Real estate prices up over 41 per cent since February 2021: LSTAR

SOLD sign on a home in Southern Georgian Bay on Wed. April 21, 2021 (Craig Momney/CTV News)

The red-hot local real estate market continues to sizzle with no end in sight.

The overall average price across London and St. Thomas was $825,221 in February.

The MLS composite benchmark price now sits at $749,000 for the region. That's an increase of 41.2 per cent from this time last year according to latest figures from the London and St. Thomas Association of Realtors (LSTAR).

LSTAR is also reporting 813 homes traded hands in February, just eight shy of the local record set in 2021.

“This was the February with the highest number of new listings in the history of LSTAR, but also the one with the lowest housing inventory and the lowermost number of active listings at month-end,” says Randy Pawlowski, LSTAR president in a statement.

There were 1,021 new listings on the market last month, but only 408 were still active as of Monday, highlighting the imbalance between supply and demand.

In February, 572 single-family homes, 127 condo townhouses, and 75 apartments were sold.

“In such conditions, average prices and benchmark prices can’t go anywhere else, but up,” says Pawlowski.