Homes sales in London fell by 10 per cent last month, as the city's real estate market shows more signs it's cooling off following a record-setting spring.
Numbers released Friday by the London St. Thomas Association of Realtors show 757 homes were sold in October, down 10.2 per cent from the same time last year and the second significant decline in as many months.
The fall slump follows a record-breaking first half of 2017, which saw month after month of recording-breaking sales in London as prices soared and bidding wars broke out among buyers hard pressed to lock down their dream home.
Listings were also down last month, with 847 in October, down 17 per cent compared to the same time in 2016.
Even with real estate sales down significantly this fall, the market is still riding high from its fever pitch this spring, putting the average price of a home at $330,497 up 18.3 per cent from a year ago.
While real estate prices have surged in London and St. Thomas, the region is relatively among the cheapest in Canada, where the average single-detached home fetches a price of $501,335.
Average sale price of homes across the country, by region, from the Canadian Real Estate Association:
- Calgary $465,827
- Fraser Valley $724,438
- Edmonton $375,394
- Hamilton $549,395
- Kitchener-Waterloo $444,847
- London and St Thomas $321,220
- Niagara $396,918
- Ottawa $392,544
- Toronto $785,099
- Vancouver $1,046,982
- Victoria $670,791
- CANADA $501,335