Home sales in London and St. Thomas rose 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 the same month last year, according to the London and St. Thomas Association of Realtors. The increase comes as warmer weather brings more buyers and sellers into the market.
“Activity has certainly been picking up, which is a positive sign,” said LSTAR chair Robin Tiller.
The average home price edged up to $627,112 in March, compared to $622,414 in February. Prices also increased in areas such as London South and St. Thomas.
Despite the rise in activity, housing affordability remains a concern. Tiller says many buyers and sellers continue to feel financial pressure.
“Our members work with buyers and sellers every day who are feeling the weight of housing affordability,” she said.
The uptick in sales comes as both the federal and Ontario governments introduce new tax rebates aimed at boosting rental construction measures designed to ease long-term affordability pressures in markets like London.
The benchmark price for a typical home in the region sits at $563,000, which is lower than larger markets such as Toronto and Vancouver.
Experts say home sales also support the local economy by driving spending on services such as moving, renovations and legal fees.
