Home sales for London and St. Thomas came in as a 'roaring lion and went out like a lamb' in 2022

December had the lowest number of home sales according to London and St. Thomas Association of Realtors (LSTAR) President, Randy Pawlowski with he total number of homes sold in London and St. Thomas reaching 7,639 in 2022.

"No one could have predicted that at the beginning of the year when the local housing market peaked, fueled by the lingering pandemic and its socio-economic effects. Once the economy started to get back on track and the Bank of Canada began increasing its benchmark rate, the dynamics of the local housing market changed drastically. One could say that, for LSTAR Members, 2022 came in as a roaring lion and went out like a lamb."

Listings rose to 14,126, bringing the total to 3.8 months of inventory as of the end of the year.

Although the average sale price of homes decreased, prices were higher than 2020 and previous years.

The overall price of a home was $612,770, 14% lower than a year ago, but 10.5% higher than in December of 2020.

The average price for all homes in the region peaked in February, 2022 at $825,221 and has since fallen 25.7% to the current level of $612,770.

For single-family homes, the price peaked back in February, 2002 at $904,800, and has now dropped 27.4% to $656, 792.LSTAR'S main regions compare benchmark prices for the same areas for the price of an average home. (Source: LSTAR)"When investing in real estate, it’s essential to take a long-term approach. The fast home equity gains seen over the last two years were not sustainable. But, if you have owned your property for a longer period of time, your equity has increased considerably and can offset the latest price corrections," Pawlowski explained.

 

Homes in our area are reasonably priced, says Pawlowski with Oakville-Milton, Greater Vancouver, and Toronto sitting at the top three highest priced, London/St. Thomas ranking 16th.

Home sales could bring over $559 million by the end of 2024.