Record House & Condo Prices London Ontario In 2021
Five hundred & thirty homes in London Ontario & the area were sold through MLS in December 2021, making it the second-best December for residential transactions since LSTAR (London St.Thomas Association of Realtors) started tracking data in 1978. 10,964 homes sold in total in 2021, leaving the inventory levels (homes for sale) at historic lows and pushing the home prices up.
At the end of December 2021, there were 175 active listings on the Association’s MLS® system, with only 0.3 months of housing inventory left. The Aggregate Composite Benchmark price for the entire London-St. Thomas area was $657,600 – 37.5% higher than in December 2020, while the overall LSTAR average price sat at $707,219 – up 27.6% from a year ago.
The MLS® Home Price Index (HPI) benchmark price is more accurate than the average price of a home, and this reflects the value of a ‘typical home’ as perceived by buyers from certain areas based on various housing attributes.
The following table shows how December’s average sales prices compare to the benchmark prices.
| Area | December 2021 MLS® HPI Benchmark Price | December 2021 Average Price |
|---|---|---|
| Central Elgin | $692,100 | $778,490 |
| London East | $569,800 | $559,723 |
| London North | $776,400 | $867,374 |
| London South | $654,400 | $713,252 |
| Middlesex Centre | $977,300 | $1,058,299 |
| St. Thomas | $570,000 | $656,923 |
| Strathroy-Caradoc | $755,100 | $682,374 |
| LSTAR | $657,600 | $707,219 |
In 2021, 8,125 single-family homes sold! 1,364 condo townhouses and 1,009 apartment condos sold in setting a record for townhouses and condos in London Ontario.
The following table shows the December 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 Type | December 2021 | Change over December 2020 |
| LSTAR Composite | $657,600 | ↑ 37.5% |
| LSTAR Single-Family | $710,400 | ↑ 34.5% |
| LSTAR One Storey | $638,100 | ↑ 37.2% |
| LSTAR Two Storey | $777,500 | ↑ 33.0% |
| LSTAR Townhouse | $529,900 | ↑ 51.5% |
| LSTAR Apartment | $371,600 | ↑ 48.9 % |
Despite increases to the HPI benchmark price and average sales price, homes in LSTAR’s jurisdiction remain relatively affordable 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 November 2021.
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Wow Ty
That is good news indeed!
I think we will hold on to our condos for now