In September, 708 homes exchanged hands in the London & St.Thomas area. 572 of those were detached homes and 136 condos. For the year, 5,190 detached homes have sold in the London and St.Thomas area & 1,205 condos sold.
The average residential price for London homes has increased by 1.9% with a 4.5% decrease in price for St.Thomas homes.
“National sales activity in the third quarter is on track for a significant increase compared to the second quarter,” says Canadian Real Estate Association (CREA) President, Dale Ripplinger. “Low interest rates and affordability continue to attract homebuyers to the housing market. Consumer confidence continues to rise, which bodes well for activity in the coming months.”
“The balance of sentiment making big-ticket purchases pushed into positive territory in August for the first time since early last year,” said Chief Economist Gregory Klump. “Recent cuts to mortgage interest rates will no doubt provide further support for this indicator, which is an important factor underlying the housing market.”
The average home price in London is $213,376 compared to $210,888 in 2008. The best selling house style in London was the two-storey (159 units sold) with an average price of $309,691. In second place were 112 bungalows sold with an average price of $163,135.
There were 77 ranch style homes sold in the London area with an average price of $255,435 followed by 66 townhouse condos with an average price of $147,998.
Houses and condos in the London and St.Thomas area continue to maintain their affordability compared to other major Ontario and Canadian cities. For example:
Calgary was $380,489
Durham Region was $275,114
Edmonton was $320,164
Hamilton-Burlington & District was $286,554
Kitchener-Waterloo was $271,289
Ottawa was $301,684
Toronto was $386,540
Greater Vancouver was $574,061
So overall what does this all mean? London and area does not experience the highs and lows as other major cities and still offers the best bang for the buck.
If you would like further details or a breakdown of neighbourhoods in London, or what a 2 storey house with 4 bedrooms, 2-3 bathrooms, 2 car garage, finished basement, grey brick, brass door knobs, brown shingles, hardwood floors, (you get the idea?) is worth or sold for, email me at ty@enveloperealestate.com or call me at 519-435-1600 and I’ll see that you get the information at no charge and without obligation
