London sees explosive growth on city's suburban rim...CBC

 

More than 8,000 single detached homes are to set to built in London over the next few years, with most of them going up on the city's ever-expanding suburban rim, according to the latest numbers from the city. City records show that plans for 1,073 shovel-ready single-detached homes were approved by the city as of Dec. 31, 2016 with another 7,100 registered plans that have been submitted and awaiting approval from city hall. 

Nearly 500 single-detached homes were approved at London's planning committee Monday night, representing the latest wave of new builds and adding to the torrid pace of new construction in the city. 

There was a shortage of land for builders to purchase and build houses on, but it seems like the city is working to expedite the approval process.

"I was amazed I could get a house this size for that price," ..Buyer from toronto said.

 

As technology changes the work place and allows people to work further from places like Toronto, more people could be coming to cities like London for the quality of life. 

And London is primed for new development, with room for a potential 60,000 homes slated for future development on the city's north, south and western suburban rims. 

That number represents more than 21,000 potential single family homes, more than 24,000 potential townhouses or freehold condos and more than 15,000 potential apartment units. 

It also comes with a significant public cost, according to this, with infrastucture development, including streets, sewers and drainage ponds, worth $105 million over the next 5 years and another $29 million over the next 6 to 10 years. 

 

"When people were coming into the city and seeing one as big as London with what we have to offer, the hospitals, the university, the colleges, the businesses, they were saying 'jeez, the houses are really affordable compared to Kitchener, Burlington, Guelph, GTA and those areas." 

 

A historic year for real estate in 2017                                

11,203 Home Sales sets Record in London Ontario & Area for the first time  

 

   The London and St. Thomas Association of REALTORS® (LSTAR) announced that 2017 marked a historic year for residential real estate, with home sales surpassing 11,000 for the first time since LSTAR began tracking data in 1978. In 2017, a total of 11,203 homes were sold, up 8.0% from 2016.

  London and St. Thomas reached many ‘firsts,’ from six consecutive months of record sales to robust activity from buyers from outside the city.

 

  A historic year for real estate in 2017

  11,203 Home Sales sets Record in London Ontario & Area for the first time

 

  In 2017, the average sales price across London and St. Thomas was $330,037 up 18.0% from 2016. By geographic area, London South was $340,793, up 21.7% from 2016. In London North, average home sales price was $407,801, up 18.1% compared to the previous year, while in London East, it was $258,734, an increase of 16.9%.  In St. Thomas, it was $261,481, up 15.2% over 2016.

  St. Thomas saw a total of 901 homes sold in 2017, up 6.8% from 2016. In 2017, there were a total of 14,301 home listings, down 1.2% from 2016. The trend of high demand with low supply continued in 2017, with inventory (called Active Listings) down 35.6% from the previous year.

 

  The following table is based on data taken from the CREA (Canadian Real Estate Association) national MLS® Report for November 2017 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres.

 

City	Average Sale
Vancouver	$1,081,876
Toronto	$779,693
Fraser Valley	$741,172
Victoria	$684,843
Hamilton	$545,690
Calgary	$450,700
Kitchener-Waterloo	$445,855
Niagara	$389,016
Ottawa	$385,058
Edmonton	$372,911
London St. Thomas	$332,607
Windsor-Essex	$265,565
CANADA	$513,433

 

London Ontario and Area House & Condo Sales for July 2018

As per London & St. Thomas Association of REALTORS®

 

July 2018 marked the third best July for London Ontario real estate since 1978 as exactly 1000 homes were sold using our local MLS, London and St. Thomas Association of REALTORS® (LSTAR)

 This is the third consecutive month of at least 1,000 homes being sold and the resale activity remains above the 10-year average. Inventory remains at a 10-year low, while we continue to see an increase in average sales price,

  By geographic area, London East made the largest gains, with an average price of $288,648 - up 14.3% from July 2017 and up 40.2% compared to July 2015. The average sales price in London North was $441,035 - up 8.0% from July 2017 and up 35.9% compared to July 2015. Meanwhile, the average sales price in London South was $370,399, up 10.9 percent from July 2017 and up 32.2% from July 2015.

 

  Overall, the average July sales price across London and St. Thomas was $360,068 - up 10.3% from July 2017 and up 34.2% from July 2015. Going back further, it's a 68.2% increase compared to the average sales price 10 years ago.

  St. Thomas saw a total of 79 homes sold in July, down 7.1% from the same period last year. For inventory, there were 87 active listings, down 22.3% from last July and down 67% from July 2015. The average home sales price in St. Thomas was $303,988 up 15.9% from July 2017 and up 35.5% from July 2015.

 

 The following chart is based on data taken from the CREA National MLS® Report for June 2018 (the latest CREA statistics available). It provides a snapshot of how average home prices in London and St. Thomas compare to other major Ontario and Canadian centres

 

 

 

 

 

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