Cathy Mudge London Real Estate
Cathy Mudge

News Release From London St. Thomas Association Of Realtors


 

  Recovery on track in February

 

The local housing market continued to make steady gains in February, with sales of

detached homes up 27.7% over February 2009 and 38.2% year to date and sales of

condos up 19.4% month over month and 34.2% year to date. “These percentage gains

look impressive,” cautions Richard Thyssen, President of the London and St. Thomas

Association of REALTORS®, “but we must factor in the significant downturn which

began early last year and from which we only began to recover in the Fall of 2009. What

we are seeing is a steady return to the more vibrant, solid market we were enjoying

before the global financial crisis.” A total of 605 homes exchanged hands last month; the

ten year average for home sales in February stands at 620. “To put this into perspective,”

says Thyssen, “the last decade has witnessed the highest volume of sales in our

Association’s nearly seventy-five year history, which means that it looks as if we’re back

on solid ground again. We’ve been very fortunate.”

In St. Thomas, London’s sister city, 44 homes exchanged hands for an average $168,645.

The ten-year average number of units sold in February stands at 51. “You see these kinds

of swings in smaller markets,” explains Thyssen. “In January 2010, for example, there

were 37 homes sold in St. Thomas, up 60.9% from the previous year, whereas a month

later, in February, 44 homes sold, down 15.4%. It’s the overall trends that we begin to

see over several months or on a quarterly basis that give us the real picture of how a

market is performing.”

The average price of a detached home in February 2010 year to date was $235,883, up

4.5%, while the average price of a condo rose 13.6% to $168,805. The average price of

total residential (both detached and condo) was up 6.0% to $222,680. “These upward

price adjustments also speak to a recovery,” says Thyssen.

“The resale housing market is becoming more balanced in a number of provinces,” said

Canadian Real Estate Association President Dale Ripplinger. “A more balanced market is

likely to result in smaller price increases going forward, with buyers in less of a rush due

to an increase in supply

The best-selling house style in LSTAR’s jurisdiction for the month of February was the

two-storey, followed by the bungalow, the ranch, and the townhouse condo:

House Style/ Units Sold /Average Price

2 storey 138 $299,817

Bungalow 103 $165,615

Ranches 77 $288,205

Townhouse Condo 55 $162,661

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 January 2010 (the most

current available), the average price year-to-date for:

 

London and St. Thomas, $222,680

 

Calgary, $397,518

 

Durham Region, $289,195

 

Edmonton, $317,920

 

Hamilton-Burlington and District, $287,414

 

Kitchener-Waterloo, $296,735

 

Ottawa, $318,425

 

St. Catharine’s & District, $239,152;

 

Toronto, $409,058; and

 

Greater Vancouver, $639,074 

 
 YEAR# of homes sold Jan-Dec.
 

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

 

 8070

 8356

 9378

 8916

 8859

 8903

 8120

 8097

 7307

 6505

 

 

 

 

 

 

 

 

 


CANADIAN HOUSING OBSERVER


Click on the link below for a detailed, statistical report of market conditions in Canada in 2009!

CMHC_REPORT

 

 

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