After a record-breaking April last year, home sales in the London-St Thomas region of Ontario have eased in 2018.
However, the total of 983 home sales is in line with the 10-year average and Realtors remain positive despite the 19.6% year-over-year fall.
“While home sales are down compared to the record breaking total in 2017, they remain at par with the 10-year average,” said Jeff Nethercott, 2018 LSTAR President. “However, home prices continue to rise across the region as we continue to see a much lower level of homes available for sale than the last few years.”
Prices were up 5% year-over-year to an average sales price of $367,433 in April 2018 with tight supply boosting prices.
“For the last few months, the marketplace has been challenged with low inventory, and that trend continued in April,” Nethercott said. “In April, there were 1,401 active listings, down 13.9% from this time last year and down 50.6% from April 2016.”
Average prices in the region compare favourably with other Canadian cities. CREA data for March 2018 (latest available) shows a national average of $471,501. London-St Thomas had an average of $356,183, around $50K less than Ottawa and around half the price in Toronto.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: