London and area home sales continue to boom

Despite recent declines in the Toronto housing market, there’s no sign of a slowdown in the London area as realtors chalked up another record sales month in June.

The London and St. Thomas Association of Realtors (LSTAR) said a total of 1,245 homes sold in June, a record for the month and a 9.9 per cent increase from last year - writes

“We’re halfway through the year, and we had the sixth consecutive month of record sales,” said LSTAR president Jim Smith.

He said sales so far this year are up 23 per cent compared to the first half of 2016.

“Other regions have started to see a drop in sales, according to the latest figures, but realtors across London and St. Thomas continue to receive interest from outside the region,” he said.

The hot real estate market in the London area this year has been largely credited to a spillover from the Greater Toronto Area.

With single-family homes selling for more than $1 million in Toronto, London-St. Thomas realtors say buyers from that area are snapping up homes here and driving up prices.

But there are signs the Toronto area market is cooling after measures taken by the provincial government this spring to discourage foreign speculators.

Toronto area sales were down 20.3 per cent in May compared to May 2016 and there was a smaller drop in April. June figures for Toronto are not yet available.

Smith said the wave of Toronto buyers seems to be subsiding a little.

“It’s not as rampant as it was in March and April, but we are still running into multiple offers, so if there is a trickle-down effect from the Toronto slowdown it hasn’t trickled down yet,” said Smith.

The June sales in London-St. Thomas include 998 detached homes, an increase of 8.6 per cent from last June, while there were 247 condominium sales, up 15.4 per cent from June 2016.

The average price across London and St. Thomas was $335,233 down 2.8 per from May.

But the average year-to-date sales price was $331,524 up 18.8 per cent from the 2016 average home price of $279,057.

Smith said the boom in resale homes is spilling over to other parts of the housing market including new homes and renovations.

“We understand contractors throughout the region are in high demand. Renovation projects may help homeowners to add value to their properties, spurring healthy activity for local small businesses and merchants.”

In June, there were 1,697 new listings, up 5.3 per cent from the same month in 2016, a sign that more sellers are getting in the market. But the total inventory of homes on the market still is down about 40 per cent from the same period last year.

There also are signs from the Bank of Canada it soon will raise its prime lending rate, a move Smith likely will spur more sales as buyers move to lock in long-term mortgages.

Read other news on the city site of London.

London-St.Thomas homesalesboom
If you notice an error, highlight the text you want and press Ctrl + Enter to report it to the editor
4 views in august
I recommend
No recommendations yet


Comments are designed to communicate and discuss the features of an enterprise or event, as well as to find out the interesting questions on it.

A man has been charged with the murder of a nurse who appeared on Britain's Got Talent in an NHS choir. Simonne Samantha Kerr, 31, from Wembley, was found fatally injured in a house in Grayshott Road, Battersea, on Wednesday - writes She was treated by paramedics but pronounced dead at the scene. Desmond Sylva, 40, of Grayshott Road, will appear in Wimbledon Magistrates' Court on Friday. Police are not looking for anyone else over Ms Kerr's death....
A maths teacher has been showing off her artistic skills by decorating rocks with incredible miniature versions of book covers. Ella Dickson, 39, spends up to an hour painting covers of books like Harry Potter and the Philosopher’s Stone, Northern Lights and Matilda on rocks. She posts her intricate creations on a local Facebook page before hiding them near her local library for kids to find, photograph and then often re-hide. Mum-of-two Ella is part of th...
A doctor who worked as a physician to Britain’s Queen Elizabeth has been killed after colliding with a truck as he cycled through central London. Peter Fisher, 67, was riding through the High Holborn area on Wednesday morning when the collision occurred. Police said he had died at the scene. “We are all deeply shocked and saddened to learn that Dr Peter Fisher tragically died in a road traffic accident yesterday,” Gill Gaskin, medical director at Universit...
Students collecting results from their school in the shadow of Grenfell Tower said they were proud to be bringing a sense of hope back to the community. Safety concerns forced Kensington Aldridge Academy to move to portable classrooms after the fire in June last year. Four of the school’s pupils and one former student were among the 72 killed. Students were given the choice to sit the exams in the original building or in the temporary classrooms. Many retu...
A former refugee who stood outside Canary Wharf station with a sign pleading for work says he is "overwhelmed" after a tweet showing him standing with his sign went viral. 22-year-old Mohamed Elbarkey sayshis self-promotional stunt has earned him some promising job leads, including interviews at places he would "love to work at." Mr Elbarkey came to the UK with his family as a refugee from Libya and graduated with a 2:1 in Aerospace Engineering from Southa...
In a UK first, shoppers in south London can now buy groceries in Sainsbury’s without going to the checkout or self-service scanner. By simply using their smart phone, shoppers can skip the queue altogether and buy products by scanning what they need themselves - writes The supermarket chain is trialling new scan, pay and go technology in its Clapham North branch. The trial is thought to be the first of its kind not just in London, but the wh...
Four men have been stabbed and six have been arrested following an incident in Camberwell. Officers were called to playing fields outside Landor House at 5.24pm following reports of a stabbing. According to a Scotland Yard spokesperson, the four men, all believed to be in their teens,"have all been taken to south London hospitals." "Six males have been arrested in connection with the incident." Police remain at the scene. The condition of the four men is n...
A dance festival for 10,000 revellers in a south London park has been refused a licence after complaints from couples that the event would “spoil” their weddings nearby - writes Diynamic Festival was set to take place in Morden Park on September 8. Tickets were already sold for the event, which boasts a line-up of house and techno DJs including Solomun and Adriatique across two stages. But Merton council rejected a licence application for it...
He made the promise as the government announced £10m to improve security and conditions at certain jails. New body scanners and sniffer dogs are to be introduced in 10 of England's most "challenging" prisons as part of a clampdown on drugs and mobile phones. The dogs have been trained to detect psychoactive substances such as Spice. Ministers also want to raise standards of leadership by sending prison governors to military-style colleges. And there will b...