New Record Hit By Housing Market In 2016

In the year 2016, most of the real estate markets in Canada surpassed their annual records, one specific region in Ontario reached a large stretch, with sales of more than 10,000 in that year alone. The percentage of homes sold by its members during last year increased almost by 9 percent from 2015. London St. Thomas Association of Realtors made a report of 10,193 homes sold.

The president of LSTAR 2016, Stacey Evoy said; “Overall, it was an incredible year for residential real estate in our region. Throughout 2016, we observed high demand with a low supply that contributed to a very robust marketplace. Six months of the year saw their best sales since LSTAR has been tracking data, which speaks to why the industry thrived in 2016.

There was an increase of 7 percent in the sales of condos, with detached homes making up a greater amount of 8,260 sales and a 9 percent increase. Despite an increase of 10 percent in listing, there was a drop of 39 percent in inventory over the year, with the benchmark sales figure up to $279,057 by 5.5 per cent.