London

London home prices jump 10 per cent in November as sales close in on record year

New numbers from the London St Thomas Association of Realtors show home prices have risen more than 10 per cent in the last year, putting dreams of home ownership that much more out of reach.

Realtors call last month 'best November ever,' as the city grapples with widening housing crisis

New numbers from the London St Thomas Association of Realtors show home prices have risen more than 10 per cent in the last year, putting dreams of home ownership that much more out of reach. (Jonathan Hayward/Canadian Press)

London home prices have risen 10 per cent in November amid a frenzied pace of buying and selling that the city's realtors say is on course to surpass 2018.

New numbers from the London St Thomas Association of Realtors say the price of the average London home hit $416,116 last month, up 10.6 per cent from November 2018.

London is still very much a sellers market, according to realtors, who note the city's sales-to-listing ratio is hovering at around the 90 per cent mark. Anything above 60 per cent is considered a buyers' market.

Last month, 752 homes were bought and sold in what realtors call "the best November ever," putting the number of homes that have changed hands to date in the London region at 9,658 and on course to surpass last year's totals. 

While it might represent a win for real estate agents, the dizzying gains represent a deepening sense of siege for those whose dreams of home ownership are now that much farther out of reach. 

It's also fuel on the fire for London's housing crisis, where desperate people are increasingly seen sleeping in the rough, most recently erecting tent cities outside of homeless shelters or sleeping in church yards to find some modicum of shelter against the encroaching winter. 

Comments

To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Pseudonyms will no longer be permitted.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Please note that CBC does not endorse the opinions expressed in comments. Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time.