London Ontario Real Estate Market Stats - March 2016

Posted by London Ontario Real Estate on Friday, April 1st, 2016 at 9:00am.

860 homes sold in March, up 11.8% over March 2015, making last month the best March since 2006 – a good two years before the Global Financial Meltdown caused markets across North America to falter. “March 2016 may have come in like a lamb, says Stacey Evoy, 2016 President of the London and St. Thomas Association of REALTORS®, “but, as far as home sales go, it went out like a lion.” Year-to-Date, sales are up 10.8%.

1,579 homes were listed in March, down 1.7%, and Active Listings End of Period – or inventory – was down 16.6%. “Canada Mortgage and Housing Corporation predicts that 2016 will see more sales than listings,” says Evoy. “If you are thinking about listing your house, this is the kind of market you’ll want to take advantage of.”

St. Thomas also had an outstanding March. 75 homes sold in St. Thomas last month, compared to the 58 sold the previous March. The average price of a home in St. Thomas so far in 2016 stands at $219,822, up 1.4%.

The best-selling house style in LSTAR’s jurisdiction for March 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 $291,281 up 3.2%, while the average price for a condo over the same period stood at $192,619, up 1.5%. The average price of all homes sold through LSTAR’s MLS® Year to Date stood at $271,920 up 2.8%.

House StyleUnits SoldAverage Price
2 storey 197 $379,551
Bungalow 158 $228,156
Ranch 104 $334,200
Townhouse 81 $160,962
High rise apt. condo 50 $171,994

The following table, based on data taken from CREA’s National MLS® Report for February 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.

CityAverage Sale Price
Vancover $1,052,871
Fraser Valley $673,678
Toronto $678,386
Victoria $542,615
Calgary $461,982
Hamilton-Burlington $461,385
Edmonton $364,201
Ottawa $356,324
Montreal $350,220
Kitchener-Waterloo $338,121
Saskatoon $333,519
Regina $313,490
London St. Thomas $271,9201
Canada $483,957

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