Though analysts say home sales are typically less active in the final few months of the year, house prices in London were on the rise at the end of 2018.
According to figures released Friday from Royal LePage, the average price of a home in London rose almost nine per cent year-over-year to over $388,000 in the fourth quarter of 2018.
“Increased demand, paired with limited supply and scarce new construction, fuelled home prices in London during 2018,” said Peter Meyer, owner of Royal LePage Triland Realty.
“Even in the past few months of the year, which are typically less active, many properties were receiving multiple offers.”
Meyer adds that consumer confidence in London is strong due to its growing economy and stable employment.
“Ontarians and newcomers often find home prices very affordable in London compared to other surrounding areas of the province,” he said.
Meyer adds that the spike in home prices was seen nationally, with figures rising by four per cent year-over-year in the fourth quarter of 2018.