News

The local housing market continued strong in May 2015, with total sales up 6.8% over the previous year. "In fact, May 2015 is the best May on record since 2007," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. He adds, "We can thank job growth, stable mortgage rates and affordable home prices for what is turning out to be a very robust market in our area." 861 detached homes and 194 condos sold last month, when a total of 1,055 homes exchanged hands.

The Spring market is off to a good start with 964 homes exchanging hands in April 2015, up 15.3% over the previous April." This makes last month the second best April in the past decade – second only to April 2010," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. 776 detached homes sold last month, up 16.5%, along with 188 condos, up 10.6%. Average price, Year-to-Date, was also up 2.2% overall. The average price for a detached house Year-to-Date stood at $278,094, while the average price of a condo for the same period stood at $184,982.

The local home sales in the first quarter of 2015 point to a solid year in real estate for Middlesex and Elgin Counties. Over January, February and March a total of 1,771 homes exchanged hands, up 14.7% from last year's first quarter sales.

The London and St. Thomas Association of REALTORS® held its 2014 Annual General Meeting on April 21, 2015 at the London Convention Centre.

Despite a March that both came in like a lion and out like a lion, the 2015 Spring market is off to a solid start with home sales totaling 769 last month. "Compared to March 2014, the numbers are up a good deal," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. "However, given the impact of last year's Polar Vortex on home sales during the early months of 2014, comparing March 2014 to March 2015 doesn't give you a true picture. That being said, the five year average for home sales in March stands at 726, so we are, in fact, above the average for that time period."

At the Ontario Real Estate Association's 2015 Leadership Conference in Toronto, Londoners took home not one, but two Ontario REALTORS Care Foundation Spirit Awards – one for the Association and one for an individual – in this case, London REALTOR® Mary Johnson.

LSTAR applauds the reintroduction of legislation that will bring fairness to the tax treatment of Ontario REALTORS®. Introduced by Prince Edward-Hastings MPP Todd Smith, the Tax Fairness for REALTORS® Act, 2015 will allow real estate salespeople to use personal corporations. The bill is being co-sponsored by Liberal MPP Mike Colle (Eglinton-Lawrence). LSTAR is urging its Members to visit www.orea.com/cfa to send an email to their MPP in support of the Tax Fairness bill.

Despite record-breaking cold, a total of 535 homes sold in February. "Given that the average number of February sales over the past decade stands at 489, I think it's fair to describe February 2015 as a good, solid month for home sales," says Carl Vandergoot, President of the London and St. Thomas Association of REALTORS®. He cautions against comparing February 2015's activity with that of February 2014. "It wasn't a typical year. The Polar Vortex had home sales in a deep freeze lockdown in January and February 2014. Comparing the two month-over-month would not only be counterproductive, but it would also give a false impression."

2015 was off to a good start with the most home sales for a January since 2007, just prior to the Global Financial Meltdown – a total of 475. January was also the ninth straight month in a row in which area home sales outstripped those of the previous year. "Bear in mind that last year's Polar Vortex put January 2014's home sales in a bit of a deep freeze," cautions LSTAR President Carl Vandergoot. "That's part of the reason this month's figures look so robust."