Where London’s housing market is headed in 2025
Despite political and economic uncertainty, London’s housing market inches toward a sense of normalcy and stability
2024 HAS COME to a close. The year was very active politically with elections and (likely should have happened in 2024) resignations. Our country has experienced a six-month steady decline in the cost of borrowing as the Bank of Canada races to stave off a recession. Our dollar is weakening as a trade war with the U.S. looms. Locally, our city has decided expansion of housing land within the city is necessary and already greenlighted. Perhaps the most unusual phenomenon: snow has found its way back to the region after being lost for the last few years.
The month of December continued the 2024 trend of mediocre volume and steady prices. A total of 283 homes changed hands in the month, which was slightly more than last year but still considerably below the last 10-year average. For 2024, less than half of the new and available listings sold; 5,516 sales versus 12,252 listings. The average price fell from $614,399 in November to $605,066 in December.
“London house prices have not changed in three years. In fact, if you take out the pandemic swing in prices and activity, we’re back to 2020 numbers”
In the City of London, we ended the year with an average price of a home just above $600,000. That’s $7,000 higher than 2022 and $5,000 less than 2023 ― so London house prices have not changed in three years. Steady! In fact, if you take out the pandemic swing in prices and activity, we’re back to 2020 numbers.
What are we to infer from these stats? Perhaps it is that London has found its relative value in real estate. With a strong supply of housing (four months supply), there is a great deal of choice for buyers, they’re able to negotiate and protect themselves and last year buyers and sellers agreed on the price of 5,516 homes.
Holding for significant outside influences (pandemics, economic trade wars, deep recessions, dramatic immigration changes, etc.), this may be our market price for the near future. Despite dramatically reduced mortgage rates, pricing and volume have remained soft for the last six months. Steady as she goes may be the most likely prediction for 2025.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.
High- and low-priced real estate listings around town this week
London East
Low
Address: 733 Princess Avenue
MLS number: X10426767
List price: $324,900
Days on market: 53
Size: 2 bedroom, 2 bathroom, 700-1,100 square feet
Listing agent: Diane Lajoie, Sales Representative, Sutton Group – Select Realty
High
Address: 1839 Parkhurst Avenue
MLS number: X10429127
List price: $1,699,000
Days on market: 50
Size: 4 bedrooms, 3 bathrooms, 3,500-5,000 square feet
Listing agent: Durga Prasad Aaripaka, Sales Representative, Century 21 first Canadian Corp.
London North
Low
Address: 9 Ardsley Road
MLS number: X10441564
List price: $489,900
Days on market: 46
Size: 4 bedroom, 2 bathroom, 1,100-1,500 square feet
Listing agent: Dean Soufan, Broker of Record, Century 21 First Canadian Corp. Dean Soufan Inc
High
Address: 864 Clearview Avenue
MLS number: X9298104
List price: $4,295,000
Days on market: 125
Size: 5 bedrooms, 5 bathrooms, 5,000-plus square feet
Listing agent: Michael Reis, Salesperson, Sotheby’s International Realty Canada
London South & West
Low
Address: 53 Ada Street
MLS number: X11901432
List price: $349,999
Days on market: 11
Size: 3 bedroom, 1 bathroom
Listing agent: Trevor Potter, Salesperson, Oak and Key Real Estate Brokerage, Inc.
High
Address: 1011 Cherrygrove Drive
MLS number: X9053822
List price: $3,999,999
Days on market: 167
Size: 4 bedrooms, 4 bathrooms, 5,000-plus square feet
Listing agent: James Smith, Sales Representative, Sutton Group – Select Realty
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.