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MIKE KING

Sales Representative
Sutton Group Preferred
Realty Inc.



a strong finish for july home sales


August 1, 2017

The London and St Thomas Association of REALTORS® (LSTAR) announced 1,002 homes were sold in July, the best July monthly total in 10 years and an increase of 1.2% over the same period last year. July 2007 holds the all-time July monthly record with 1,009 sales, since LSTAR began tracking sales data in 1978*.

"This is an amazing year for real estate in our region. Although shy of the best July ever by a handful of units, home sales are still performing strongly, with year-to-date sales outpacing 2016 by almost 20 percent," said Jim Smith, LSTAR President. "We are still seeing transactions involving out-of-town agents, but not at the levels we experienced in the spring. The activity is signifying we may be heading toward a more balanced marketplace. In the dog days of summer, we traditionally experience a quieter market, but that's not the case this year. Now's the time to get in touch with a REALTOR® to take advantage of this robust market."

In July, a total of 793 detached homes were sold, a decrease of 1.7% from the previous year, while condominium sales were up 14.2% from 2016, with 209 units sold. The average sales price across London and St. Thomas was $326,122 down 2.7% from the previous month. The average year-to-date sales price was $330,718 up 18.5% from the 2016 average home price of $279,057.

"The greater real estate community is contributing to the steady growth of our local economy," Smith said. "The City of London just reported that it has issued more building permits compared to last year at this time, another sign of how strong our marketplace is."

In July, there were 1,449 listings, up 15% from the same time in 2016. The year-to-date sales are ahead by 19.7%, with a total of 7,535 homes sold. St. Thomas saw a total of 85 homes sold, down 12.4% from the same time last year. The average home price in St. Thomas was $267,106 down 4.7% from the previous month.

The best-selling house style in July continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in July was $350,288 down 3.1% from the previous month, while the average price for a condominium was $234,431 up 2.4% from the previous month.

House StyleUnits SoldAverage Price
2 storey223$455,870
Bungalow167$279,125
Ranch122$389,303
Townhouse108$207,693
High rise apt. condo56$225,802

The following chart is based on data taken from the Canadian Real Estate Association's (CREA) National MLS® Report for June 2017 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

Average home prices in Canada at the end of July 2017

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. "Based on the monthly total for July, that translates into creating potentially over 330 jobs and positioning us to potentially generate nearly $53 million back into the local economy," Smith said. "At the same time, with a very strong real estate market, we have to take a look beyond those numbers and consider the overall impact to the economy, affecting other sectors such as retail, transportation, entertainment, tourism and smart technology."



home sales hit another record in june


July 4, 2017

The London and St. Thomas Association of REALTORS® (LSTAR) announced home sales achieved the best results ever for the month of June, since LSTAR began tracking sales data in 1978*. A total of 1,245 homes were sold in June, an increase of 9.9% over the same period last year.

"We're halfway through the year, and we had the sixth consecutive month of record sales," said Jim Smith, LSTAR President. "Other regions have started to see a drop in sales, according to the latest figures from the Canadian Real Estate Association (CREA). Although activity has started to slow down in other municipalities, REALTORS® across London and St. Thomas continue to receive interest from outside the region. Our marketplace continues to be very strong, with year-to-date home sales more than 23 percent ahead of 2016."

In June, a total of 998 detached homes were sold, an increase of 8.6% over the previous year, while there were 247 condominium sales, up 15.4% from 2016. The average sales price across London and St. Thomas was $335,233 - down 2.8% from the previous month. The average year-to-date sales price was $331,524 - up 18.8% from the 2016 average home price of $279,057.

"The summer season is in full swing and we understand contractors throughout the region are in high demand," Smith said. "Renovation projects may help homeowners to add value to their properties, spurring healthy activity for local small businesses and merchants, contributing further to the economic growth of our communities."

In June, there were 1,398 listings, up 9.0% from the same time in 2016. The year-to-date sales are outpacing last year by 23.2%, with a total of 6,542 homes sold. St. Thomas enjoyed strong activity in June as well, with a total of 111 homes sold, up 46.1% from the same time last year. The average home price in St. Thomas was $280,336, up 8.0% from the previous month.

The best-selling house style in June continues to be the two-storey, followed by the bungalow, and ranch. The average price for a detached home in June was $361,560 down 2.8% from the previous month, while the average price for a condominium was $228,860, down 6.4% from the previous month.

House StyleUnits SoldAverage Price
2 storey318$484,500
Bungalow203$270,115
Ranch135$406,665
Townhouse118$203,603
High rise apt. condo71$228,014

The following chart is based on data taken from the Canadian Real Estate Association's (CREA) National MLS® Report for May 2017 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

Average home prices in Canada at the end of June 2017

According to a research report, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. "Based on the record monthly total for June, that translates into creating potentially over 400 jobs and positioning us to potentially generate nearly $66 million back into the local economy," Smith said. "With month after month of record sales, we continue to be focused on delivering the best service that consumers expect from us. In a dynamic marketplace, a REALTOR® has the knowledge and experience to protect the needs of the consumer and help them manage every step of the real estate process."




London and area home sales continue to boom

By Hank Daniszewski, The London Free Press

Real estate signs on Devonshire Avenue in London. (MORRIS LAMONT, The London Free Press)

Real estate signs on Devonshire Avenue in London. (MORRIS LAMONT, The London Free Press)


Despite recent declines in the Toronto housing market, there’s no sign of a slowdown in the London area as realtors chalked up another record sales month in June.

The London and St. Thomas Association of Realtors (LSTAR) said a total of 1,245 homes sold in June, a record for the month and a 9.9 per cent increase from last year.

“We’re halfway through the year, and we had the sixth consecutive month of record sales,” said LSTAR president Jim Smith.

He said sales so far this year are up 23 per cent compared to the first half of 2016.

“Other regions have started to see a drop in sales, according to the latest figures, but realtors across London and St. Thomas continue to receive interest from outside the region,” he said.

The hot real estate market in the London area this year has been largely credited to a spillover from the Greater Toronto Area.

With single-family homes selling for more than $1 million in Toronto, London-St. Thomas realtors say buyers from that area are snapping up homes here and driving up prices.

But there are signs the Toronto area market is cooling after measures taken by the provincial government this spring to discourage foreign speculators.

Toronto area sales were down 20.3 per cent in May compared to May 2016 and there was a smaller drop in April. June figures for Toronto are not yet available.

Smith said the wave of Toronto buyers seems to be subsiding a little.

“It’s not as rampant as it was in March and April, but we are still running into multiple offers, so if there is a trickle-down effect from the Toronto slowdown it hasn’t trickled down yet,” said Smith.

The June sales in London-St. Thomas include 998 detached homes, an increase of 8.6 per cent from last June, while there were 247 condominium sales, up 15.4 per cent from June 2016.

The average price across London and St. Thomas was $335,233 down 2.8 per from May.

But the average year-to-date sales price was $331,524 up 18.8 per cent from the 2016 average home price of $279,057.

Smith said the boom in resale homes is spilling over to other parts of the housing market including new homes and renovations.

“We understand contractors throughout the region are in high demand. Renovation projects may help homeowners to add value to their properties, spurring healthy activity for local small businesses and merchants.”

In June, there were 1,697 new listings, up 5.3 per cent from the same month in 2016, a sign that more sellers are getting in the market. But the total inventory of homes on the market still is down about 40 per cent from the same period last year.

There also are signs from the Bank of Canada it soon will raise its prime lending rate, a move Smith likely will spur more sales as buyers move to lock in long-term mortgages.

hdaniszewski@postmedia.com

twitter.com/HankatLFPress

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London-area home sales

June 2017 2016

Detached: 998 919

Condo: 247 214

Total: 1,245 1,133

Average price

Year-to-date: $357,386 $297,480





February 2, 2017

For Comment: Jim Smith, 519-433-4331 For Background: John Geha, 519-641-1400

A strong start for real estate in 2017

London, ON – The London and St. Thomas Association of REALTORS® (LSTAR) announced another milestone for residential sales across the region, with the best January results since LSTAR began tracking sales data in 1978. A total of 574 homes were sold in January, an increase of 26.2% over last January.

“We’re off to a tremendous start this year with our best January ever,” said Jim Smith, LSTAR 2017 President. “The trend of high demand and low supply continues, with January experiencing a 12.2% decrease in the number of listings compared to the previous year. Those thinking of selling may want to consider maximizing the current market conditions.”

In January, a total of 434 detached homes were sold, an increase of 15.1 % over the previous year, while there were 140 condominium sales, up 79.5% from 2016. The average sales price was $285,418, up 0.5% from the previous month.

“We saw a huge boost in condominium sales, with almost double the number of units sold in 2017,” Smith said. “It represents very robust activity happening in the condominium market, again with less listings available compared to 2016.”

St. Thomas also had a very healthy January, with a total of 55 homes sold, up 139.1% from the same time last year. The average home price in St. Thomas was $192,474, down 28.1% from the previous month.

The best-selling house style in January continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in January was $313,879, up 2.3% from the previous month, while the average price for a condominium was $197,190, up 2.8% from the previous month.

House Style Units Sold

Average Price

2 storey 128 $407,000

page1image23560 page1image24152

Bungalow 58 $229,599

page1image25744 page1image26336

Ranch 37 $362,543

Townhouse 64 $157,469

High rise apt. condo 36 $158,775

The following table is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for December 2016 (the latest statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

page2image3360

City Average Sale $$

page2image5920

Vancouver $972,529

Toronto $773,251

page2image9712

Fraser Valley $642,233

page2image11848

Victoria $581,915

Hamilton $515,001

page2image15656

Calgary $482,863

Kitchener-Waterloo $425,548

page2image19736

Ottawa $398,557

page2image21560 page2image22152

Edmonton $363,928

page2image23656

Saskatoon $339,993

page2image25624

Niagara $325,100

page2image27592

London St. Thomas $288,748

page2image29664

CANADA $486,388

page2image31488

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. “Real estate is providing a huge boost to the local economy,” Smith said. “When we look at January, that means residential sales created 191 jobs and more than $30 million was generated into the local economy.”

The London and St. Thomas Association of REALTORS® (LSTAR) exists to provide our REALTOR® Members with the support and tools they need to succeed in their profession. LSTAR is one of Canada’s 15 largest real estate associations, representing over 1,600 REALTORS® working in Middlesex and Elgin Counties, a trading area of 500,000 residents. LSTAR adheres to a Quality of Life philosophy, supporting growth that fosters economic vitality, provides housing opportunities, respects the environment and builds good communities and safe neighbourhoods and is a proud participant in the REALTORS Care Foundation’s Every REALTORTM Campaign. 





2016 marks milestone year for real estate


January 3, 2017

The London and St Thomas Association of REALTORS® (LSTAR) announced 2016 was a historic year for real estate, with residential sales surpassing 10,000 for the first time. In 2016, a total of 10,193 homes were sold, up 8.8% from 2015.

"Overall, it was an incredible year for residential real estate in our region," said Stacey Evoy, LSTAR 2016 President. "Throughout 2016, we observed high demand with low supply that contributed to a very robust marketplace. Six months of the year saw their best sales since LSTAR has been tracking data, which speaks to why the industry thrived in 2016."

In 2016, a total of 8,260 detached homes were sold, an increase of 9.2% over the previous year, while there were 1,933 condominium sales, up 7.2% from 2015.

"We saw a 10.4% decrease in the number of home listings, with a total of 14,867 listings for the year," Evoy said. "This illustrates the high demand and low supply, with inventory (what we call Active Listings End of Period) down 39.2%."

St. Thomas had another strong year, with a total of 854 homes sold, up 2.9% from the previous year. The average home price in St. Thomas was up 7.7% over 2015, at $233,476.

House StyleUnits SoldAverage Price
2 storey2,550$383,082
Bungalow1,803$226,283
Ranch1,153$341,800
Townhouse895$173,161
High rise apt. condo460$173,205

The best-selling house style in 2016 continues to be the two-storey, followed by the bungalow and ranch. The average price for a detached home in 2016 was $297,480, up 5.4%, while the average price for a condominium was $200,335, up 5.6%. The average price of all homes sold in 2016 through LSTAR's MLS® was $279,057, up 5.5%.

The following table is based on data taken from the Canadian Real Estate Association’s (CREA) National MLS® Report for November 2016 (the latest statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

CityAverage Sale Price
Vancouver$940,900
Toronto$780,047
Victoria$652,237
Fraser Valley$634,597
Hamilton$520,353
Calgary$469,766
Kitchener-Waterloo$415,136
Ottawa$380,003
Edmonton$372,565
Montreal$359,615
Niagara$338,970
Saskatoon$335,424
London St. Thomas$290,489
Canada$496,351

According to a research report1, one job is created for every three real estate transactions and approximately $53,000 in ancillary spending is generated every time a home changes hands in Ontario. "It demonstrates the tremendous impact that the real estate industry makes in growing our local economy," Evoy said. "When we look at 2016's home sales in LSTAR's jurisdiction, that translates into about $540,229,000 being generated into the economy and producing approximately 3,398 jobs."