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In January 2023, only 344 residential transactions were recorded via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). This makes last month the January with the lowest number of home sales seen by LSTAR since 2009.
During the same period, 823 new listings came on the market, thus bringing the number of active listings at month’s end to 1,261. The overall sales-to-new listings ratio for the entire jurisdiction of LSTAR sat at 41.8%.
“At a first glance, all these figures seem to indicate a cooling market, with a healthier housing supply. With 3.7 months of inventory, decreasing house prices, and a sales-to-new-listings ratio under 50%, home buyers could appear as favoured. However, when taking into consideration the surging borrowing costs, it’s easy to understand why many buyers are hesitating to get into this market. After last year’s consecutive rate increases, on January 25th, 2023, the Bank of Canada increased its benchmark rate again to 4.5%, further weighing down on people’s spending power and housing affordability,” said 2023 LSTAR President Adam Miller.
Compared with January 2022, both the average home price and the composite MLS® Home Price Index (HPI) Benchmark Price are substantially lower – by 25.6% and 22.2% respectively. Despite that, both of them are considerably higher than the figures seen in 2020 and before. Last month, LSTAR’s overall average home price was $585,252 and the composite MLS® HPI Benchmark Price came in at $568,300.
(Source: https://creastats.crea.ca/board/lond )
Residential average price London & St. thomas ( Source: Canadian real estate Association)
The City of London, known today, was established in 1826, but historical and archaeological evidence reveals that the London area has been inhabited for more than 10,000 years. Among the Indigenous peoples who have continuously lived in the region are the Anishnaabeg, Haudenosaunee, and Lenni-Lenape Nations.
Around two centuries ago, John Graves Simcoe, a British Army general, was searching for a location to establish a capital city for Upper Canada. He was immediately drawn to the spot where the river forks at the western edge of the present-day downtown core, and it was love at first sight for the Lieutenant-Governor.