The housing market in the London area broke new records in June 2021. However, real estate experts believe things will soon stabilize.
According to the latest figures released Monday by the London and St. Thomas Association of Realtors (LSTAR), 1,194 homes were listed and sold last month, making it the best June on record since 1978, when LSTAR began tracking data.
"We're halfway through the year, and the housing marketplace continues to be very strong," said LSTAR President Jack Lane. "We're encouraged by year-to-date sales, which are performing ahead of 2020."
At the end of June, LSTAR recorded 6,378 sales since the start of the year, that's up nearly 50 per cent over the same period last year.
On top of the record sales, there's also a new record for the area's average sale price. The average sale price for a home sold in the area in June reached $641,072, a 35 per cent increase compared to 12 months ago.
In St. Thomas, the average sale price was $531,230, up 38 per cent compared to June 2020.
Lane added that prices are on par with what's been recorded over the past several months.
"We haven't experienced the monthly spikes observed during the second half of 2020. This signals the marketplace is beginning to stabilize, in line with the moderating trend seen throughout the country."
Compared to the rest of the country, home prices in London and St. Thomas are considered to be relatively affordable ranking as the ninth most expensive market to buy a home in.
The Greater Vancouver Area, Greater Toronto Area, and Fraser Valley hold the top three most expensive markets, while Windsor-Essex follows closely behind LSTAR's jurisdiction as the tenth most expensive market in Canada.
Table based on data taken from the CREA National Price Map for June 2021.