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Realistic View Of The London Ontario Real Estate Market February 2023

There were 344 residential transactions recorded via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), the lowest since 2009! 823 new listings came on the market, bringing the total number of listings to 1,261, which works out to 3.7 months of inventory which is a buyer’s market!

The two tables below show January 2023 prices, and the table below shows the changes in the London area real estate market over the last three years.

The following table shows how January’s average home prices in LSTAR’s main regions compare to the benchmark prices for the same areas. (The MLS® HPI is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices.)

AreaJanuary 2023 MLS® HPI Benchmark PriceJanuary 2023 Average Price
Central Elgin$573,200$602,500
London East$475,500$463,500
London North$682,800$678,923
London South$565,900$593,949
Middlesex Centre$800,000$791,556
St. Thomas$484,100$529,512
Strathroy-Caradoc$691,200$611,784
LSTAR$568,300$585,252

The following table shows the January 2023 benchmark prices for all housing types in LSTAR’s jurisdiction and how they compare with the values from 2022 and 2020.

MLS® Home price Index Benchmark Prices
BENCHMARK TYPEJANUARY 2023CHANGE OVER JANUARY 2022CHANGE OVER JANUARY 2020
LSTAR Composite$568,300↓22.2%↑40.8%
LSTAR Single-Family$604,200↓23.1%↑40.9%
LSTAR One Storey$545,000↓21.5%↑42.6%
LSTAR Two Storey$644,900↓24.0%↑40%
LSTAR Townhouse$501,100↓18.6%↑48.7%
LSTAR Apartment$374,600↓16.8%↑29%
Now what? Which way to go considering the London, Ontario real estate market
Now what? Which way to go considering the London, Ontario real estate market?

What does this all mean?

Glass half full or glass half empty? The homes that did sell in January were priced correctly, the homes that did not sell, low traffic, price or condition was the reason. What will happen is that buyers will start buying regardless of interest rates, and wise sellers will price assertively, meaning we may see a 5% drop in the benchmark prices for February and early March. Then a balanced market where real estate fundamentals are the norm and buyers accept that the mortgage rates will remain stable.

This table shows the HPI benchmark prices for January 1 across Canada, courtesy of CREA. (Canadian Real Estate Association)

Houses for Sale London Ontario & Area
One Floor Houses , Bungalows                 London Ontario & Area
All Townhouses & Townhomes For Sale in London Ontario and surrounding towns and villages for sale

one Floor Bungalow Condos For Sale London Ontario and Area
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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