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London Ontario Real Estate Market March 2022 Balancing Out

The London Ontario, real estate market may be switching from a Seller’s market to a balanced market with 1,544 listings coming on the local market, making last March 2022 the highest number of listings in the history of LSTAR (the London and St. Thomas Association of REALTORS®).  1049 homes were sold in March 2022.

In March, the average price for all home types in the London area was $823,954, whereas LSTAR’s composite MLS® Home Price Index Benchmark Price sat at $774,200.

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

AreaMarch 2022 MLS® HPI Benchmark PriceMarch 2022 Average Price
Central Elgin$826,600$927,880
London East$685,600$669,005
London North$894,800$947,700
London South$770,100$823,904
Middlesex Centre$1,085,800$1,228,124
St. Thomas$665,200$728,860

Out of the 1,049 units sold last month, 756 were single-family homes, 140 – condo townhouses, and 107 – apartments.

In March, the average price for a single-family home in LSTAR’s jurisdiction was $894,306, for townhouse condos at $692,187 and apartment condos at $501,961.

The following table shows the March benchmark prices for all housing types in LSTAR’s jurisdiction and how they compare with the values from a year ago.

MLS® Home Price Index Benchmark Prices
Benchmark TypeMarch 2022Change over March 2021
LSTAR Composite$774,200↑ 35.9%
LSTAR Single-Family$831,100↑ 33.4%
LSTAR One Storey$777,900↑ 40.1%
LSTAR Two Storey$884,700↑ 29.3%
LSTAR Townhouse$638,700↑ 49.7%
LSTAR Apartment$445,100↑ 36.5%

The following table is based on the Canadian Real Estate Association (CREA) data for March 1st, 2022.

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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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