Best June Ever!
In June 2016 a total of 1,133 homes exchanged hands. That makes last month the best June on record. "Not only are we on a roll, we are on a streak – a winning streak," says Stacey Evoy, President of the London and St Thomas Association of REALTORS® (LSTAR). "April 2016 was the best April ever. May 2016 lost out to May 2007 – the best month in the history of LSTAR – by only 7 units, and June was the best June ever." Sales were up Year-to-Date by 8.6%.
1,612 homes were listed last month, down 9.2%, and Active Listings End of Period – or inventory – was down a significant 24%. "We are still waiting for CMHC to make the final deliberation, but, from where we stand, it sure looks we're starting to move from a balanced market into a seller's market," says Evoy. "Given how tight supply is, if you were thinking of listing your home, now might be a good time to do just that."
Seventy six homes exchanged hands in the City of St. Thomas, down 10.6% from the previous year; Year-to-Date, sales for London's Sister City are up 5.4%. As was the case in London, both listings and inventory were down, 30.5% and 33.3% respectively. The average price of a home in St. Thomas so far in 2016 stands at $232,853, up 1.1%.
House Style | Units Sold | Average Price |
2 storey |
296 |
$382,440 |
Bungalow |
191 |
$233,326 |
Ranch |
121 |
$331,274 |
Townhouse |
101 |
$175,916 |
High rise apt. condo |
45 |
$160,923 |
The best-selling house style in LSTAR's jurisdiction for June 2016 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home Year-to-Date stood at $295,365 up 4.7%, while the average price for a condo over the same period stood at $199,465, up 5.1%. The average price of all homes sold through LSTAR's MLS® Year-to-Date stood at $277,084, up 4.8%.
The following table, based on data taken from CREA's National MLS® Report for May 2016 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.
City | Average Sale Price |
Vancover |
$1,050,471 |
Fraser Valley |
$698,982 |
Toronto |
$709,472 |
Victoria |
$562,107 |
Hamilton |
$489,146 |
Calgary |
$473,910 |
Edmonton |
$376,752 |
Ottawa |
$361,371 |
Montreal |
$358,956 |
Kitchener-Waterloo |
$353,956 |
Saskatoon |
$339,107 |
Regina |
$321,362 |
London St. Thomas |
$277,0841 |
Canada |
$485,559 |