The London & St Thomas Association of Realtors (LSTAR) has released the market update for October 2019. The report shows that in London the real estate market hit a new record in October.
Market Breakdown
- 928 homes sold
- Total home sales for 2019 now sit at 8,909
- 3.4% higher than Oct 2018
- Average home price was $412,883
- 8.7% increase over October 2018
Observations
The President of LSTAR offered the following comments: “Once again, home sales soared to new heights, making last month the best October since 1978, when the Association began tracking sales,” said Earl Taylor, 2019 LSTAR President. “In addition, the year-to-date data suggests this year’s home sales are poised to surpass last year’s. The number of active listings saw a slight year-over-year uptick in October – from 1,596 in 2018 to 1,716 in 2019, but stayed well below the 10-year average. The sales to new listings ratio for the entire Association’s jurisdiction sat at 79.5% last month, 2.4% higher than in October 2018. “This speaks to the brisk pace of the local real estate market, which clearly favours Sellers,”
Break Down By Area
London East
Average price of $340,530, up 8.9% from Oct 2018
London South
Average price of $425,631, up 7.4% from Oct 2018
London North
Average price of $486,584, up 2.2% from Oct 2018
Prices Across Canada
The following chart is based on data taken from the Canadian Real Estate Association (CREA) National Price Map for September 2019 (the latest CREA statistics available). It provides a snapshot of how home prices in London and St. Thomas compare to some other major Ontario and Canadian centres.
According to a research report2, 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. “This means that LSTAR’s October home resales would translate into more than $62 million back into the local economy for the period 2018 – 2021,” Taylor concluded.
