News

LSTAR is thrilled to announce that nominations are now open for the 2023 Don Smith Commercial Building Awards, to recognize and honour exceptional achievements in the realm of commercial real estate, celebrating top-notch commercial, industrial, multi-family, and community buildings across the LSTAR region.

The local housing market continued its steady streak in June, with 745 homes exchanging hands via LSTAR's MLS® System. Housing supply increased from 1.7 months of inventory in May to 2.2 months of inventory in June, showing signs of market stabilization. 

In 2023, LSTAR has awarded its prestigious "Lyn Coupland" Outstanding Service Award to a longstanding Member of our Association. The award recognizes those individuals whose service to the Association the LSTAR Executive Committee deems to be above and beyond the call of duty.

The recipient of the 2023 Ron Richardson Memorial Award was announced on June 27, 2023, at LSTAR's 2022 Annual General Meeting & Trade Show. The award was bestowed upon Glen Gordon of Glen Gordon Real Estate, thus recognizing his exceptional dedication to volunteerism.

With your support and enthusiasm at the 2023 LSTAR Slo-Pitch tournament, we managed to raise an estimated $13,700! Can you believe it? This spectacular feat will go towards supporting ARK AID STREET MISSION in London and ST. THOMAS-ELGIN SECOND STAGE HOUSING in St. Thomas. We cannot thank you enough – you are true champions of compassion, making a profound impact on the lives of those in need. 

In May 2023, 1,397 new listings came on the local market and 846 homes exchanged hands via LSTAR's MLS® System. While the number of new listings is 23.9% lower than in May 2022, the number of sales is 1.3% higher than a year ago. LSTAR's overall sales-to-new listings ratio for the entire area stood at 60.6% last month, while inventory continued to decline, dwindling from 1.8 months in April to a mere 1.7 months in May.

In April 2023, 964 new properties came on the market and 723 homes exchanged hands via the MLS® System of LSTAR. The overall sales-to-new listings ratio for the entire London-St. Thomas area climbed from 63.5% in March to 75% in April, while the inventory plunged from 2 months in March to only 1.8 in April.

In March 2023, only 1,079 new residential listings were posted on the MLS® System of LSTAR, making last month the March with the third lowest number of new listings in the last decade. Home sales for the month stood at 685, the lowest seen by LSTAR in March since 2014, and inventory fell to only 2 months. 

In February 2023, the MLS® System of LSTAR recorded only 436 residential transactions, thus marking the lowest number of February home sales seen by LSTAR since 1995. Despite the sluggish sales, 761 new listings entered the market during the same time frame, bringing the number of active listings to 1,320 by month-end. The overall sales-to-new listings ratio for the entire jurisdiction of LSTAR was 57.3%.