Number of new listings in October reaches record high as housing market leans 'in favour of homebuyers': LSTAR
October marked a record month with the number of new listings hitting the market in the London, Ont. region, as the market is beginning to turn in favour of buyers.
According to the London and St. Thomas Association of Realtors (LSTAR), 488 homes were sold across the region during the month of October, representing a 2.45 per cent increase over September.
There were a total of 1,232 new listings in October -- a record high.
"Amid healthier inventory levels, modest sales, and a surge in new listings, it appears the local housing market is leaning in favour of homebuyers. The scales are tilting, offering buyers greater opportunities,” said Adam Miller, 2023 LSTAR chair.
The average home price in October was $629,605, down from $633,848 in September, according to LSTAR.
LSTAR data depicts the benchmark price for property in the London, Ont. region in October 2023 and how it compared to September and July of 2023. (Source: LSTAR)
In addition, the sales-to-new-listings ratio was 39.6 in the month of October, up from 36.1 per cent in September, but down from 46.9 per cent in August. According to the Canadian Real Estate Association, a ratio of between 40 and 60 per cent is typically consistent with a “balanced market.”
"In this setting, local homebuyers find themselves with a wealth of choices and a little extra breathing room in their property search. However, some of them are opting to play the waiting game, keeping a close eye on interest rates and wondering if they've truly reached their peak or if they still have room to grow,” Miller explained.
The most expensive areas in LSTAR’s jurisdiction for average home prices in October was Middlesex Centre, London North and Central Elgin, at $1,017,529, $714,362, and $711,866 respectively.
"Compared to provincial and national benchmarks, homes within the LSTAR jurisdiction maintained their reputation for affordability, making our region an appealing housing market for many," Miller said.
CTVNews.ca Top Stories
'The best years of my life': Johnny Gaudreau's wife remembers him in Instagram post
The widow of Johnny Gaudreau called her husband 'the absolute best dad in the world' and thanked him for 'the best years of my life' in two Instagram posts shared Saturday.
18 drivers charged for filming vehicle crash site on Hwy. 401
Ontario Provincial Police were busy on Saturday morning issuing tickets to distracted drivers allegedly using their phones to film a serious crash on Highway 401 in eastern Ontario.
Man charged after alleged 'indecent act' in family shower area at Toronto pool
A 35-year-old Toronto man is facing charges after allegedly 'committing an indecent act' in the family shower area of a public pool.
Orangutan swung in 'cartwheel-like motion' before climbing down tower to escape: Toronto Zoo
The Toronto Zoo says it has learned how one of its orangutans escaped from its enclosure earlier this week.
Rapper Fatman Scoop dies at 53 after collapsing on stage in Connecticut
Fatman Scoop, the rapper who topped charts in Europe with 'Be Faithful' in the early 2000s and later lent his distinctive voice and ebullient vibe to hits by such artists as Missy Elliott and Ciara, died after collapsing on stage at a show in Connecticut, according to officials and his family.
A Norwegian princess marries an American self-styled shaman in front of a star-studded audience
Social media influencers, reality stars and TV personalities were among the guests as the Norwegian king's eldest child, Princess Martha Louise, married an American self-professed shaman on Saturday in a wedding ceremony following three days of festivities.
As interest rates trend down, could housing get more affordable?
Forecasters are expecting further Bank of Canada interest rate cuts, but does that mean it's a good time to buy or sell a home? Real estate analyst Jason Mercer shares his predictions with CTV Your Morning.
Driver clocked at 175 km/hr claims water bottle rolled under gas pedal
An OPP officer clocked a man from Nottawasaga travelling on Highway 401 at 175 kilometres per hour on Friday.
A toddler cried non-stop during a flight. Two strangers locked her in the bathroom
Two airline passengers who locked a stranger's crying grandchild in a plane restroom have caused outrage in China and sparked a heated online debate on how to handle upset children in public spaces.