London home sales set October record amid 'slight' supply gain

The London St Thomas Association of Realtors says home sales in the region set an all-time record last month as housing inventories saw a 'slight gain.'

Realtors say October saw a 'slight gain' in homes for sale in what's been the tightest market in memory

London saw a flood of new homes for sale last month, up nearly 40 per cent versus the same time last year. (Jonathan Hayward/Canadian Press)

The London St Thomas Association of Realtors says 906 homes changed hands last month, the highest number of sales for the month of October since the industry began tracking local data 40 years ago. 

It comes as the London region faces one of the tightest housing markets in memory with a housing stock apparently unable to keep pace with the growing number of households in the city. 

October saw a flood of new listings with 1,171. That's up almost 40 per cent over the same time last year. In fact, there were so many new homes put on the market last month that even with 77 per cent of them being sold, the region's housing inventory saw a three per cent gain. 

After a few years of frantic springs, with home buyers faced with the pressure cooker decision of whether to bid over asking price for a potential dream home, is this a sign some people are trying to avoid the yearly rush? 

"Not necessarily, there's just been a lack of supply," said real estate association president Jeff Nethercott.

"Last year was a little soft. We saw a big push of out-of-town buyers and people trying to get in before new mortgage regulations in the fall." 

The average price of a home in the London area was $387,455 last month, up 11 per cent over the same time last year. 

About the Author

Colin Butler

Video Journalist

Colin Butler is a veteran CBC reporter who's worked in Moncton, Saint John, Fredericton, Toronto, Kitchener-Waterloo, Hamilton and London, Ont. Email: colin.butler@cbc.ca