November marks 'lackluster' month for home sales: LSTAR
It was a slow month for home sales in the London and St. Thomas region, with LSTAR calling the month of November “lackluster” amid a small decrease in the average home price.
However, the president of the London St. Thomas Association of Realtors (LSTAR) said, “It’s not time to panic,” in the midst of a slowing housing market.
According LSTAR, only 421 homes were sold last month in the region, representing an 8.9 per cent decrease over November of 2022.
Even though demand for housing is “exceptionally high” in the region and across the country, LSTAR Chair and President Adam Miller said the most recent November data appears to indicate that the demand may not be reflected by local housing activity for the remainder of the year, and possibly not until spring of 2024.
"The resurgence in activity we witnessed this past spring could serve as a preview of what to expect next year,” Miller said. “The determining factors will include whether the Bank of Canada finds it necessary to raise interest rates again or if, by next March, it becomes a matter of when we'll witness the Bank's first rate cut.”
Adam Miller, the president of the London and St. Thomas Association of Realtors, is seen on Dec. 7, 2023. (Sean Irvine/CTV News London)
Miller added that essentially, “We’re moving into more of a buyers market. Buyers have more product to look at, they are taking their time. So, they might circle back, they might see the first house they see and love, and then circle back after seeing 15 other houses.”
In November, there were 928 newly listed properties across the region, down from 1,232 new listings in October.
Despite the decrease, LSTAR said November’s numbers still represent a record high for new listings for the month of November.
"The November data also shows that some sellers might be delaying their plans until the spring. Nonetheless, there remains a substantial number of individuals actively engaged in the market, eager to finalize deals before the end of this year,” Miller said.
The average home price in November for LSTAR’s jurisdiction was $605,661, a “modest” decrease from $629,605 in October.
In addition, housing supply saw a slight month-over-month growth from 4.3 months in October to 4.7 months in November.
A chart depicts different regions of the London-St. Thomas area, and the average and benchmark price of homes in November 2023. (Source: LSTAR)
Miller believes the London region has hit the crest of lower prices and he expects values will “creep up,” but only by a small amount in the spring.
"Relative to provincial and national benchmarks, homes within the LSTAR jurisdiction maintained their favourable reputation for affordability in November, positioning our region as an attractive housing market for many," added Miller.
According to LSTAR, an average housing transaction in Ontario fuels approximately $77,420 in secondary spending within three years after the purchase date. The expenditures include various aspects, including legal fees, moving costs, purchasing new furniture, and home renovations.
“In simpler terms, November's LSTAR home sales have the potential to inject over $32 million into the local economy," Miller concluded.
A chart depicts the benchmark prices of different types of homes in the London-St. Thomas region from August 2023 to November 2023. (Source: LSTAR)
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6976926.1721883767!/httpImage/image.png_gen/derivatives/landscape_800/image.png)
DEVELOPING Alberta's request for federal assistance approved after fast-moving wildfire hit Jasper National Park: Trudeau
Prime Minister Justin Trudeau announced on social media that Ottawa has approved Alberta's request for federal assistance after a fast-moving wildfire hit Jasper National Park and its townsite late Wednesday.
Loblaw, George Weston to settle class action over bread price-fixing for $500 million
Loblaw Cos. Ltd. and its parent company George Weston Ltd. say they have agreed to pay $500-million to settle a class-action lawsuit regarding their involvement in an alleged bread price-fixing scheme.
EXCLUSIVE One address, 76 foreign currency dealers: Inside Canada's money service business 'clusters'
An IJF and CTV News investigation has found dozens of cases across Canada where multiple money services businesses (MSBs) are incorporated at the same address, sometimes without the knowledge or consent of the location's actual occupant. One money laundering expert calls it an 'abuse of the system.'
U.K. police officer suspended after video appears to show a man being kicked in head
A British police officer was suspended from all duties Thursday after a video was posted on social media that appeared to show an officer kicking and stamping on the head of a man lying on the floor of a terminal at Manchester Airport.
'I'm so broke': Two Toronto women speak out after losing $76,000 in romance scam
Two women from the Toronto area are speaking out after losing thousands of dollars to a romance scam, including a single mother who lost $62,000.
Barrie-Innisfil MPP 'blacked-out' and crashed car into window of child care centre
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
Norad intercepts Russian and Chinese bombers operating together near Alaska in apparent first
The North American Aerospace Defence Command (Norad) intercepted two Russian and two Chinese bombers flying near Alaska Wednesday in what appears to be the first time the two countries have been intercepted while operating together.
Biden explains why he ended re-election bid in Oval Office address
U.S. President Joe Biden on Wednesday delivered a solemn call to voters to defend the country's democracy as he laid out in an Oval Office address his decision to drop his bid for reelection and throw his support behind Vice President Kamala Harris.
Jasper mayor says alert system to be reviewed after message 'glitch'
More than 25,000 people have been displaced from Jasper National Park since wildfires started to threaten the picturesque corner of Alberta Rockies on Monday, but the mayor of its namesake municipality says not everyone received an evacuation alert when it was sent out.