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    London Ontario Home Sales Up 56% March 2021

    Home Sales up 56% in London Ontario in March 2021

    The London and St. Thomas Association of Realtors (LSTAR) announced 1,296 homes exchanged hands in March, an increase of more than 56% compared to the same time a year ago. The total sales are the highest recorded for the month of March since the Association began tracking data in 1978. 

    Low supply and high demand continue to affect the average sales price across the major areas of LSTAR’s jurisdiction. 

    The following table shows last month’s MLS® Home Price Index (HPI) benchmark prices by area and how they compare to the average sales prices. The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain area based on various housing attributes, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold. The HPI benchmark price is helpful to gauge trends over time since averages may fluctuate by changes in the mix of sales activity from one month to the next.

    AreaMarch 2021 MLS® HPI Benchmark PriceMarch 2021 Average Price
    Elgin$563,900$667,091
    London East$490,600$504,399
    London North$681,900$732,163
    London South$555,400$640,213
    Middlesex$834,600$720,331
    St. Thomas$469,500$563,047
    Strathroy$671,600$633,564
    LSTAR$566,000$634,799

    Single-family homes were the most popular housing type sold in March, with 941 sales. The table below shows the March benchmark prices for all housing types and how they stack up against the values from a year ago.

    MLS® Home Price Index Benchmark Prices
    Benchmark TypeMarch 2021Change over March 2020
    LSTAR Composite$566,000↑ 36.2%
    LSTAR Single-Family$625,300↑ 41.3%
    LSTAR One Storey$555,100↑ 35.0%
    LSTAR Two Storey$698,300↑ 46.2%
    LSTAR Townhouse$419,300↑ 26.9%
    LSTAR Apartment$286,500↑ 3.2%

    Despite increases to the HPI benchmark price and average sales price, homes in LSTAR’s jurisdiction continue to remain relatively affordable when compared to houses from some other major Ontario and Canadian centres. The following chart is based on data taken from the CREA National Price Map for February 2021.Benchmark home prices in Canada at the end of February 2021


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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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