File photo courtesy of © Can Stock Photo Inc. / FeverpitchedFile photo courtesy of © Can Stock Photo Inc. / Feverpitched
London

2015 Great Year For Home Sales

It may have taken eight years, but London's housing market has returned to its pre-recession high.

The London and St. Thomas Association of Realtors (LSTAR) says 2015 was its best year for home sales since 2007 and the second best year in the association's history.

Over the course of the year, 9,366 area homes changed hands. That us just 59 shy of the 9,425 homes sold in 2007. Compared to 2014, home sales jumped 9.9% in 2015.

"The global financial meltdown that led to the collapse of the U.S. housing market back in 2008 negatively impacted Canadian markets as well," says Carl Vandergoot, LSTAR's 2015 President. "Eight long years later, we're pretty much back on track."

Sales of detached homes were up 9.2% compared to 2014, while condo sales rose 13%.

"We remain in a balanced market," says Vandergoot, "but given the relatively low supply, now would be a good time for anyone thinking about listing their home to get in the game."

In December, the biggest movers were two-storey homes with 123 selling in the London-St. Thomas area. That was followed by 93 bungalows and 71 ranch-style homes.

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