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London, Ontario

Supply Remains Tight in London Real Estate Market

  • 5/25/2021 12:00:00 AM

It’s no secret that across the country, various Canadian cities have been experiencing heated housing market activity over the past six months. Rising prices that were typically only seen in larger, metropolitan areas such as Toronto, Vancouver and Montreal, are now beginning to spill over into Canada’s smaller and medium-sized markets, including the London real estate market. Notably, London and St. Thomas, Ontario have both experienced a surge in prices as of late. Coming off a fairly hot 2020 market – largely attributed to shifting consumer behaviour during the pandemic and record low interest rates – both London and St. Thomas have continued to experience strong sales as the spring continues. “We’ve experienced a very robust start to the first quarter of 2021, with the seventh consecutive month of record sales,” said LSTAR 2021 President Jack Lane. These strong sales figures spilled over into the month of April, and are expected to continue on this trajectory toward the end of spring and into the summer. In fact, closing out April, year-to-date sales in the London and St. Thomas area were up by more than 57%. “We are encouraged by the strong sales numbers, as the spring market ramps up,” says Lane. “Year-to-date sales are also performing ahead of 2020. At the end of April, there have been 3,918 sales, up more than 57% over the same period last year.” With 1,231 homes changing hands in the month of April alone, the rest of the spring season is expected to be red hot for London real estate.

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