London

Canada's real estate market is cooling, but not in London

New sales records have been set every month of this year, according to the London St. Thomas Real Estate Board.

Canada's raging housing market appears to be finally slowing down.

According to new research from the Canadian Real Estate Association, average national home prices have fallen 10 per cent since April 2017.

But it's a different story in London, Ontario, where the average home price now sits at $335,000.

That's a 19.7% increase from the same time last year.

"We've broken records every month of 2017 since we started keeping them in 1978," said Jim Smith, president of the London St. Thomas Association of Realtors, in an interview on CBC Radio One's Afternoon Drive.

"We've gotten to the point where people are realizing the value of real estate here."

Stressed out buyers, overworked agents

Smith says the red-hot activity in London has been stressful for potential buyers, as well as local realtors.

"Everybody thinks real estate agents are making a fortune and reaping profits like crazy, when in fact they're not," said Smith.

CREA attributes recent changes to Ontario housing policy as likely reasons for the drop in home sales across the country. 

A total of 1245 homes were sold in London in June, an increase of 9.9% from the same month in 2016.

The number of listings is also up 9 per cent from June 2016, sitting at 1398.

Two-storey homes remain the best selling style of home in the London area. 

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