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2022 London Ontario Real Estate Market Not All Gloom and Doom

In December 2022, 299 residential properties sold in the jurisdiction of the London and St. Thomas Association of Realtors (LSTAR), bringing the total number of homes sold in 2022 to 7,639.

December 2022 was the lowest number of home sales recorded by LSTAR in the last ten years! In 2022 was the second lowest number of home sales since 2012! The number of new listings increased as well ,the second-highest yearly total in the last ten years!

Now, these numbers do not lie but this is not all doom and gloom and woe is me. There is always a market within a market.

Two ways to look at the London, Ontario, real estate market.

Buyers have more choices and time to shop, there will be few if any multiple offers, buyers can safely request conditions such as home inspections , condition of financing or a condition for condo buyer a status certificate request. For sellers, homes that are priced right, marketed properly will receive a price they can live with.

Now that interest rates are normal and where they should be for a country to function, financial prudency, or should I say, should function, we will see fewer unqualified investors, fewer buyers with a minimal buyer credit score and a gold rush mentality.

The following table shows how December’s average home prices in LSTAR’s main regions compare to the benchmark prices for the same areas.

AreaDecember 2022 MLS® HPI Benchmark PriceDecember 2022 Average Price
Central Elgin$588,600$549,343
London East$458,900$448,002
London North$676,200$713,297
London South$563,200$613,050
Middlesex Centre$804,600$901,286
St. Thomas$496,100$521,154
Strathroy-Caradoc$693,700$657,985
LSTAR$575,500$615,247

The following table shows the December benchmark prices for all housing types in LSTAR’s jurisdiction and how they compare with the values from the previous year.

MLS® Home price Index Benchmark Prices
BENCHMARK TYPEDECEMBER 2022CHANGE OVER DECEMBER 2021
LSTAR Composite$566,600↓15.1%
LSTAR Single-Family$601,200↓15.6%
LSTAR One Storey$544,500↓11.8%
LSTAR Two Storey$640,000↓17.6%
LSTAR Townhouse$505,100↓12.2%
LSTAR Apartment$377,700↓13.4%

When compared to other values recorded provincially and nationally, real estate in London and area is reasonably priced,” The following chart shows HPI benchmark prices for December provided by The Canadian Real Estate Association (CREA)

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Ty Lacroix

Founder & Owner & Broker of Record of Sutton Group Envelope Real Estate Inc, That's all I can say about me! You see, this is about you, not me; you do not want to hear blah blah stuff about awards, designations or that we walk older people across the street, the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; you see, success leaves clues!

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