The Ontario Real Estate Association reported that Residential sales in Ontario numbered 10,323 units in Jan., up 4.9% from last year. New listings declined 10.6% and the average house price for homes in the province rose to $466,050 up 11% from 2015! That price is certainly influenced from the Toronto market as prices in the London area are less than $300,000.
The sales to new listings ratio was 65.2% in January making this a slight sellers market at least in the province overall. The ratio between 40-60% is generally consistent with a balanced market, which this area has.
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