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Is The Real Estate Market in London Ontario Now Normal?

451 homes were sold through the Multiple Listing Service® (MLS®) System of the London and St. Thomas Association of Realtors (LSTAR) in November 2022, consisting of 336 single family homes, 64 condo townhouses, and 36 apartments.

Really? Id the London Ontario real estate market back to normal?
Really?

875 residential listings were posted on MLS in November 2022, a record high which increased the housing inventory to 3.3 months, which means a buyer’s market !Yes, interest rates have risen and everywhere you turn you read ,hear or gossip about the economy, inflation and economic turmoil. Now, we are in a normal market; interest rates are where they should be, the value of homes is where they should be, and if you look around, you see ‘help wanted ads’ everywhere and most companies and organizations are short-staffed and need employees.

Yes, prices have dropped but have dropped to where they should be based on values and not hyped shortages and lack or greed. For serious solid buyers, what a great time to buy, you have less competition, more homes to compare and the price you pay will be value based, not perception based.

LSTAR’s average home price was $615,247 in November, 7.8% less than a year ago. The composite MLS® Home Price Index (HPI) Benchmark Price was $575,500 last month, 10% down from last year, again to about where they should be, we may see another 5-10% decrease overall, but that will be from homes that were listed at prices based on what sold 6-10 months ago!

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

AreaNovember 2022 MLS® HPI Benchmark PriceNovember 2022 Average Price
Central Elgin$582,300$622,909
London East$468,500$502,606
London North$687,400$705,725
London South$569,800$617,379
Middlesex Centre$812,200$921,460
St. Thomas$492,900$515,180
Strathroy-Caradoc$712,200$637,977
LSTAR$575,500$615,247

The following table shows the November 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 TYPENOVEMBER 2022CHANGE OVER NOVEMBER 2021
LSTAR Composite$575,500↓10.0%
LSTAR Single-Family$614,000↓10.2%
LSTAR One Storey$562,000↓7.3%
LSTAR Two Storey$649,500↓11.8%
LSTAR Townhouse$490,800↓9.9%
LSTAR Apartment$391,200↓5.4%

When compared to other areas of Canada and most Ontario centres, London and the area offer some of the best values in the market.

MLS Home Price Index November 2022
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

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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