The London Ontario Real Estate Market in September 2022 settled down to a more reasonable time for buyers and a more realistically for home sellers. With more homes for sale and a rise in interest rates, homes are now on the market longer, few if any multiple offers and most sellers are willing to look at conditional offers.
497 homes sold via the MLS® System of the London and St. Thomas Association of REALTORS®(LSTAR). Housing supply made a healthy gain from 2.7 months of inventory in August to 3.4 months of inventory in September, showing more signs of market stabilization.
The average home sales price and composite MLS® Home Price Index (HPI) Benchmark Price both edged slightly down from August to September. LSTAR’s overall average home price fell from $648,036 in August to $635,256 in September. The composite MLS® HPI Benchmark Price saw a marginal decrease from $599,500 in August to $596,900 in September. The data represents a trend the majority of local real estate markets are seeing across the country, according to the Canadian Real Estate Association (CREA).
The following table shows how September’s average home sales prices in LSTAR’s main regions compared to the benchmark prices for the same areas.
| Area | September 2022 MLS® HPI Benchmark Price | September 2022 Average Price |
|---|---|---|
| Central Elgin | $601,400 | $675,231 |
| London East | $487,900 | $495,326 |
| London North | $713,000 | $759,555 |
| London South | $591,000 | $614,261 |
| Middlesex Centre | $839,600 | $1,025,445 |
| St. Thomas | $508,800 | $541,569 |
| Strathroy-Caradoc | $719,100 | $733,215 |
| LSTAR | $596,900 | $635,256 |
The following table shows the September benchmark prices for all housing types in LSTAR’s jurisdiction and how they stack up against the values from the previous year.
| MLS® Home price Index Benchmark Prices | ||
|---|---|---|
| BENCHMARK TYPE | SEPTEMBER 2022 | CHANGE OVER SEPTEMBER 2021 |
| LSTAR Composite | $596,900 | ↓1.3% |
| LSTAR Single-Family | $641,000 | ↓1.1% |
| LSTAR One Storey | $578,900 | ↓0.2% |
| LSTAR Two Storey | $683,500 | ↓1.5% |
| LSTAR Townhouse | $496,200 | ↓2.4% |
| LSTAR Apartment | $390,800 | ↓0.8% |
Other real real estate markets in Canada
According to a research report by Altus Group, a total of $73,250 in ancillary expenditures is generated by the average housing transaction in Ontario over a period of three years from the date of purchase.
Click the links below to see what is for sale now in London, Ontario and the area.
