London property market keywords for December 2021: townhouse and apartment sales hit a record year.
530 homes changed hands in December, the second-best month of residential home sales since the association recorded in 1978. A total of 10,964 homes were sold in the full year of 2021.
Jack Lane, president of the 2021 LASTAR Association, said: "2021 was a very strong year for us, with home sales totaling almost 11,000 units. The COVID-19 pandemic has caused many people to work from home, which has led to rising prices in our localities and record low listings. ”
At the end of December 2021, there were only 175 listings for sale in the MLS system, and the home inventory was only 0.3 months.
The entire London-St. Thomas benchmark price is $657,600, up 37.5% from December 2020. The overall average price of LSTAR houses was stable at $707,219, up 27.6% from last year.
The table below shows the benchmark prices and average prices for homes in LSTAR's primary jurisdictions for December:
In 2021, detached homes remain the most popular type of home for buyers, with annual sales of 8,125. However, townhouse and apartment sales in 2021 were record, with 1,364 townhouses and 1,009 apartments changing hands.
Benchmark and average prices for townhouses and apartments have jumped sharply in 2021. In December 2021, the average townhouse price in LSTAR jurisdiction was $594,271, compared to $397,065 for apartments.
The chart below shows the increase in HPI benchmark prices for all home types in December compared to the same period last year.
epilogue
The overall feeling for me in December 2021 was that there were fewer than 100 homes for sale in London. After a busy year, because the children are at home on holidays, Christmas and New Year holidays, everyone has turned on vacation mode.
At the beginning of this year, Because of Omicron, Ontario returned to the second phase, and the school was postponed by 2 weeks before official work began. Listings began to increase slowly, but prices were jumping again, and people were shocked to see it. Some houses are already solid before they even have time to see. Is this year another magical year?
Last year's August and September were slightly cooler months, and the rest of the months were in full swing. Overall, the volume of 2021 is the highest in the calendar year, and it is even crazier than the crazy 2017. It can be seen that there are many buyers and the purchasing power is strong.
The number of new immigrants is increasing every year, new arrivals need housing is just needed, the speed of new housing is much lower than the new demand, how to cool down this hot real estate market?
In the new year, I wish you a lot of blessings and a lot of money. Thanks for following our immigration story to Canada, and if you like our article, please click on the bottom right to read or forward.