Underrated market has record performance

by Justin da Rosa03 Feb 2017
It’s not just Toronto breaking real estate records.

The London and St. Thomas Association of Realtors (LSTAR) announced the region’s best January on record this year, with a total of 574 homes sold – representing a 26.2% year-over-year increase.

“We’re off to a tremendous start this year with our best January ever,” said Jim Smith, LSTAR 2017 President. “The trend of high demand and low supply continues, with January experiencing a 12.2% decrease in the number of listings compared to the previous year. Those thinking of selling may want to consider maximizing the current market conditions.”

Last month, a total of 434 detached homes were sold, an increase of 15.1% year-over-year.

A total of 140 condos were sold (+79.5%).

The average sale price, meanwhile, increased 0.5% to $285,418.

“We saw a huge boost in condominium sales, with almost double the number of units sold in 2017,” Smith said. “It represents very robust activity happening in the condominium market, again with less listings available compared to 2016.”    

St. Thomas, itself, also had a strong January, with a total of 55 home sales – an increase of 139.1% year-over-year.

“Real estate is providing a huge boost to the local economy,” Smith said, citing a report that states one job is created for every three real estate transactions. “When we look at January, that means residential sales created 191 jobs and more than $30 million was generated into the local economy.”  


 

COMMENTS

  • by George 2/5/2017 9:59:27 AM

    London has everything to offer that Toronto has. For example we have great schools (elementary, secondary, college and university), we have world class hospitals, great entertainment, great transportation systems, sport facilities, great sport clubs, (Mustangs, Knights, London Lightning basketball), great beaches (Port Stanley, Grand Bend, it is a clean city, low crime, fair traffic volumes,...as for real estate values we are in a totally other world when it comes to real estate values. In London you can actually pay your mortgage off. The prices in Toronto are mind boggling to say the least. In my opinion it is nothing short of economic slavery to deal with those figures, the traffic jams...in other words when is the time one can actually enjoy a little bit of life. Anyone retiring that sells in Toronto and buys in London and surrounding area can enjoy a true retirement and a healthy financial situation....come and check it out this summer during our great festival season.

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