April home sales improve
Last month, 804 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), including 666 detached homes (up 1.8% from April 2008) and 138 condos (down 26.6% from April 2008). Year to date, 1,840 detached homes and 414 condos have been sold – down 15.1% and 26.9% respectively compared to the same period in 2008.
April sales have increased by 20% over March .The federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan to $25,000, and the First Time Buyer Tax Credit, have certainly influenced April’s sales.
Year-to-date for April 2009, the total residential average price is down 1.8% to $207,591, compared with a decline of 2.7% in March, 2.4% in February and 2.8% in January.
The number of sales and average prices year-to-date for April 2009 were:
Type | Units Sold | Average Price | $$ Decrease from YTD 2008 |
Total Detached | 1,840 | $220,438 | -3% |
Total Condo | 414 | $150,496 | -0.1% |
Total Residential | 2,254 | $207,591 | -1.8% |
The best-selling house style in LSTAR’s jurisdiction for the month of April was the two-storey, followed by the bungalow, the ranch and the townhouse condo:
House Style | Units Sold | Average Price |
2 storey | 195 | $282,491 |
Bungalow | 132 | $164,790 |
Ranches | 93 | $239,448 |
Townhouse Condo | 73 | $131,731 |
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Homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centres. According to the Canadian Real Estate Association’s Residential MLS Report for March 2009 (the most current available), the average price year-to-date for:
London and St. Thomas was $208,632;
Calgary was $369,219;
Durham Region was $262,374;
Edmonton was $310,849;
Hamilton-Burlington and District was $264,187;
Kitchener-Waterloo was $251,030;
Ottawa was $284,118;
St. Catharines & District was $202,452;
Toronto was $358,036; and
Greater Vancouver was $535,552.