Last year broke records in several Canadian housing markets and one Ontario region reached a milestone in achieving more than 10,000 home sales in a year.
London St. Thomas Association of Realtors reported that 10,193 homes were sold by its members during 2016, up almost 9 per cent from the previous year.
“Overall, it was an incredible year for residential real estate in our region,” said Stacey Evoy, LSTAR 2016 President. “Throughout 2016, we observed high demand with low supply that contributed to a very robust marketplace. Six months of the year saw their best sales since LSTAR has been tracking data, which speaks to why the industry thrived in 2016.”
Detached homes made up the bulk of sales (8,260) with a 9 per cent rise while condos saw a 7 per cent increase.
Although listings were up by more than 10 per cent, the region saw a 39 per cent drop in inventory year-over-year with average sales prices up 5.5 per cent to $279,057.
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
