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London Real Estate Market Full Steam Ahead

London Real Estate Market Full Steam Ahead
3 min. read

Image: Paul Roedding/Shutterstock.com

The London real estate market had a strong first quarter of 2019. Both house prices and inventory have risen, and the prospects look healthy for this place in the Quebec City–Windsor Corridor that is conveniently situated for Toronto and other large cities but can offer some better-priced real estate.

A total of 1,939 home sales have taken place across the London region (which also includes St. Thomas), representing an increase of 6.0% over the same period of the previous year. Earl Taylor, president of The London-St. Thomas Association of Realtors (LSTAR), confirmed that this is indeed good news for all of this real estate market:

“We’ve had a very strong start to the first quarter of 2019, with steady home sales all across our region.”

Inventory Increasing

Another significant factor in March 2019 was the increase in the number of active listings on the market—the inventory. There were a total of 1,411 in the month, an increase of 14.5% over March of the previous year. Among the sub-regions that make up this area, the biggest gains were made in St. Thomas real estate, with an increase of 51.1%, and London North real estate, with a 51.0% increase.

Prices Also on the Rise

In spite of the increase in inventory, it would appear that this is still a reasonably good market for sellers, as the rise of home prices has not been impeded: the average sales price for the entire region was $405,956 by the end of March 2019, which is 11.3% more that the figure a year previously.

The most popular type of residential property here is the 2-storey home, and the average sale price for such a residence was $554,015 in London and $395,957 in St. Thomas, which are increases of 5.3% of 13.8% since March 2018, respectively.

RegionAverage Sales Price
for 2-Storey Homes
Change in Average Sales Price
March 2019 vs March 2018
St. Thomas$361,42621.8%

Looked at on a regional level, the average sales prices in March were $416,085 in London and $361,426 in St. Thomas. These are increases from March 2018 of 12.7% and 21.8% respectively.

RegionAverage Sales PriceChange in Average Sales Price
March 2019 vs March 2018
St. Thomas$361,42621.8%

Healthy State of the Market

A recent report by the London Free Press said that despite home prices in the region going higher than $400,000 for the first time, London is still quite a bargain compared to other Canadian cities. LSTAR’s president Earl Taylor adds that:

“The city has grown, manufacturing is doing fine, business is doing fine, the economy is doing fine and there is stability.”

All in all, the London real estate market looks to be in a healthy state, both for homeowners and for anybody who wants to move into the region.

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