Steve Parker

Sales Representative

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home sales soar to new record in may

 

The London and St Thomas Association of REALTORS® (LSTAR) announced a total of 1,539 homes were sold in May, an increase of 33.4% over the same period last year. This represents the best results ever for May, and the highest monthly home sales total ever recorded, since LSTAR began tracking data in 1978*.

"We're experiencing a very strong marketplace, with the fifth consecutive month of record sales," said Jim Smith, LSTAR President. "REALTORS® are still seeing multiple offer scenarios and interest from outside the region. When you factor in the region's low unemployment rate and continued job growth, the economy is firing on all cylinders. This year, year-to-date home sales are already 27% ahead of 2016."

In May, a total of 1,209 detached homes were sold, an increase of 28.6% over the previous year, while there were 330 condominium sales, up 54.2% from 2016. The average sales price across London and St. Thomas was $344,815 down 0.6% from the previous month. The average year-to-date sales price was $330,890 up 18.6% from the 2016 average home price of $279,057.

"We understand the City and local home builders are working closely to bring more permit ready residential lots in the second half of the year, which contributes a tremendous boost to the economy," Smith said. "The news of high-speed rail is also encouraging, and this may be a huge factor toward a future building boom in home construction."

In May, there were 1,985 listings, up 15.5% from the same time in 2016. The year-to-date sales are outpacing last year by 27.0%, with a total of 5,307 homes sold. St. Thomas also had a very healthy May, with a total of 115 homes sold, down 0.9% from the same time last year. The average home price in St. Thomas was $259,491 down 4.0% from the previous month.

The best-selling house style in May continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in May was $372,163 down 0.1% from the previous month, while the average price for a condominium was $244,619 down 1.4% from the previous month.

 

House StyleUnits SoldAverage Price
2 storey 408 $484,877
Bungalow 227 $278,216
Ranch 173 $406,440
Townhouse 154 $212,592
High rise apt. condo 106 $232,806

 

The following chart is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for April 2017 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres. 

Average home prices in Canada at the end of May 2017

According to a research report**, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. "Based on the historic sales we saw in May, that translates into creating potentially over 500 jobs and positioning us to potentially generate more than $81 million back into the local economy," Smith said. "With the summer season, many homeowners are looking to add value to their homes through renovating and landscaping projects as well, igniting lots of activity for area merchants and small businesses, helping to further grow the economy."

 


*These statistics represent a data snapshot taken on June 1, 2017, based on reported sales activity between May 1 and 31, 2017.

**Economic Impacts of MLS System Home Sales and Purchases in Canada and the Provinces, Altus Group Consulting, 2013.

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If you’re paying a lot of money for a new washing machine, wouldn’t it be nice to know how long you should expect it to last? There is, of course, no exact formula for figuring that out. Every brand and unit is different. There are however, some broad estimates.

 

According to an article in Consumer Reports, a washer and dryer will hum along just fine for about 10 years, with a likelihood of needing a repair during the last two to three. Leading brands offer a parts and labour guarantee for at least a year. So, if something goes wrong during that period, be sure to contact the manufacturer right away.

 

The National Association of Home Builders released a report a few years ago on the longevity of kitchen appliances. They found that refrigerators can last up to 13 years under normal use. Dishwashers and ovens will start to show their age after nine years. The worst record is for trash compactors, with a life expectancy of only six years before repairs or replacement is required.

 

Microwave ovens last an average of nine years. However, the door seal should be checked often. Otherwise, the unit will quickly lose efficiency. (You’ll notice this when your food doesn’t heat up as quickly and evenly.)

 

All experts agree that the best way to keep home appliances functioning properly is to follow manufacturer’s instructions for use and maintenance. If you’ve lost your user’s manual, you can download a new one (which may contain important updates) from the manufacturer’s website.

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March 1, 2017

The London and St Thomas Association of REALTORS® (LSTAR) announced residential sales achieved its best February results ever, since LSTAR began tracking sales data in 1978. A total of 763 homes were sold in February, an increase of 17% over the same period last year.

"We experienced another strong month, with year-to-date sales also up by 19.5%" said Jim Smith, LSTAR 2017 President. "Again, we're observing this trend of low supply and high demand, with February having a 9.8% decrease in the number of available listings, compared to this time last year. For those considering of putting their home on the market, the current conditions are very encouraging."

In February, a total of 597 detached homes were sold, an increase of 15% over the previous year, while there were 166 condominium sales, up 24.8% from 2016. The average sales price was $307,831 up 7.9% from the previous month.

"Overall, we experienced a mild February in terms of weather, which also played in factor in helping the strong performance throughout the month,” Smith said. “And we continue to see robust activity in the condominium market, with a quarter more units sold."

St. Thomas also had a very healthy February, with a total of 69 homes sold, up 25.5% from the same time last year. The average home price in St. Thomas was $242,028, up 25.7% from the previous month.

House StyleUnits SoldAverage Price
2 storey 158 $436,333
Bungalow 70 $229,471
Ranch 53 $372,968
Townhouse 64 $206,166
High rise apt. condo 44 $193,576

The best-selling house style in February continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in February was $327,754, up 4.4% from the previous month, while the average price for a condominium was $236,180, up 19.8% from the previous month. 

The following table is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for January 2017 (the latest statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

CityAverage Sale Price
Vancouver $851,384
Toronto $803,455
Fraser Valley $643,331
Victoria $611,362
Hamilton $522,978
Calgary $466,984
Kitchener-Waterloo $421,151
Ottawa $389,875
Edmonton $360,199
Niagara $346,059
Saskatoon $335,812
London St. Thomas $292,291
Canada $484,306

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. "Real estate continues to be a huge driver to the local economy," Smith said. "With the February sales, that translates into creating potentially over 250 jobs and putting us in a position to potentially generate around $40 million back into the local economy."

Click here to see the original News Release.


1Economic Impacts of MLS® System Home Sales and Purchases in Canada and the Provinces, Altus Group Consulting, 2013

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march home sales out like a lion

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

 

According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. “That means March home sales in LSTAR’s jurisdiction spun approximately $47,300,000 into our local economy and created approximately 286 jobs,” says Evoy. “Here at LSTAR, we’re very proud about the vital role real estate plays in ensuring the prosperity of our community.”


1Average price YTD for March 2016

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market holds steady

 

 

455 homes exchanged hands in the first month of 2016; this represented only -0.8% less for Detached and down -17.9% for Condos, for a total of -4.2% over the previous January. "You have to keep in mind that last January was the second best January Sales since 2007, so this month's stats show our market is steady" says Stacey Evoy, 2016 President of the London and St. Thomas Association of REALTORS®.

1,053 properties were listed in January, down 11.6%, and Active Listings End of Period – or inventory – was also down 16.0%. "Our market continues to be balanced," says Evoy. "However, if you're thinking of selling, it might be an idea to list ahead of the spring rush."

January was a slow month for real estate in St. Thomas, with sales totaling 23. The average price of a home in St. Thomas so far in 2016 stands at $197,792, down 5.7%.

The best-selling house style in LSTAR's jurisdiction for January 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 in January 2016 stood at $286,308 - up 2.2%, while the average price for a condo over the same period stood at $189,033 - down 1.5%. The average price of all homes sold through LSTAR's MLS® in January stood at $269,633 - up 3.4%.

 

House StyleUnits SoldAverage Price
2 storey 114 $376,185
Bungalow 72 $222,449
Ranch 58 $302,586
Townhouse 42 $158,387
High rise apt. condo 31 $175,900

 

The following table, based on data taken from CREA's National MLS® Report for December 2015 (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
Victoria $634,678
Calgary $479,049
Hamilton-Burlington $457,017
Edmonton $375,985
Ottawa $365,412
Saskatoon $357,158
Montreal $349,965
Regina $281,590
London - St. Thomas $286,308 (Average price in Januaryi)
Canada $456,447

 

According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means 2015's home sales in LSTAR's jurisdiction spun approximately $515,130,000 into our local economy and created approximately 3,122 jobs," says Evoy. "Here, at LSTAR, we're very proud about the vital role real estate plays in ensuring the prosperity of our community."

 


iAverage Price of a home in LSTAR's jurisdiction in January 2016


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2015 a banner year for real estate

 

2015 proved to be not only the best year for real estate in the jurisdiction of the London and St. Thomas Association of REALTORS® since 2007, but also the second best year in the history of the Association overall. 9,366 area homes exchanged hands over the course of last year, just 59 units short of the 2007 total of 9,425. "The global financial meltdown that led to the collapse of the U.S. housing market back in 2008 negatively impacted Canadian markets as well," says Carl Vandergoot, LSTAR's 2015 President. "Eight long years later, we're pretty much back on track."

 

A total of 7,563 detached homes sold in 2015, up 9.2% over the previous year, while condo sales, at 1,803 were up 13%. Overall, sales were up 9.9% over 2014.

16,590 homes were listed in 2015, up a marginal 0.6%. Active Listings End of Period – or inventory – were down 14.0%.

 

"We remain in a balanced market," says Vandergoot, "but, given the relatively low supply, now would be a good time for anyone thinking about listing their home to get in the game."

2015 was also a great year for real estate in St. Thomas, with sales totaling 830. Only 2007 was a better year for London’s Sister City and that by only 31 units. The average price of a home in St. Thomas in 2015 stands at $216,800 up 8.5%.

 

The best-selling house style in LSTAR's jurisdiction for December 2015 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 in 2015 stood at $282,229, up 4.3 %, while the average price for a condo over the same period stood at $189,798, up 3.8 %. The average price of all homes sold through LSTAR’s MLS® stood at $264,435, up 4.1%.

 

House StyleUnits SoldAverage Price
2 storey 123 $365,433
Bungalow 93 $208,234
Ranch 71 $298,975
Townhouse 52 $169,414
High rise apt. condo 31 $165,106

 

The following chart, based on data taken from CREA's National MLS® Report for December 2015 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

 

Average home prices in Canada - December 2015

 

According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means 2015's home sales in LSTAR's jurisdiction spun approximately $515,130,000 into our local economy and created approximately 3,122 jobs," says Vandergoot.  "Here at LSTAR, we're very proud about the vital role real estate plays in ensuring the prosperity of our community."

 

 

 


*Average Price Overall for 2015

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November 2, 2015

October 2015 homes sales came in just a hair lower than those of October 2014, the best October since 2007. A total of 695 homes exchanged hands last month, just three shy of October 2014, which saw 698 sales. 577 detached homes sold in October, up a marginal 0.9%, while condo sales dropped 6.3%. Total sales were down a very negligible 0.4%. "Clearly we've hit the mark and are holding steady," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. Year-to-date sales are up over 2014 by 9.8%.

 

Listings were down for detached homes in October – 14.2% for detached homes and 7.5% for condos. Active Listings End or Period (inventory) was also down 11.4% for detached homes and 0.2% for condos. "We're keeping a close watch on listings to see if we might be starting to shift into a Sellers' market," says Vandergoot. "Whether that is the case or not, with listings this low, now is a good time to list."

 

The real estate market continued to perform well in St. Thomas in October. Fifty-five homes sold in that City, making it the best October since 2012. The average price of a home in St. Thomas Year-to-Date stands at $217,752 up 8.9%.

 

The best-selling house style in LSTAR's jurisdiction for October 2015 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 $282,585, up 4.4%, while the average price for a condo over the same period stood at $190,067, up 4%. Year-to-Date the average price of all homes sold through LSTAR's MLS® stood at $265,019, up 4.3%.

 

House StyleUnits SoldAverage Price
2 storey 167 $388,629
Bungalow 122 $207,455
Ranch 81 $325,534
Townhouse 53 $151,829
High rise apt. condo 26 $122,012

 

 

The following chart, based on data taken from CREA's National MLS® Report for September 2015 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

 

 

Average home prices in Canada - September 2015

According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $52,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means October 2015's home sales spun approximately $36,140,000 into our local economy and created approximately 231 jobs," says Vandergoot. "The more transactions REALTORS® facilitate, the better it is for everybody."

 


*Average Price Overall for October 2015


Information provided by the London & St. Thomas Association of Realtors

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best august since 2007

 

August 2015 was yet another month in which home sales in the jurisdiction of the London and St. Thomas Association of REALTORS® were the best they've been since 2007's Global Financial Meltdown. A total of 864 homes sold in August 2015, up 9.2% overall from August 2014. "2015 is shaping up to be a really good year," says Carl Vandergoot. "So far we're up a solid 9.4% from 2014."

 

Listings were up a very marginal 0.2% for detached homes and down 6.3% for condos last month. Active listings end of period - inventory - were also down, 3.3%. "Over the last few months we've started to see some tightening up of supply," says Vandergoot. "It's too early to suggest that we're going into a Sellers market, but, with supply shrinking, it's definitely a good time to list."

August was also a banner month for London's Sister City of St. Thomas, which, with 81 sales, also had its best August since 2007. The average price of a home in St. Thomas Year-to-Date stands at $218,733, up 9.4%.

 

The best-selling house style in LSTAR's jurisdiction for August 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. As of August 31, the average price for a detached home Year-to-Date stood at $282,560, up 4.4%, while the average price for a condo over the same period stood at $191,624, up 4.8%. Year-to-Date the average price of all homes sold through LSTAR's MLS® stood at $264,980, up 4.3%.

 

House StyleUnits SoldAverage Price
2 storey 207 $332,207
Bungalow 128 $229,689
Ranch 106 $311,791
Townhouse 85 $153,811
High rise apt. condo 38 $175,762

 

The following chart, based on data taken from CREA's National MLS® Report for July 2015 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

Average home prices in Canada - July 2015

According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $52,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means that this month's home sales injected approximately $44,928,000 into our local economy and created approximately 2,592 jobs," says Vandergoot. "A good month for real estate is a good month for our market as a whole."

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London & St. Thomas Association of Realtors

Market Stats as of April 30, 2015

market springs to life

 

The Spring market is off to a good start with 964 homes exchanging hands in April 2015, up 15.3% over the previous April." This makes last month the second best April in the past decade – second only to April 2010," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. 776 detached homes sold last month, up 16.5%, along with 188 condos, up 10.6%. Average price, Year-to-Date, was also up 2.2% overall. The average price for a detached house Year-to-Date stood at $278,094, while the average price of a condo for the same period stood at $184,982.

 

Listings were also up 5.4%, while inventory – active listings end of period – were down a marginal 0.2%. "We still have a good supply of listings," says Vandergoot, "and our market continues to be a balanced one, good for both buyers and sellers. However, supply does seem to be tightening up a little, meaning that, if anybody’s thinking of listing their home, now might be an excellent time to do it."

 

Sales in London's Sister City of St. Thomas kept pace with those of last April: in both April 2014 and April 2015, 77 homes exchanged hands, making those two months the best April for St. Thomas since 2010. The average price of a home in St. Thomas Year-to-Date stands at $216,109, up 8.1% from December 31, 2014.

 

The best-selling house style in LSTAR's jurisdiction for April 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.

 

House StyleUnits SoldAverage Price
2 storey 241 $374,135
Bungalow 179 $213,251
Ranch 90 $293,070
Townhouse 85 $171,369
High rise apt. condo 46 $142,275

 

The following chart, based on data taken from CREA's National MLS® Report for March 2015 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

 

 

"London's affordability, along with its fine educational institutions and outstanding hospitals, makes it a great place for families and retirees alike," says Vandergoot. "We've got a lot to offer. Moreover, according to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $52,000 in ancillary spending is generated every time a house changes hands in Ontario. That's why strong home sales like we've seen last month are such good news for our area's economy."

 

* Average Price Overall for April 2015


Comments in the above report are from LSTAR. 



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spring market off to a solid start

 

April 2, 2015


London & St. Thomas Association of Realtors


Despite a March that both came in like a lion and out like a lion, the 2015 Spring market is off to a solid start with home sales totaling 769 last month.  "Compared to March 2014, the numbers are up a good deal," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. "However, given the impact of last year's Polar Vortex on home sales during the early months of 2014, comparing March 2014 to March 2015 doesn't give you a true picture. That being said, the five year average for home sales in March stands at 726, so we are, in fact, above the average for that time period."

Also up for March were listings by 10.7% - while inventory - active listings end of period – was down a marginal 1.1%. The market continues to be a balanced one, good for both buyers and sellers.

March 2015 was also a good month for home sales in London's Sister City of St. Thomas, with 58 homes exchanging hands. "That makes it the best March on record for St. Thomas since 2011," says Vandergoot. The average price of a home in St. Thomas Year to Date stands at $204,883, up 2.5%.

The average price of a home in the Association’s entire jurisdiction - Middlesex and Elgin Counties - stands at $255,786 Year-to-Date, up 0.6%.

The best-selling house style in LSTAR's jurisdiction for March 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.


House Style

Units Sold

Average Price

2 storey

203

$362,464

Bungalow

125

$202,913

Ranch

76

$320,870

Townhouse

63

$161,310

High rise apt. condo

43

$178,777


The following chart, based on data taken from CREA’s National MLS® Report for February 2015 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

 

 


"Our local economy greatly benefits from a strong real estate market," says Vandergoot, adding, "According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a house changes hands in Ontario."


*Average Price Year to Date for March 2015


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Source: London & St. Thomas Association of Realtors

February 2, 2015

2015 was off to a good start with the most home sales for a January since 2007, just prior to the Global Financial Meltdown – a total of 475. January was also the ninth straight month in a row in which area home sales outstripped those of the previous year. "Bear in mind that last year's Polar Vortex put January 2014's home sales in a bit of a deep freeze," cautions LSTAR President Carl Vandergoot. "That's part of the reason this month's figures look so robust."

Also up for January were listings by 3.8% - while inventory - active listings end of period – was down 5.6% for detached homes and up 7% for condos. The market continues balanced.

London's Sister City of St. Thomas also fared well last month. "Forty nine homes sold in January 2015, making it the best January on record for St. Thomas, again, since 2007," says Vandergoot. The average price of a home in St. Thomas Year to Date stands at $204,644, up 2.4%." 

The average price of a home in the Association's entire jurisdiction, which includes Middlesex and Elgin Counties, stands at $253,140 Year-to-Date, down a marginal 0.4%, with the average price for a detached home in January standing at $269,895, down 0.3% and that of condos at $186,124, up 1.8%. The average price of a home increased 3.4% in 2014; the price increase held in January 2014.

The best-selling house style in LSTAR's jurisdiction for January 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos.

 

House StyleUnits SoldAverage Price
2 storey 118 $325,444
Bungalow 72 $217,565
Ranch 53 $324,379
Townhouse 49 $169,743
High rise apt. condo 19 $159,932

 

The following chart, based on data taken from CREA's National MLS® Report for December 2014 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

Average home prices in Canada - December 2014

"These stats are good news not just for REALTORS® but for our local economy as a whole," says Vandergoot. "According to research by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario."

Click here to see the full News Release of LSTAR.


* Average Price Year to Date for January 2015

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London & St. Thomas Association of Realtors, just released the sales figures for April and 2013 year to date numbers. April saw a rebound from the results of March, Single family homes had a very slight increase in the number of homes sold of just .6% or 4 units, and condos faired somewhat poorer down 12.2% or 20 units.

 

Average Sale year to date price for all residential rose by .8% or $2011. to an average of $249,880.  It is interesting to note that single family house prices dropped by 1.3% during April while condos rose by 10.5%. Year to date average residential price is up 2.9% to $244,603. 

 

With the weather now improving and spring is in full swing the May home buying market should be strong, fueled by an increase in available listing inventory, up 17.1% over 2012 and historically low interest rates, the time to buy has never been better. 

 

Buyers having good steady employment and a suitable down payment should make every effort to make the move into home ownership. London continues to be one of the most affordable cities in Canada to purchase a home. The time has never been better to take advantage of all the combined circumstances to own a home of your own.

With low interest rates, an increase in available home listings, the market has and will continue to move to a more balanced position and may even tip into the buyers favour in the near future. Only time will tell.

 

Steve Parker, Sales Representative is a Realtor with Re/Max Advantage Realty Ltd. Brokerage in London Ontario with over 25 years experience in residential new & resale home sales. Please email any comments or questions to Steve directly.

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It is hard to believe that 25 years have flown by.

 

I was recently recognized by the London & St. Thomas Association of Realtors and the Canadian Real Estate Association for 25 years of membership & service and I am also proud to say that the majority of that time has been with the RE/MAX organization.

 

I have enjoyed the past 25 years, meeting with so many clients & customers and helping them achieve their needs with real estate and in the process making many new friends. Real estate has been a challenge with change almost a constant, from government regulations, to technology, and many other numerous changing factors. Computers were relatively new when I started in this business and I know some realtors who refused to adapt and said it was a fad... but low and behold the computer and the internet has become the main information engine for our business. Technology has effected the way we work and communicate on a daily basis, where will it go in the future who knows. The one thing I will say is, it will continue to evolve and change and I am commited to make every effort to look forward, to keep educating myself to keep up to date so I can serve my clients to my fullest.

 

Here is to the future, whatever it might bring.

Steve Parker, Sales Representative

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