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."
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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.