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Home Prices Rise in London Ontario and Area

723 homes were sold via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR) in April 2023. “Since the beginning of 2023 we’ve been noticing steady month-over-month increases in the number of home sales and prices, which indicate that the property demand and the housing supply issue are still there. Both of these are also demonstrated by the sales-to-new-listings ratio, which sky-rocketed in April, and by the dwindling housing inventory,” said 2023 LSTAR President Adam Miller.

The overall sales-to-new listings ratio for the entire London-St. Thomas area climbed from 63.5% in March to 75% in April, while the inventory plunged from 2 months in March to only 1.8 in April.

The average home price for LSTAR in April 2023 was $664,149, while the composite MLS® HPI Benchmark Price was $607,200.

The following table shows how home sales and prices evolved in the first quarter of this year in London, Ontario and the area. 

 January 2023February 2023March 2023April 2023
LSTAR Home Sales344436685723
LSTAR’s Overall Average Price$585,252$621,912$653,611$664,149
LSTAR’s Composite MLS® HPI Benchmark Price$568,300$583,500$592,600$607,200

Last month, the single-family home remained on top of the local buyers’ preferences, with 519 units sold. The condo townhouse ranked second, with 100 units changing hands. The apartment came in third place, with 61 units sold.

“Since the Bank of Canada pressed the pause button on interest rate hikes, single-family homes saw month-over-month gains in their MLS® HPI Benchmark prices. In April 2023, LSTAR’s overall MLS® HPI Benchmark Price for single-family homes stood at $654,100,” observed Miller.

“When compared to other values logged provincially and nationally, homes in our area continue to remain relatively affordable,” Miller said. The most recent HPI benchmark prices for April, provided by CREA, can be found in the following table.

By The Way, Here Is What Is For Sale Now oN MLS in London Ontario & The Area

Houses for Sale London Ontario & Area
All Townhouses & Townhomes For Sale in London Ontario and surrounding towns and villages for sale

All apartment condos for sale in London Ontario

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Ty Lacroix

"Not All Realtors Are The Same"! This website and content are for you and designed and constantly upgraded with the latest real estate trends, how-to’s and what is for sale on MLS. All the so-called Gurus of marketing and branding say a Realtor and their Brokerage should have a bio to let people know about them. I have always felt bios were boasting, bragging, or trying to impress readers; I’ve always felt that our actions and results should impress and not be all talk and no action! As they say in Texas:” All hat and no cattle”! So here goes: We are a small brokerage by choice but mighty in results (over $103 million in transactions since 2014). Our primary source of business is guiding home buyers and sellers to make good decisions. We are transformational in nature and by choice, not transactional! We believe selling real estate is a process, not an event or knee-jerk reaction; we sleep well at night and ensure our clients do as well by systemizing the predictable and humanizing the exceptional ( the last seven words are plagiarism, I have copied this from the Four Seasons Hotels & Resorts)! We are not for everybody, nor can we please everybody, nor do we tell people what they want to hear; I know that may be old-fashioned and perhaps in this era of me-tooism, deservism and impersonal artificial intelligence (an oxymoron), calls on hold for hours or people being busy looking after their busyness that expectations may be jaded! If you would like to know more about the disadvantages of us helping you, contact me, Ty Lacroix, Owner and Broker of Record; however, the advantages are exposed on this site. About Ty 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 old people across the street (I used to help old ladies cross the street, but as I got older I did not want my wife to think I was flirting) 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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