What to expect from London’s housing market in 2023 ― by the numbers
LET ME WELCOME you to 2023 by looking back at the whole of 2022 ― perhaps there are some lessons to be learned.
The total number of housing sales was 7,639, the lowest number of sales in nine years! In 2021, there were almost 11,000 sales comparatively. From an industry perspective, that amounts to about 3.3 sales for every active real estate agent. I would describe that as a reckoning.
The average sale price ended up at just about $613,000. The average price has stayed relatively steady for the last few months, despite the low volume of sales. Part of the reason for this is sellers refusing to sell their properties at reduced prices, holding on for better days ahead.
As of the end of the year, there is about 3.8 months of inventory, and listings are staying on the market for about a month at this point. You have to go back as far as 2014 to see that much inventory in the market. The inventory levels do not reflect just how much of a buyer’s market we’re living in. Outside of larger income properties, such as apartment buildings and commercial plazas, competition has all but been eliminated for most every type of property.
Therefore, as we begin 2023, we have a relatively stable buyer’s market with lots of choice, interest rates that will likely remain mostly steady for the next year, and an economy strong as the labour market remains tight. You shouldn’t expect significant change in the price or volume of real estate transactions in the coming months.
One final thought that I will continue to remind everyone about as we move forward in 2023: This will be the year our city decides to permanently fix the problem of homelessness in our community. This will be the leading issue as our new council gets its footing, and a community-wide solution is developed and funded. We will all participate in leading our city out of this dark period, savings scores of lives along the way, and reclaiming our downtown for all citizens to enjoy.
High- and low-priced real estate listings around town this week
Address: 1101-583 Mornington Avenue
MLS number: 40350187
List price: $179,900
Days on market: 12
Size: 1 bedroom, 1 bathroom, 580 square feet
Listing agent: Justin Van Eck, Sales Representative, Blue Forest Realty Inc.
Address: 1839 Parkhurst Avenue
MLS number: 40336618
List price: $1,899,000
Days on market: 81
Size: 4 bedrooms, 3 bathrooms, 4,259 square feet
Listing agent: Richard Emil Salhani, Sales Representative, Century 21 First Canadian Corp.
Address: 80 Homestead Crescent
MLS number: 40351138
List price: $399,900
Days on market: 14
Size: 2 bedroom, 1 bathroom, 822 square feet
Listing agent: Didi Roberts, Sales Representative, Century 21 First Canadian Corp.
Address: 565 Leyton Crescent
MLS number: 40328768
List price: $3,280,000
Days on market: 85
Size: 6 bedrooms, 5 bathrooms, 5,966 square feet
Listing agent: John H. Crosby, Sales Representative, Royal Lepage Triland Realty
London South & West
Address: 32-198 Springbank Drive
MLS number: 40325975
List price: $135,900
Days on market: 103
Size: 2 bedroom, 1 bathroom, 640 square feet
Listing agent: Zahra Khawari, Sales Representative, PC275 Realty Inc.
Address: 3916 Southwinds Drive
MLS number: 40343075
List price: $2,865,000
Days on market: 63
Size: 3 bedrooms, 4 bathrooms, 3,503 square feet
Listing agent: Sarah J Oliver, Broker of Record, Oliver & Associates Sarah Oliver Real Estate Brokerage
Disclaimer: London Inc. does not guarantee the accuracy of the statistical data on this page. The data does not represent the listings of any one agent or agency but represents the activity of the real estate community in the area. Any real estate agent’s ad appearing is separate from the statistical data provided, which is in no way a part of their advertisement.