The city has seen "huge" demand for housing, real estate board president says
New statistics from the London and St. Thomas Association of Realtors (LSTAR) revealed a “balanced” performance in the region’s housing market in July despite the Bank of Canada announcing two interest rate hikes in recent months.
“In July 2023, LSTAR’s overall sales-to-new-listings ratio sat at 48 per cent, indicating a fairly balanced market,” said Adam Miller, 2023 LSTAR President. “This speaks not only to the local market’s appeal and resilience, but also to the huge demand for housing sparked by the increased immigration, which, according to a recent study, reached unprecedented levels in the last 12 months.”
July saw 640 homes sold in the region, up 19.6% year over year. Local housing supply also increased month over month to 2.9 months of inventory. New listings also increased, by 8.2% year over year to 1,333.
The average home price in the region came in at $668,821, up 1.7% year over year but down compared with the previous month.
The single-family home was reported to remain as the most popular type of dwelling sold, followed by condos and townhomes and then by apartments.
"Despite London being identified as the most competitive housing market in Ontario, homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centres,” noted Miller.
