The London-St. Thomas Association of Realtors announced that the overall average price of homes (across all types) sold in 2016 grew by 5.5 per cent year-over-year, up to $279,057.
London’s average detached home price last year increased by 5.4 per cent from 2015 (up to $297,480). Meanwhile, condominium values increased by 5.6 per cent in the same time frame (up to $200,335), The London Free Press reported.
Sales volume in the city saw a more significant 8.8 per cent annual increase, up to 10,193 homes sold in 2016. Scarce supply helped the market along as well, with a 39.2 per cent year-over-year drop in London-St. Thomas listings.
Ontario’s relatively outsized performance has led to some consternation among various industry observers, who have expressed anxiety about the continuous increases in demand and home prices in the province.
In response to the market overheating in the province, the country’s largest real estate investment trust has laid out its plans for more redevelopment projects down the line.
Already targeting to build 10,000 residential units within the next 10 years, the Toronto-based RioCan REIT has recently announced its further intention to redevelop and incorporate housing into at least 50 of the 300 retail locations in its nationwide portfolio.
“The real estate market is so hot right now, there’s no way it’s going to stay like this forever,” RioCan CEO Ed Sonshine said.
MBN
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