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London Ontario Real Estate Change in June 2022 From a Sellers Market to a Buyers Market

There were 1,835 new residential listings for sale posted on the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), more than in any previous May in the Association’s history.

Sales, however, dropped with 844 homes being sold! May was somewhat early to reflect the change in the market from a seller’s market to a buyer’s market, with home prices experiencing a modest 4% decline.

Should You Sell, Buy, Wait, Stick Your Head in the Sand, Sit on The Fence or Whine?

June and July will expose the real estate market more clearly, not only with more homes for sale but with higher interest rates and higher fuel, food and living costs. I am not an economist, a mathematician or the tooth fairy, I feel the so-called 6-8% inflation rate is grossly understated.

A point to keep in mind is in the fourth quarter of 2021, Ontario’s population saw a net increase of 34,074 people. Many of these new Ontarians are now looking to buy homes they can afford in regions with good schools and hospitals. London Ontario and area real estate are still affordable ( see the charts below); we have excellent medical facilities and personnel, a lower crime rate and easy accessibility to the US and the GTA.

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

AreaMay 2022 MLS® HPI Benchmark PriceMay 2022 Average Price
Central Elgin$718,000$825,705
London East$570,800$575,867
London North$840,800$890,455
London South$699,500$750,388
Middlesex Centre$990,300$1,270,684
St. Thomas$597,800$645,711

Of the 844 residential properties sold in May 2022, 635 were single-family homes, 105 were condo townhouses, and 65 were apartment condos. The average price for a single-family home in LSTAR’s jurisdiction was $818,977, townhouse condos $605,333, and apartment condos $465,364.

The following table shows the May benchmark prices for all housing types in LSTAR’s jurisdiction and how they stack up against the values from a year ago.

MLS® Home Price Index Benchmark Prices
Benchmark TypeMay 2022Change over May 2021
LSTAR Composite$703,300↑ 17.6%
LSTAR Single-Family$749,100↑ 17%
LSTAR One Storey$681,800↑ 17.6%
LSTAR Two Storey$795,300↑ 16.8%
LSTAR Townhouse$609,700↑ 22.5%
LSTAR Apartment$473,400↑ 19.4%
MLS® Home Price Index Benchmark Prices in Canada - May 1, 2022

If Interested, Below are what Houses, Townhouse & Apartment Condos Are For Sale on MLS

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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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