London, On Housing Market
This year has been a record breaking year for housing in London, Ontario. London, right now is still a seller’s market, According to the CREA (Canadian Real Estate Association) prices of homes are up by 23.2% in the London, Ontario area.
A whopping 1,539 homes were sold in London Ontario in May 2017, an increase of 33.4% over the same period last year as announced by the London and St Thomas Association of REALTORS® (LSTAR) and is the highest monthly home sales total ever recorded, since LSTAR began tracking data in 1978! One of the best selling houses in London continues to be the two-storey home, followed by the bungalow and then ranch.
Another record for London, Ontario was set back in May, when the selling price of a 2-storey home broke the selling price of $500,000. This is a giant sign of a seller’s market. It is also London’s biggest seller market since 1988, as well as the newest listings on the market is at its lowest since 2005. Lastly the average days on the market is slowly moving from 24 days to 31 days.
Other things that are helping with increasing housing market are out-f-town buyers, especially from Toronto. In London Ontario we are seeing a lot of buyers trickle over from the Toronto market and these actions are forcing the price of some houses up through bidding wars. However the amount of offers have slowly declined in the past month, there have been a decrease in the number of multiple offers, showing that things are slowing down just a little bit, compared to the first five months of the year.
Keep in mind though that prices of houses in London are still well below the average home price in comparison to the rest of Canada. The average price of a home in London is just over $331,500, however the average price of a house in Toronto is more than double that amount, at an average $812,600.
London, Ontario is a very affordable and appealing alternative, for those that can afford to make the move into the city. There are so many attractive features here that make London, Ontario a desirable destination to live.