Sales in this Ontario market are at a 40-year high

Home sales in the London and St Thomas region of Ontario have hit their highest year-to-date total since at least 1978.

London and St Thomas Real Estate Association began tracking data in 1978 and the 10,790 sales in the first 11 months of 2017 sets a new record.

Sales were up 9.1% year-over-year with a month of 2017 still to go.

"This historic milestone reflects the incredible year we've had in residential real estate across the region," said Jim Smith, 2017 LSTAR President. "The activity in the final quarter of the year echoes what's happening nationally, according to the latest report from the Canadian Real Estate Association (CREA), who expect positive momentum to continue in December."

The strength of the market eased in November with a 13.6% year-over-year decline in sales to 637.

The average sales price across the market gained 11.6% in November to $322,303 and was up 18% year-to-date to $330,039.

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