2015 proved to be not only the best year for real estate in the jurisdiction of the London and St. Thomas Association of REALTORS® since 2007, but also the second best year in the history of the Association overall. 9,366 area homes exchanged hands over the course of last year, just 59 units short of the 2007 total of 9,425. "The global financial meltdown that led to the collapse of the U.S. housing market back in 2008 negatively impacted Canadian markets as well," says Carl Vandergoot, LSTAR's 2015 President. "Eight long years later, we're pretty much back on track."
A total of 7,563 detached homes sold in 2015, up 9.2% over the previous year, while condo sales, at 1,803 were up 13%. Overall, sales were up 9.9% over 2014.
16,590 homes were listed in 2015, up a marginal 0.6%. Active Listings End of Period – or inventory – were down 14.0%. "We remain in a balanced market," says Vandergoot, "but, given the relatively low supply, now would be a good time for anyone thinking about listing their home to get in the game."
2015 was also a great year for real estate in St. Thomas, with sales totaling 830. Only 2007 was a better year for London’s Sister City and that by only 31 units. The average price of a home in St. Thomas in 2015 stands at $216,800 up 8.5%.
The best-selling house style in LSTAR's jurisdiction for December 2015 was the two-storey, then the bungalow, followed by ranches, then townhouse condominiums, then high rise apartment condos. The average price for a detached home in 2015 stood at $282,229, up 4.3 %, while the average price for a condo over the same period stood at $189,798, up 3.8 %. The average price of all homes sold through LSTAR’s MLS® stood at $264,435, up 4.1%.
|High rise apt. condo
The following chart, based on data taken from CREA's National MLS® Report for December 2015 (the latest information available), demonstrates how homes in LSTAR's jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.
According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario. "That means 2015's home sales in LSTAR's jurisdiction spun approximately $515,130,000 into our local economy and created approximately 3,122 jobs," says Vandergoot. "Here at LSTAR, we're very proud about the vital role real estate plays in ensuring the prosperity of our community."
Click here to read the original news release of LSTAR.
*Average Price Overall for 2015