“As the Canadian economy struggles with the effects of the COVID-19 pandemic, the real estate sector remains the only bright spot that gives Canadians confidence in their future.”
The London and St. Thomas Association of Realtors (LSTAR) says the local real estate market continued its streak of record sales during the month of October.
LSTAR 2020 President Blair Campbell says 917 homes were sold last month, making it one of the best months of October for local real estate sales.
“The 917 residential transactions that took place in our jurisdiction represent the highest number of sales for the month of October since 1978, when the Association started tracking data,” said Campbell, adding that 690 of those sales happened within the city of London.
“The combination between the historically low interest rates and the working-from-home trend has generated an extraordinary demand in a housing market with a very limited supply, which pushed the average home prices to record highs across the region.”
During October, the average price for a house in the region climbed to $526, 848.
Campbell says Octobers sales could translate into more than $67-million going back into the local economy within the next three years.
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LSTAR says the median number of days that a home was on the market in London was eight, down from 13 days in October of last year.
In Strathroy, it was down from 27 days to 8.5; in Elgin, it was 14, down from 17.5; in St, Thomas, it was eight, down from 13; and in Middlesex, it was 17, down from 24.
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