Real Estate Blog - Blog Archive: December, 2022

451 residential properties exchanged hands last month through the Multiple Listing Service® (MLS®) System of the London and St. Thomas Association of REALTORS® (LSTAR), 44% less than in November 2021. LSTAR Members' home sales included 336 single family homes, 64 condo townhouses, and 36 apartments – all significantly down from a year ago.

“In the last two years, the local housing market’s frenzy was artificially fueled by the socio-economic climate of the pandemic. Now, that the socio-economic conditions are completely different, the local housing market is in correction mode,” said Randy Pawlowski, 2022 LSTAR President. “The market is especially affected  by the Bank of Canada’s interest rate hikes, which intensify buyer reluctance and weaken…

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