News

Last month 335 homes exchanged hands via LSTAR's MLS® System, bringing the total number of residential properties sold in 2023 in our area to 6,717. The number of newly listed properties dropped from 928 in November to 386 in December. Despite the significant monthly decline, this number is still in line with LSTAR’s ten-year average for new listings for the month of December.

421 homes were sold last month via LSTAR's MLS® System, 8.9% less than in November 2022. The number of newly listed properties declined from 1,232 in October to 928 in November. Despite the significant monthly drop, this number still represents a record high for new listings for the month of November.

LSTAR is pleased to announce that we are joining the PropTx MLS® Service, a move that will empower LSTAR Members with enhanced tools and expanded access to invaluable real estate market data.

On Tuesday, the federal government tabled the 2023 Fall Economic Statement, which focuses on measures aimed at enhancing existing housing programs through various new programs, including a long-term REALTOR® position to not require insured mortgage holders to requalify under the insured minimum qualifying rate when switching lenders at mortgage renewal. This is a strong step forward towards restoring housing affordability for Canadians.

488 homes exchanged hands in October 2023 via LSTAR's MLS® System, 2.45% more than during the previous month, but 0.5% less than a year ago. The number of new listings climbed to 1,232, which marks a record high for the month of October. Housing supply stayed virtually unchanged from last month, decreasing only very slightly from 4.4 months in September to 4.3 months in October.

On October 12, 2023, LSTAR hosted an online event featuring well-known public opinion pollster Nik Nanos of Nanos Research, one of North America’s premier research and strategy organizations, sharing what the residents of London and St. Thomas think about home affordability in their cities, healthcare facilities, public transit, and their overall quality of life.

September ushered 1,320 new listings on the local home market, 12.6% more than the same time a year ago. The number of new listings is the highest recorded for September since 2014. Home sales tapered slightly, with 476 homes exchanging hands via LSTAR’s MLS® System, down 6.5% compared to September 2022.

Across Canada, September 30 marks the National Day for Truth and Reconciliation, a day that honours Survivors of residential schools and the children who never returned home, as well as their loved ones and communities.

Last month, 569 homes exchanged hands via LSTAR's MLS® System, 3.2% fewer than in August 2022. During the same period, 1,212 new listings came on the market, 13.2% more than in the eighth month of 2022. The local housing supply saw a slight increase from 2.9 months of inventory in July to 3.4 months in August. With new listings outpacing sales, LSTAR's overall sales-to-new listings ratio fell to 46.9% in August.