London New Home Starts Higher

LONDON, January 10, 2012 New home starts were up in the London Census Metropolitan Area  in December according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). However, in the year ending December 2011, single-detached home starts were down nearly twenty per cent compared to 2010.
“Single-detached housing starts have been gradually increasing over the last few months on a seasonally adjusted basis,” said Margot Stevenson, CMHC’s Senior Market Analyst. “The strength in both the single-detached and townhouse segments indicates new residential construction ended the year on a positive note,” added Stevenson.

2011 was another great year selling real estate

Just completing my records for 2011 and found that sales ended up very similar to last years! The number of sales were identical to 2010 but the number of listings taken, was up 40%, from 48 to 68 this year. We had more upper end sales this year and with the increase in listings there is more inventory available. Most of 2010 was a balanced market and prices should level off this coming year with the extra listings now on the market. Our average price for this year with the residential market in our office, was $234,200, which is in line with the London area as well. Wishing you and your families all the best for 2012.

Market Stable in 2011

The London St. Thomas Association of realtors reported that 2011 proved a solid year for real estate sales, with 8,048 homes exchanging hands over its twelve-month course -- just 1% down from the previous year. “It was a little slow coming out of the gate, but in the end we finished strong, despite concern over the extent to which global economic worries would impact us locally,” says Jack Lane, LSTAR President for 2011. “December delivered a strong performance as well, with 384 sales, just 0.8% down from the previous December. “We are especially pleased by how well St. Thomas did in 2011,” observes Lane. “Its sales were up 3% over last year’s and its average price rose to $189,413, up 3.7%.”


The average price for a detached home in LSTAR’s jurisdiction at Year End stands at $244,430, up 5.3% from January 2011. The average price for a condo stands at $179,560 year end, down 3.4% from January 2011. Homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centres.