London home prices, sales volume defy provincial and national trends

Latest numbers from the Canadian Real Estate Association revealed that the average national home price has declined by around 10 per cent since April 2017, a development the organization has attributed to recent changes to rules governing Ontario housing.

But things couldn’t be more different in London, ON: The average cost of buying a home in London has swelled by 19.7 per cent year-over-year in June, up to $335,000.

This is but the latest in the tale of the local market’s sustained growth, according to London St. Thomas Association of Realtors president Jim Smith.

“We’ve broken records every month of 2017 since we started keeping them in 1978,” Smith told CBC Radio One. “We’ve gotten to the point where people are realizing the value of real estate here.”

Sales volume also swelled by 9.9 per cent year-over-year last month, up to a total of 1,245 home sales transactions. The number of listings in London saw a similar annual increase of 9 per cent, up to 1,398.

However, Smith added that there is a dark side to this strength, noting that the current London real estate scene has proven stressful for industry professionals and would-be buyers alike.

“Everybody thinks real estate agents are making a fortune and reaping profits like crazy, when in fact they’re not,” Smith said.


Related stories:
Market in the midst of soft landing: Big bank
Toronto still the focal point of foreign home buyer activity in Ontario—report

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