Last month, 747 homes exchanged hands in the jurisdiction of the London and St.
Thomas Association of REALTORS® (LSTAR), a 2 per-cent decrease over August
2008. This includes 600 detached homes (down 1.2 per cent from August 2008) and 147
condos (down 5.2 per cent from August 2008). Year-to-date 4,619 detached homes and
1,069 condos have been sold - down 8.4 per cent and 18.2 per cent respectively
compared to the same period in 2008.
Sales in St. Thomas doing well - 75 homes exchanged hands in August 2009, a 50 per
cent increase over August 2008. The average residential price year-to-date in St. Thomas
is $183,571 a 1.2 per-cent decrease over last year.
Poulopoulos says that both the number of sales and average price are stabilizing with
sales only down 2% over last year and average price up .3% year-to-date from 2008.
This is good news.
"Homebuyers recognize that interest rates and prices have bottomed out, and are taking
advantage of excellent affordability before prices and interest rates move higher," says
Canadian Real Estate Association (CREA) President, Dale Ripplinger.
"Home sales through the MLS® systems in July provide clear evidence that sentiment
about making major purchases continues to improve," says CREA's Chief Economist
Gregory Klump. "Activity may level out over the rest of the year as home prices and
mortgage lending interest rates creep higher."
The number of sales and average prices year-to-date for August 2009 were:
Type Units Sold Average Price $$ Change from YTD 2008
Total Detached 4619 $225,751 .7% decrease
Total Condo 1069 $156,815 2.3% increase
Total Residential 5688 $212,795 .3% increase
The average residential price year-to-date for August 2009 is $212,795. The following
table compares year-end average home prices in LSTAR's jurisdiction over the past 10
August residential sales year-to-date over the last 10 years:
The best-selling house style in LSTAR's jurisdiction for the month of August was the
two-storey, followed by the bungalow, the ranch, and the townhouse condo:
House Style Units Sold Average Price
2 storey 172 $292,569
Bungalow 143 $171,548
Ranch 83 $248,957
Townhouse Condo 76 $152,183
Homes in LSTAR's jurisdiction continue to maintain their affordability compared to
other major Ontario and Canadian centres. According to the Canadian Real Estate
Association's Residential MLS Report for July 2009 (the most current available), the
average price year-to-date for:
London and St. Thomas was $213,932;
Calgary was $379,192;
Durham Region was $274,585;
Edmonton was $320,164;
Hamilton-Burlington and District was $285,858;
Kitchener-Waterloo was $273,895;
Ottawa was $299,961;
St. Catharines & District was $218,287;
Toronto was $386,329; and
Greater Vancouver was $568,021.
The London and St. Thomas Association of REALTORS® is a professional organization
committed to serving the real estate needs of the community and to providing its
Members with the services and education required to promote excellence, knowledge and
a high standard of ethics and business practices. The Association's jurisdiction includes
Middlesex and Elgin Counties, home to nearly 500,000 residents. The Multiple Listing
Service® is a cooperative marketing system used only by Canada's real estate boards and
associations to ensure maximum exposure of properties for sale. All of LSTAR's listings
may be found on the public website at www.REALTOR