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Supply & Demand Dictated The June Real Estate Market in London Ontario

The number of residential sales in June 2022 in London, Ontario, the area declined to its lowest level since 2012, and home prices dropped about 7.8% from May 2022! However, the sky is not falling for clear-headed buyers and sellers!

The value of homes is relative to what a buyer is willing to pay, and where I see the trouble is with overpriced listings on MLS, this is where the price drop is. Homes priced correctly are selling within seven days and usually for full price. Ahhh, the supply and demand law is in place; in May 2022, there were 1.7 months of inventory versus 2.8 months in June!

Yes, interest rate fears are valid but the real culprit in the current market is more homes on the market and home buyers have many options when it becomes a buyers market.

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

AreaJune 2022 MLS® HPI Benchmark PriceJune 2022 Average Price
Central Elgin$637,700$616,591
London East$524,900$547,492
London North$781,700$807,984
London South$644,100$696,067
Middlesex Centre$925,400$1,007,905
St. Thomas$537,300$576,680

In June 2022, 663 homes were sold, 493 were single-family, 82 townhouse or townhome condos sold and 58 apartment condos sold!

In June, the average price for a single-family home was $736,158, townhouses and townhomes $583,321, and apartment condos at $413,576. 

The following table shows the June 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 TypeJune 2022Change over June 2021
LSTAR Composite$648,500↑ 10.1%
LSTAR Single-Family$689,000↑ 9.1%
LSTAR One Storey$626,900↑ 9.7%
LSTAR Two Storey$731,500↑ 8.9%
LSTAR Townhouse$575,800↑ 16.4%
LSTAR Apartment$425,900↑ 10.6%

Prices in Other Cities

MLS® Home Price Index Benchmark Prices in Canada - June 1, 2022

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Ty Lacroix

Founder & Owner & Broker of Record of Sutton Group Envelope Real Estate Inc, That's all I can say about me! You see, this is about you, not me; you do not want to hear blah blah stuff about awards, designations or that we walk older people across the street, the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; you see, success leaves clues!

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