Listings were down 5.8 per cent to 1,718 while inventory was down 24.9 per cent year-over-year, adding pressure for buyers. The average price for a home in the city of St. Thomas was $223,071, up 2.9 per cent from a year earlier.
"We are waiting for CMHC to make the final deliberation, but it's starting to look as though we may be moving from a balanced market into a seller’s market," says Evoy, "meaning that now is an excellent time to think about listing your home."
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
The London-St.Thomas housing market continues to grow and realtors have recorded the second-best May on record. There were 1,154 sales in the month, up 9.4 per cent from a year earlier according to London-St.Thomas Association of Realtors. This is only bettered by sales in May 2007 but only by 7 units.