A home in London is now pricier than Edmonton, a city more than twice its size
Realtors say demand for homes outstripped the number of listings by about 120 per cent last year
After a year of double-digit gains, the cost of buying an average home in London is now more expensive than Edmonton, a city that's more than twice its size.
The price of an average home in London shot up 13.4 per cent last year to $375,782, putting the cost above a similar home in Edmonton, a city of 932,000 where a house fetches an average of $369,607.
It caps off a tumultuous year in London real estate typified by a record-low inventory of homes for sale, one where buyers were left with limited options and sellers with desirable homes could get multiple offers many of which were well over the asking price.
The lopsided tilt of the marketplace in sellers' favour is evident in London's sales-to-new listings ratio, which according to London St Thomas Association of Realtors in 2018 was nearly 120 per cent.
A balanced marketplace by contrast, according to the Canadian Real Estate Association, is closer to 40 to 60 per cent.
The shortage of homes for sale was also felt in St. Thomas where the sales-to-new listings ratio was 100 per cent last year. Despite the strong demand, the average price of a home in St. Thomas stayed relatively flat 2018 climbing less than one per cent overall to $304,079.