Housing market stable in March but expected to be impacted in coming months: LSTAR
A house for sale is seen in southeast London, Ont. on Thursday, March 19, 2020. (Sean Irvine / CTV London)
LONDON, ONT -- The London and St. Thomas Association of Realtors (LSTAR) released numbers Friday showing that the housing market remained steady in March but warned that the market will be impacted in the coming weeks and months due to the COVID-19 pandemic.
“For the first quarter, home sales in 2020 are at 2,170, 12.3 per cent ahead of 2019,” said 2020 LSTAR President Blair Campbell in a release.
“But with the COVID-19 pandemic affecting all businesses, there is an expectation the marketplace will be impacted in the coming weeks and months. We’ll have to wait and see what this means for LSTAR’s jurisdiction, based on data for the upcoming monthly cycles.”
Campbell added that they are urging all members to practice social distancing saying “it is not business as usual.”
In March the average house price was up to $455,438 in London, with London East seeing the biggest gain compared to March 2019.
What the exact impact of the pandemic on the market will be in the coming weeks and months is not yet known.
Campbell says it is something they will be monitoring as the situation unfolds.