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London home sales in 2010

The London and St. Thomas Association of REALTORS® (LSTAR) reports that at year end the London area market had managed to outstrip 2009 by a modest 0.7% in terms of sales. A total of 8,128 homes exchanged hands in 2010 -- 6,587 detached homes (up 0.4%) and 1,541 condos (up 2.1%), put sales for 2010 on par with those of 2002 and 2003. "Both of those years were banner years for real estate," says Richard Thyssen, LSTAR president. "Our Census Metropolitan Area took a hit with the Great Recession, but we bounced back. Holding our own over the past year is evidence that the sort of market stabilization that both the Canadian Real Estate Association and Canada Mortgage and Housing Corporation forecast in the autumn of 2010 is, indeed, taking place."

A total of 381 homes exchanged hands in December -- 301 detached homes and 80 condos, down 14.7% and 5.9% respectively from December 2009. However, to put these figures into perspective, December 2009 had the distinction of being the best December on record with 438 sales. "We were just coming out of the downturn," explains Thyssen. "There was a lot of pent up demand that got met in December 2009, which accounts for the unusually high volume of sales." The average number of sales during December over the past decade stands at 379.

The average price for a home in the London area in 2010 rose 6.3% for detached homes to stand at $240,147, 7.9% for condos to stand at $171,098 , and 6.4% for total residential to stand at $227.056. The average sale price is calculated based on the total dollar volume of all properties sold. However, LSTAR cautions that, while average sale price information can be useful in establishing trends over time, it should not be used as an indicator that specific properties have increased or decreased in value.

According to the Canadian Real Estate Association's MLS Survey the average in sales price in comparative markets were:

London and St. Thomas -- $227,056
Vancouver -- $679,381
Victoria -- $485,459
Toronto --$427,269
Calgary -- $401,080
Edmonton -- $325,060
Ottawa -- $324,841
Hamilton -- $ 316,556
Durham -- $296,395
Kitchener-Waterloo -- $275,879
St. Catharines -- $250,390

The best-selling house style in LSTAR's jurisdiction for 2010 was the two-storey, followed by the bungalow, the ranch and the townhouse condo. Home sales in London's sister city of St. Thomas numbered 662 for the year, 5.7% down from 2009. The average price for a home in St. Thomas at the end of 2010 was $182,719 which is relatively unchanged from 2009.

January 4, 2011 in Canadian Real Estate Market | Permalink


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I believe the Greater Vancouver home sales have remained steady which indicates stability in the residential housing market. No matter how expensive homes are, people are still buying them.

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If given a chance I would choose to have a property in London. It is one of my greatest dream.


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I want to have a property in Vancouver but it seems that property there is too expensive.


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Posted by: Marketing Company | Jan 31, 2011 1:22:40 AM

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Posted by: Properties for Sale Worldwide | Jan 30, 2011 9:33:46 AM

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