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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?

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

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
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

"Not All Realtors Are The Same"! This website and content are for you and are designed and constantly upgraded with the latest real estate trends, how-tos, and what is for sale on MLS. Our primary focus is guiding home buyers and sellers to make good decisions. 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! 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 boring, but we are dealing with hundreds of thousands of your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? About Ty I am a Broker with Sutton Group Preferred Realty Inc., Brokerage and the team leader for The Envelope Real Estate Group, that's enough about me! You see, this is about you, you do not want to hear blah blah stuff about awards, designations, or that we walk older adults 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; success leaves clues!

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