Skip To Content

The London Ontario Real Estate Market Is Stabilizing

The local housing market continued its steady streak in June, with 745 homes exchanging hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). Housing supply increased from 1.7 months of inventory in May to 2.2 months of inventory in June, showing signs of market stabilization. 

“The sales activity in June is consistent with the activity from the last several months,” said 2023 LSTAR President Adam Miller. “This happened despite another interest rate hike last month. Halfway through the year, the sales demonstrate the strong demand for homes across the region, which is very encouraging.” 

The table below highlights home sales, average home prices and benchmark prices in LSTAR’s jurisdiction over the past four months.

 March 2023April 2023May 2023June 2023
LSTAR Home Sales685723846745
LSTAR’s Overall Average Price$653,611$664,149$682,561$675,923
LSTAR’s Composite MLS® HPI Benchmark Price$592,600$607,200$619,800$626,200

The overall sales-to-new listing ratio for LSTAR was 52.7% in June, slightly down from 60.6% in May. According to the Canadian Real Estate Association (CREA), a ratio between 40% and 60% is generally consistent with a balanced market.

The June average home price was $675,923, slightly down from $682,561 in May. The composite MLS® Home Price Index (HPI) Benchmark Price was $626,200, up from $619,800 in May. The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain area based on various housing attributes, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold. The HPI benchmark price is helpful to gauge trends over time since averages may fluctuate by changes in the mix of sales activity from one month to the next.

The table below shows the June benchmark prices for all housing types within LSTAR’s jurisdiction, comparing changes from the previous month and three months ago.

MLS® Home price Index Benchmark Prices
Benchmark TypeJune 2023Change Over May 2023Change Over March 2023
LSTAR Composite$626,200↑1.0%↑5.6%
LSTAR Single-Family$674,300↑1.1%↑5.3%
LSTAR One Storey$610,300↑0.5%↑5.7%
LSTAR Two Storey$719,200↑1.5%↑5.2%
LSTAR Townhouse$520,300↑1.3%↑4.8%
LSTAR Apartment$392,800↓0.3%↑12.8%

In terms of housing preferences, the single-family home remained the top choice among local buyers, with 543 units sold, followed by 108 condo townhouses and 52 apartments. 

“When compared to other values recorded provincially and nationally, homes in our area continue to remain relatively affordable,” Miller said. The following chart shows the latest HPI benchmark prices, courtesy of CREA.

If interested, click on any of the blocks below for what is for sale now on MLS in London Ontario and Area

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

All apartment condos for sale in London Ontario

Trackback from your site.

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-to’s and what is for sale on MLS. All the so-called Gurus of marketing and branding say a Realtor and their Brokerage should have a bio to let people know about them. I have always felt bios were boasting, bragging, or trying to impress readers; I’ve always felt that our actions and results should impress and not be all talk and no action! As they say in Texas:” All hat and no cattle”! So here goes: We are a small brokerage by choice. 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 your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? About Ty 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 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!

Leave a Reply