In July 2024, the real estate market in the London St. Thomas region demonstrated significant activity, with 604 homes sold, as reported by the London St. Thomas Association of REALTORS® (LSTAR). The average home price was $654,593, indicating the market’s pricing trends. Additionally, there were 1,531 new listings, suggesting a robust supply of homes entering the market. Overall, the data points to a dynamic and balanced market, characterized by a healthy volume of transactions and a steady influx of new listings.
Kathy Amess, the LSTAR Board Chair, commented on the market’s performance: “The real estate market in London continues to show resilience and adaptability. The increase in new listings is a positive sign, indicating that sellers are confident in the market’s strength. We are seeing a healthy balance between supply and demand, which is crucial for maintaining stability.”
The table below displays July’s average prices and MLS® HPI Benchmark Prices in LSTAR's main regions supplied by the Canadian Real Estate Association (CREA).
Area | July 2024 MLS® | July 2024 |
|---|---|---|
| Central Elgin | $651,200 | $807,127 |
| London East | $504,100 | $495,242 |
| London North | $719,900 | $740,250 |
| London South | $621,500 | $655,849 |
| Middlesex Centre | $846,300 | $1,065,612 |
| St. Thomas | $563,900 | $575,525 |
| Strathroy-Caradoc | $814,200 | $637,700 |
| LSTAR | $620,600 | $654,593 |
The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain area based on various housing attributes, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold. The HPI benchmark price is helpful to gauge trends over time since averages may fluctuate by changes in the mix of sales activity from one month to the next. The following table displays July’s benchmark prices for all housing types within LSTAR's jurisdiction and shows how they compare with those recorded in the previous month and three months ago.
MLS® Home Price Index Benchmark Prices | |||
|---|---|---|---|
| Benchmark Type | July 2024 | Change Over June 2024 | Change Over April 2024 |
| LSTAR Composite | $620,600 | ↑0.5% | ↑2.1% |
| LSTAR Single-Family | $665,500 | ↑0.1% | ↑2.0% |
| LSTAR One Storey | $614,700 | ↑3.2% | ↑3.7% |
| LSTAR Two Storey | $704,900 | ↓1.7% | ↑1.1% |
| LSTAR Townhouse | $513,700 | ↓0.6% | ↑1.3% |
| LSTAR Apartment | $421,200 | ↑8.4% | ↑4.4% |
Kathy Amess, LSTAR Board Chair, remarked, “The varied trends in benchmark prices across different property types underscore the dynamic nature of our real estate market. The notable rise in apartment prices is particularly significant, reflecting strong demand in this segment. Overall, the market remains resilient, providing ample opportunities for both buyers and sellers.”
In July 2024, the MLS® Home Price Index Benchmark Prices across various regions in Canada showcased significant variations. Oakville-Milton led the market with a benchmark price of $1,251,100, followed by Greater Vancouver at $1,197,700 and Greater Toronto at $1,097,300. Mississauga also featured prominently with a benchmark price of $1,082,400. Other notable regions included Fraser Valley at $999,100, Victoria at $872,600, and Hamilton-Burlington at $843,500. The London St. Thomas area had a benchmark price of $620,600, while the national average stood at $724,800.
According to a recent study1 by Altus Group, an average housing transaction in Ontario generated an average of $88,966 in spin-off spending per transaction from 2020 to 2022. These expenses include legal fees, appraisers, moving costs, new appliances, and home renovation expenses.
“The home sales in July potentially generated more than $53 million, reinforcing the economic engine of the business of real estate," Amess said.
Employment resulting from home sales is also significant, according to the Altus study. Resale housing activity created an estimated 106,565 jobs annually in Ontario from 2020 to 2022. Jobs include manufacturing, construction, finance and insurance.
1Economic Benefits Generated by Home Sales and Purchases Over MLS® Systems in Canada, Altus Group, 2023.
