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Real Estate Market Update: August 2019

LSTAR (The London & St Thomas Association of Realtors) has released its August real estate report.

  • August had the third highest volume of residential sales in the last decade
  • 917 homes exchanged hands
  • Listings increased to 1,189
  • Average home prices are up 9.1% than one year ago, sitting at $413,010.

London Breakdown

  • Average sale price for a home in the East part of City was $334,997, up 16.7%
  • London North, the average sale price was $489,358, up 4.8%
  • London South, it was $413,891 – an increase of 8.3% over August 2018

The President of the real estate board offered the following comments:

“The high local housing demand, coupled with London’s low inventory levels create the perfect storm for the smaller urban areas surrounding the Forest City. At least, that’s what the latest figures suggest: Middlesex County recorded its highest volume of August home sales ever – 72, while St. Thomas and Strathroy had both their second best August for home sales – with 68, respectively 24 residential real estate transactions. In its turn, Elgin County saw 60 home sales – the exact same number as in August 2017, while its inventory reached the second lowest level in the last decade.”

The following chart is based on data taken from the CREA National MLS® Report for July 2019 (the latest CREA statistics available). It provides a snapshot of how seasonally adjusted average home prices** in London and St. Thomas compare to other major Ontario and Canadian centres.

According to a research report[1], 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. “Considering all the home resales in August, that’s generating potentially more than 61 million dollars back into the local economy over the next few years,” Taylor concluded.