February home sales in London, St. Thomas lowest since 1995
CTV
A big drop for home sales in the London and St. Thomas region last month.
A big drop for home sales in the London and St. Thomas region last month.
According to February statistics released by the London and St. Thomas Association of Realtors, just 436 homes changed hands, “thus marking the lowest number of February home sales seen by LSTAR since 1995.”
“Everybody’s sitting there going, ‘do I really want to be making the largest purchase that I might ever make in my life right now?’” explained LSTAR president Adam Miller.
The average price of a home is also down significantly. According to LSTAR, the average home price was $621,912, down 24 per cent over the same period one year ago.
Miller said in spite of the numbers he’s feeling optimistic about the local housing market.
“The frantic bidding wars of the past seem to be now in our rearview mirror,” he said in a news release. “And home buyers are getting more and more comfortable with taking on variable-rate mortgages, feeling encouraged by this much calmer environment. In these conditions, the spring market could surprise us.”
Miller also tells CTV News home buying is closely related to consumer confidence.
