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05/04/2022
LSTAR London St Thomas Association of Realtors Statistics for April 2022.
April Figures Suggest a Soft Landing of the Local Real Estate Market
In April 2022, 877 homes traded hands in the London-St. Thomas area and 1,069 new property listings were posted on the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). The local housing supply bounced up to 1.2 months of inventory in April from only 0.6 months in March.
"These figures suggest a soft landing of the local real estate market: the April home sales are on par with the ten-year average and last month's sales-to-new listings ratio of 54.5% signals that we're trending towards a more balanced market," said Randy Pawlowski, 2022 LSTAR President.
Within the same time frame, LSTAR's composite Home Price Index Benchmark Price saw a 4.5% month-over-month decline - from $774,200 in March to $739,700 in April. A similar difference was also seen in LSTAR's overall average home price, which decreased from $823,954 in March to $771,682 in April.
"There is nothing dramatic about the decline in home prices. These single-digit decreases were actually expected after two consecutive interest rate hikes by the Bank of Canada and the Ontario Government's decision to expand and increase the non-resident speculation tax," Pawlowski explained.
The following table shows how April's average home sales prices in LSTAR's five main regions compare to the benchmark prices for the same areas.
April Figures Suggest a Soft Landing of the Local Real Estate Market | London St. Thomas Association of Realtors May 4, 2022 In April 2022, 877 homes traded hands in the London-St. Thomas area and 1,069 new property listings were posted on the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). The local housing supply bounced up to 1.2 months of inventory in April from only 0.6 months...
03/02/2022
Residential Market Update
Interest Rates Rising
- Dominion Lending Centres Bank of Canada Starts Hiking Rates, Signalling More To Come The Governing Council of the Bank of Canada raised the overnight policy rate target by a quarter percentage point in a widely expected move and signalled that more hikes would be coming. This is the first rate hike since 2018. In a ca.....
03/01/2022
Residential Market Update
Wanted: Home Sellers - Dominion Lending Centres Housing affordability remains a huge political issue, and with the Department of Finance working on the upcoming budget, no doubt measures to reduce home prices will be front and center. With an election coming this spring in Ontario, Premier Ford’s Housing Affordability Task Force has made recomm...
03/01/2022
Inflation Ticked Up Again in January - Dominion Lending Centres The CPI rose 5.1% from year-ago levels in January, driven by higher gasoline and car prices. Published by Sherry Cooper February 16, 2022 StatsCanada today reported that consumer price inflation rose to 5.1% from year-ago levels in January, compared to 4.8% in December. This was higher than expected...
02/05/2022
London and St Thomas Association of REALTORS® (LSTAR) News Release for January 2022
Home Prices Jump in January
529 home sales were recorded by the London and St Thomas Association of REALTORS® (LSTAR) via its MLS® system in the first month of 2022, thus marking the Association's second best January for home sales ever. During the same month, the local real estate market saw 669 new listings, out of which 286 were still active at month end.
"Despite the fact that slightly more new listings came on the market, there were only 0.5 months of inventory available at the end of January," said 2022 LSTAR President Randy Pawlowski. "In other words, at the current pace of sales, the entire listing inventory of LSTAR could be liquidated in just two weeks, something that we have never seen before," he explained.
The extraordinary buyers' demand combined with the severe shortage of housing supply continues to favour home sellers and to exacerbate home prices. "At the end of January, LSTAR's overall sales-to-new-listings ratio was 79.1%, 5.9% lower than a year ago, but the LSTAR average home price climbed to $793,222 - almost $90,000 higher than in December 2021 and more than double the value recorded back in January 2019," Pawlowski added.
The LSTAR composite MLS® Home Price Index Benchmark Price also jumped 6.1% last month to $697,700, up 96.6% over three years ago. "When looking at price trends, the MLS® Home Price Index (HPI) benchmark prices are more reliable than average prices. LSTAR's HPI benchmark price represents the value of a ‘typical home' as assigned by local buyers based on various housing features. Depending on how the home you want to buy matches these standards, the property's value can be higher or lower than the benchmark price," he said.
The following table shows how January's average sales prices compare to the benchmark prices.
Area January 2022 MLS® HPI Benchmark Price January 2022 Average Price
Central Elgin $754,900 $856,954
London East $606,766 $604,600
London North $823,600 $897,449
London South $692,500 $818,517
Middlesex Centre $1,016,500 $1,042,114
St. Thomas $614,400 $689,687
Strathroy-Caradoc $784,000 $758,641
LSTAR $697,700 $793,222
While the bulk of last month's sales consisted of single-family homes, condo townhouse and apartment sales continued to increase. "71 condo townhouses and 62 apartments were sold last month in our area. Both these house types saw significant price gains. In January, the average price for a condo in LSTAR's jurisdiction was $643,951, while the overall average price for an apartment sat at $463,466." Pawlowski added.
The following table shows the January benchmark prices for all housing types in LSTAR's jurisdiction and how they stack up against the values from a year ago.
MLS® Home Price Index Benchmark Prices
Benchmark Type January 2022 Change over January 2021
LSTAR Composite $697,700 ↑ 37.8%
LSTAR Single-Family $760,200 ↑ 35.9%
LSTAR One Storey $671,300 ↑ 37.6%
LSTAR Two Storey $840,700 ↑ 35.2%
LSTAR Townhouse $550,500 ↑ 47.3%
LSTAR Apartment $377,200 ↑ 47.1 %
Despite these increases in the HPI benchmark prices and average sale prices, homes in LSTAR's jurisdiction continue to remain more affordable than houses from many other Ontario and Canadian centres. The following table is based on data provided by the Canadian Real Estate Association (CREA) for January 1st, 2022.
Area MLS® Home Price Index Benchmark Price
Oakville - Milton $1,645,000
Greater Toronto $1,259,900
Mississauga $1,257,600
Greater Vancouver $1,255,200
Fraser Valley $1,237,000
Hamilton-Burlington $1,058,000
Cambridge $940,700
Kitchener-Waterloo $924,900
Victoria
$920,400
Guelph & District
$910,400
Barrie & District
$880,300
Brantford Region $758,300
Niagara Region $748,800
London St. Thomas $697,700
Ottawa $689,700
Woodstock-Ingersoll
$683,700
Huron - Perth $591,600
Calgary
$458,800
Edmonton
$339,600
Winnipeg $331,300
Saskatoon $328,600
CANADA $825,800
Home Prices Jump in January | London St. Thomas Association of Realtors February 2, 2022 529 home sales were recorded by the London and St Thomas Association of REALTORS® (LSTAR) via its MLS® system in the first month of 2022, thus marking the Association’s second best January for home sales ever. During the same month, the local real estate market saw 669 new listi...
01/26/2022
Economic Insights with Dr. Sherry Cooper - Chief Economist, Dominion Lending Centres.
No Rate Hike Until March–BoC Assures Inflation Will Return To 2% over 2023-24 - Dominion Lending Centres Bank Will Hike Rates At Next Meeting While markets were 70% certain the Bank would hike their overnight target rate today, we remained of the view that the Governing Council would hold off until March or April because of the slowdown in first-quarter growth arising from the Omicron restrictions. The...
01/26/2022
The Bank of Canada has once again stayed the course on its benchmark policy rate, announcing no change to that key rate in its first announcement of the year – but acknowledging that interest rates “will need to increase.”
The central bank said that it was keeping its policy rate steady at 0.25%, belying some economists’ predictions of a January rate hike, but also indicated that it would soon end its commitment to hold its policy rate at the effective lower bound.
Bank of Canada makes benchmark rate announcement All eyes have been on the Bank in recent weeks amid speculation of an impending rate hike
01/21/2022
Housing Inventory Hits All-Time Low
The final quarter of 2021 saw near record-breaking home sales with just 1.6 months of inventory left in December—an all-time low.
Looking ahead, all signs are pointing to a headline-grabbing spring market.
http://image.comms.crea.ca/lib/fe4615707564057d771673/m/3/74bcc353-4dcf-4945-a4a5-6eb5eaccb2be.png?utm_source=sfmc&utm_term=Average+price&utm_content=212672&utm_id=86ee1263-5092-4624-b256-3db650f6dfda&sfmc_id=22422566&sfmc_activityid=e86d3f36-ba7a-478e-a772-79b4a2c20b88&utm_medium=email&utm_campaign=January%202022%20Product%20Newsletter%20EN
Housing Price Year-Over-Year
The national benchmark price is also up $240,000 from before the pandemic.
Looking ahead, all signs are pointing to a headline-grabbing spring market.
http://image.comms.crea.ca/lib/fe4615707564057d771673/m/3/13bc924f-c098-438a-b56d-087f2650c5f1.png?utm_source=sfmc&utm_term=Full+snapshot&utm_content=212672&utm_id=86ee1263-5092-4624-b256-3db650f6dfda&sfmc_id=22422566&sfmc_activityid=e86d3f36-ba7a-478e-a772-79b4a2c20b88&utm_medium=email&utm_campaign=January%202022%20Product%20Newsletter%20EN
01/18/2022
December Home Sales Top Off Record Year.
Housing Affordability Erodes Further With Record-Low Supply.
Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres.
https://dominionlending.ca/economic-insights/december-home-sales-top-off-record-year?fbclid=IwAR0aNYnjPXoblyz4D4To-0YL7ckwQThT-DSKnGOJj-b584EasxDa-lfNfoA
December Home Sales Top Off Record Year - Dominion Lending Centres Housing Affordability Erodes Further With Record-Low Supply Housing affordability remains a huge political issue and with the Department of Finance working on the upcoming budget, no doubt measures to reduce home prices will be front and center. What we desperately need is dramatic increases in new....
London St. Thomas Association of Realtors News Release for December 2021 with some strong numbers - see the full report here: https://www.lstar.ca/news/2021-–-record-year-condo-and-apartment-sales
01/07/2022
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