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The London median home price had a significant increase in February. The median price rose by $41,100.00 from its level in January. Volatility in the median price can be expected at this time but the sharp rise this month, in combination with other factors, might be an early sign of market stability. The year-to-year comparable shows that the median price is below the February 2022 level (-24.1%). All three of the London residential areas indicate that the median price levels are below the same period in 2022.

The London median home price continued to decline in January. The median price dropped by $14,000.00 from its level in December of last year. The year-to-year comparable shows that the median price dropped below the January 2022 level (-27.1%). All three of the London residential areas showed declines in the median price levels compared to the same period in 2022.

The median home price declined in December. The median price dropped by $16,000.00 from its level in November. The total price erosion since the February high has been approximately $215,500 or 27.7%. The year-to-year comparable shows that the median price dropped below the December 2021 level (-14.9%). All three of the London areas showed declines in the median price levels compared to the same period in 2021.

The median home price made a modest move up in November. Median prices increased by $2,500.00 from its level in October. The total price erosion since the February high has been approximately $199,500 or 25.7%. The year-to-year comparable shows that the median price dropped below the November 2021 level. We might be seeing some price stability within the market in early 2023. The United States Federal Reserve is indicating that they will take a less aggressive strategy on increasing interest rates. Hopefully, The Bank of Canada will follow suit in the first quarter of next year.

The median home price returned to its downward trajectory in October after a pause in the previous month. Median prices declined by $15,000 from their level in September. The total price erosion since the February high has been approximately $202,000 or 26%. The year-to-year comparable shows that the median price has dropped 7.7% below the October 2021 level. It appears that the early signs of price stability in the previous two months have not continued in October. The Bank of Canada’s aggressive strategy on interest rates is causing instability in home prices.

The median home price made a modest move up in September. Median prices increased by $5,000.00 from their level in August. The total price erosion since the February high has been approximately $187,000 or 24.1%. The year-to-year comparable shows that the median price dropped slightly below the September 2021 level. I believe that we are starting to see the early signs of price stability in the market. However, the Bank of Canada’s aggressive strategy on interest rates may cause some additional instability in home prices.

The median home price decline was modest in August. Median prices dropped by only an additional $5,000.00 during the month from the February peak price level. The total price erosion so far this year has been approximately $192,000 or 24.7%.

The median home price decline accelerated in July. Median prices dropped by an additional $60,000.00 during the month from the February peak price level. The total price erosion so far this year has been approximately $187,000 or 24.1%. The year-to-year comparable is now indicating that the market is close to parity with July 2021 median price. The difference was only 1.7%.

The median home price continued to decline in June from its high in February of this year. Median prices dropped during the month by an additional $37,000. The total decline from the February high point has been approximately $127,000 or 19.5%. The year-to-year comparable is now showing only a 12.0% increase in median price from the same period last year.

The median home price continued to decline in May from its high in February 2022. Although the decline was substantially less than in April, median home prices still dropped in May by an additional $16,000. The total decline from the February high point has been approximately $90,000 or 11.6%.