Housing prices surged in London in last quarter: Royal LePage survey

London’s housing market bucked the national trend in the second quarter of this year, according to a new house price survey done by Royal LePage.

The average price of a home in London rose nine per cent year-over-year to $365,686. The latest figures show the median price of a bungalow in London rose 13.6 per cent year-over-year to $318,734.

“We are still experiencing a shortage of listings in London, which is putting upward pressure on prices in the second quarter of 2018,” said Peter Meyer, owner and broker of record, Royal LePage Triland Realty.

“London is one of the most affordable cities in close proximity to the Greater Toronto Area and attracts baby boomers who once lived in London to return to the region. London’s economy has remained healthy with good job growth, strong consumer confidence and stable house prices.”

Housing prices across much of the GTA reported a year-over-year decline, and prices slowed nationally, according to the survey.

“It was a spring market that never blossomed,” said Phil Soper, president and CEO of Royal LePage.

Royal LePage is predicting a slow but gradual increase in inventory levels in London in the third quarter, while sales are anticipated to remain strong in the region.

“The market has begun to absorb and adjust to the new realities; we expect an uptick in sales volumes and prices during the second half of 2018,” Soper continued.

“We face shortages in our major cities, with many more people looking for homes than the market has available for purchase or rent. Upward pressure on prices will likely return to most markets this quarter.”