The Real Estate industry in London, Ontario continues to perform exceptionally well after experiencing a phenomenal year so far. After several months of surpassing historic activity and setting new records, both Realtors and consumers have been on their toes keeping up with the pace of inventory flying off the shelves. Coupled with intense depend, an influx in migration rates from the GTA, and Buyer confidence linked to a stable economy and low interest rates, we have witnessed our values increase dramatically while bidding wars persist. From bus loads of Buyers taking day-trips to the Forest City to scoop up London’s finest real estate, to multiple offer scenarios with over 20 bids on a single property in some cases, to sale prices in excess of 100K of the asking price – there is no doubt our market has been vibrant and strong. So where do we stand now?
September wrapped up a little slower than previous months, though continues its upward trend of positive activity over the last three years. We remain on track to finish with record sales activity for 2017, though are showing signs of a balanced market returning. The average year-to-date sales price currently sits at $328,759, an increase of 17.8% since last year. Listing inventory reported an increase of 3.3% since last September. Overall, year-to-date sales are up 13.1%, with two-storey homes reported as the best-selling style of house.
Relative to other major cities in Canada, London remains highly affordable with our average prices considerably below those of other cities across our nation.
Always noteworthy is the trickle down impact that the Real Estate industry has on our economy. For every three transactions that take place, one job is created, and approximately $53,000 is secondary spending is generated. This translates to 267 jobs and $42 Million pumped back into the economy through additional spending through the sales activity that the London St. Thomas Real Estate Board logged through the month of September.
For more information, visit our local Real Estate Board’s most recent market update, available here.