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London Real Estate Market Update – March 2020

London & S Thomas Real Estate Market Holds Steady In March

LSTAR ( The London and St. Thomas Association of Realtors) has released the London real estate market update for March 2020. 

Market Snapshot

  • 866 homes exchanged hands in March
  • This is an increase of 6.9% compared to March 2019
  • Units sold are on par with the 10-year average

1st Quarter Overall 

  •  Home sales in 2020 are at 2,170
  • 12.3% ahead of 2019

LSTAR President Blair Campbell did offer the following warning: “With the COVID-19 pandemic affecting all businesses, there is an expectation the marketplace will be impacted in the coming weeks and months. We’ll have to wait and see what this means for LSTAR’s jurisdiction, based on data for the upcoming monthly cycles. First I want to stress that LSTAR’s highest priority during this challenging time is the safety and well-being of its Members and staff. We continue to urge members to practice social distancing and follow the guidelines set by our public health authorities. It is not business as usual.”

Average Home Prices 

Compared to 2019, the overall average home price ( for all property types) experienced an increase of 10.3%, rising to $447,152 in March 2020. 

 

 

Local Area Breakdowns

London East

  • Average home price was $393,661,
  • Up 20.8% from the same time last year

London North

  • Average home price was $527,231
  • Up 1.4% from the same time last year

London South

  • Average home price was $458,666
  • Up 13.8 from the same time last year

Average Home Prices Across Canada

Here are the average home prices across Canada. This data comes from CREA

 

Real Estate Impact On The Local Economy

Did you know a total of $67,425 in ancillary expenditures is generated by the average housing transaction in Ontario over a period of three years from the date of purchase.

 

Local Area Breakdowns By Market Type