Local realtors are set to discuss the booming housing market Tuesday during their annual general meeting.
The gathering comes amid increasing property values in London and surrounding areas.
According to the London St. Thomas Association of Realtors, the average price of a home in the London area jumped by 21 per cent from last year to more than $329,000. Although hefty, London prices can’t compare to Toronto, where last month’s average sale price was more than $760,000.
The sales boom, however, has impacted the Forest City.
More local realtors are reporting buyers from the Greater Toronto Area are searching for homes in the London region due to the diminishing affordability.
The Association reported more than 1,200 homes were sold within the region last month, which broke the association’s March sales record, representing a 44 per cent increase from last year.
A Royal LePage House Price Survey released Tuesday suggests that the price of a home in Canada has increased by up to 12 per cent in the first quarter of 2017.
The federal and provincial finance ministers are also prepping for a meeting with Toronto Mayor John Tory Tuesday to discuss ways of easing the city’s housing affordability issues.
The provincial budget being tabled next week is expected to include several housing affordability measures.
The London Convention Centre is hosting a “fireside chat” Tuesday featuring Tim Hudak, CEO of the Ontario Real Estate Association, prior to the annual general meeting.
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