Remember life before the global economic crash? It was 2007 and everything was going well until the crash hit and everything went crazy. The housing market took a bit of a beating, and while it wasn't as dire as the US market, Canada’s housing market, including London, Ontario, saw a few rough years.
Fast forward to the present and things seem to be back on track, with the average housing prices continuing to grow in London, Ontario and the surrounding areas, including St. Thomas. In fact, January 2015 was the best it has been since 2007 and housing prices have continued to grow for the past nine months straight when you compare it to the same time the previous year.
This is a far cry from the situation a year ago, when the entire real estate market was in the deep freeze as the Polar Vortex took ahold of the province and kept it in its grip for far longer than anyone cared to experience. That’s not to say that this winter hasn't had it’s fair share of cold days (wind chill, much?) but it seems as though there are still a number of people looking to buy and sell. 2015 has started off as a balanced market, and the outlook is promising that spring will likely see a huge surge of activity.
According the LSTAR (London and St. Thomas Association of Realtors). the best-selling style of home was two-storey dwellings, followed by bungalows, ranchers, townhomes, and condos/apartments. London and St. Thomas continues to be one of the most affordable major cities to live in Canada, with an average price of $253,140.
Here’s the breakdown of the type of dwelling sold and the average price:
Average Prices for January 2015
2-Storey Home: $325,444
Bungalow was $217,565
Have a question about the current real estate market in London, Ontario? Don't hesitate to get in touch with me.
(Statistics courtesy of LSTAR news release.)