London Real Estate Market 2018
64 per cent of the homes sold in February had multiple offers and sold, on average $24,000 above asking price.
Last month, the average price of a home in London and St Thomas was $343,939, up 10.7 per cent from last year. In London alone, the average home fetched $353,180, up 12.3 per cent from last year.
Despite a decline in the number of homes for sale, the average sale price for a home in London and St. Thomas was up 8.6 per cent over March 2017, to $364,112.
Nethercott said the current situation facing the London and St. Thomas real-estate market — high demand and low supply — favours sellers. The sales-to-new listings ratio utilized by the Canadian Real Estate Association (CREA) pegged London and St. Thomas at 75.1 per cent.
“According to the Canadian Real Estate Association (CREA), a ratio between 40 per cent and 60 per cent is generally consistent with a balanced housing market,” said Nethercott.
According to the CREA’s latest average sale price figures released in February, the average sale price of a home in Canada was $481,664. Vancouver continues to be the most expensive market, with an average sale price of $1,027,298. The Fraser Valley, which is just outside Vancouver, was second with an average price of $751,959. Toronto was the third most expensive at $746,216.
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