LSTAR passionately serves,” Nethercott said. “Based on the total home resales for 2018, this translates into creating approximately 3,200 jobs and generating potentially more than $519 million – a half billion dollars – back into the local economy.”