The real estate market in London, Ontario is expected to experience a moderate growth in 2024. According to the London and St. Thomas Association of REALTORS® (LSTAR), the average price of a home in London, Ontario is expected to increase by 4.7% in 2024 .
This growth is expected to be driven by a 13.9% increase in home sales in 2024 . However, it is important to note that the figures in this forecast could change dramatically as Canada’s housing supply worsens – new home listings are currently at 20-year lows.
In addition to the above, here are some more statistics and information about the real estate market in London, Ontario for 2024:
- The Canadian Real Estate Association (CREA) has issued its latest forecast for home sales activity and average home prices via MLS systems of Canadian real estate boards and associations for 2023 and 2024. According to the report, national home sales have remained stable since the summer of 2022 and are expected to rise gradually toward the long-term trend in 2024. CREA economists expect buyers to return to the market after waiting on the sidelines for added certainty around mortgage payments and property value.
- The national average home price is forecast to recover by 4.7% from 2023 to 2024 to around $702,200, putting it on par with 2022.
- Major Canadian banks have put forth forecasts for Ontario’s housing market: RBC predicts a 13.7% decrease in home prices in 2023, followed by a 2.9% increase in 2024. Forecasts also indicate a 13.9% decrease in home sales for 2023 and a 34.1% increase in 2024.
- TD Bank forecasts a 13.3% drop in average home prices for 2023, with a modest 0.8% increase in 2024. Home sales are projected to decline by 8.1% in 2023 and rise by 18% in 2024.
Factors Driving the Growth
The real estate market in London, Ontario has been experiencing a steady growth in the past few years. In 2023, the average price of a home in London, Ontario was $619,000 . This was a 10.7% increase from the previous year . The number of homes sold in London, Ontario in 2023 was 12,000 . This was a 5.3% increase from the previous year.
The real estate market in London, Ontario is expected to continue its growth trend in 2024. The average price of a home in London, Ontario is expected to increase by 4.7% in 2024, driven by a 13.9% increase in home sales. This growth is expected to be driven by a number of factors, including the city’s growing population, low interest rates, and a strong economy.
The city of London, Ontario is home to a number of world-class universities and colleges, including the University of Western Ontario and Fanshawe College. This has led to a growing population of young professionals and students, who are looking for affordable housing options in the city.
In addition, the Bank of Canada has indicated that it will keep interest rates low for the foreseeable future, which will make it easier for people to obtain mortgages and purchase homes .
Finally, the economy in London, Ontario is expected to remain strong in 2024. The city is home to a number of thriving industries, including manufacturing, healthcare, and technology . This is expected to drive job growth and attract more people to the city, which will further boost the real estate market.
In conclusion, the real estate market in London, Ontario is expected to experience a moderate growth in 2024. The average price of a home in London, Ontario is expected to increase by 4.7% in 2024, driven by a 13.9% increase in home sales. This growth is expected to be driven by a number of factors, including the city’s growing population, low interest rates, and a strong economy. However, it is important to keep in mind that these figures could change due to the current state of Canada’s housing supply.
