The London and St. Thomas Association of REALTORS® (LSTAR) recorded five hundred twenty-nine home sales in January 2022, the second-best January for home sales ever.
The extraordinary buyers’ demand combined with the severe shortage of housing supply continues to favour home sellers . The LSTAR average home price climbed to $793,222, $90,000 higher than in December 2021 and more than double the value recorded in January 2019.
The following table shows how January’s average sales prices compare to the benchmark prices.
|Area||January 2022 Average Price|
While the bulk of last month’s sales consisted of single-family homes, condo townhouses and apartment sales continued to increase. Seventy-one condo townhouses and 62 apartment condos sold in January. The average price for a townhouse condo was $643,951; for an apartment condo,$463,466.
The following table shows the January 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||January 2022||Change over January 2021|
|LSTAR Composite||$697,700||↑ 37.8%|
|LSTAR Single-Family||$760,200||↑ 35.9%|
|LSTAR One Storey||$671,300||↑ 37.6%|
|LSTAR Two Storey||$840,700||↑ 35.2%|
|LSTAR Townhouse||$550,500||↑ 47.3%|
|LSTAR Apartment||$377,200||↑ 47.1 %|
Despite these increases in the HPI benchmark and average sale prices, homes in LSTAR’s jurisdiction remain more affordable than houses from many other Ontario and Canadian centres. The following table is based on the Canadian Real Estate Association (CREA) data for January 1st, 2022.
|Area||MLS® Home Price Index Benchmark Price|
|Oakville – Milton||$1,645,000|
|Guelph & District||$910,400|
|Barrie & District||$880,300|
|London St. Thomas||$697,700|
|Huron – Perth||$591,600|