Home sales in London and St. Thomas increased in March, signalling a stronger start to the spring housing market.
A total of 586 homes were sold, up 4.1 per cent compared to last year and significantly higher than February, according to the London and St. Thomas Association of Realtors.The increase comes as warmer weather returns and more buyers and sellers enter the market.
“Activity has definitely been picking up, which is a positive sign,” said Robin Tiller, chair of LSTAR.
The average home price rose slightly to $627,112, compared to $622,414 in February. Prices also saw visible increases in areas like London South and St. Thomas.
Despite the rise in activity, housing affordability remains a concern. Tiller says many buyers and sellers are still feeling financial pressure.
“Our members work with buyers and sellers every day who are feeling the weight of housing affordability,” she said.
The benchmark price for a typical home in the region sits at $563,000, which is lower than in larger Canadian cities like Toronto and Vancouver.
Experts say home sales also support the local economy. Each home sale can generate significant spending on services like moving, legal fees, and renovations.
