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The London median home price continued to decline slightly during the month. August median prices decreased $6,125.00 from last month. Median home prices have now risen $25,000.00 from the beginning of 2024. Property sales volume is still sluggish and new property listings remained constant in August causing a continuing rise in inventory during the month. The reduction of interest rates by the BoC has done little to stimulate the market. The recent decline in rates may cause some increased activity but some market pundits have forecasted that stimulation of the market will start to occur at an interest rate level of 4.0%.

The London median home price reversed its upward direction in July. July median prices decreased $23,875.00 from last month and the rise of median home prices from the beginning of 2024 has been reduced to $31,125.00. The basic economic theory of supply and demand may be staring to affect the market. Property sales volume remains sluggish and new property listings rebounded in July causing a significant rise in inventory during the month. Expectations were that the reduction of interest rates by the BoC would stimulate the market. Clearly that has not happened, yet. Further interest rate reductions by the BoC may impact the market in the fall of 2024.

The London median home price continue to slowly rise. June median prices increased $10,050.00 from last month and have risen $55,000.00 since the beginning of 2024. Home prices continued to drift higher even though home sales activity in June declined from May and was below the sales levels in June 2023. The surprise in June was the reduction in the number of homes being listed during the month. The number of newly listed properties dropped approximately 30% in comparison to May and was also down when compared historically for this period.

The London median home price continued to rise. April median prices increased $25,500 from last month and have risen $40,000.00 since the beginning of 2024. Home prices continued their movement upward even though sales activity in April was only modestly higher than in March. I have noticed that properties in highly desirable areas are moving quickly. However, other properties may sit on the market due to their location and the implementation of an ineffective pricing/marketing strategy.

The London median home price increased by $10,000.00 from last month. This departure from declines in median prices in recent months was due primarily to increased sales activity. The impact of increasing market activity is evident throughout this report. The London Market Price Comparison showed that the median price was slightly below the February 2023 level. I will be watching this year-to-year comparison to see if 2024 median price will track on a similar upward path as last year.

The London median home price returned to its seven-month trend line in January. In June of 2023, the Median price was $628,200.00 and has declined each month with the notable exception of December when prices rose unexpectedly. The median price has declined by $53,200.00 from June 2023 through to January 2024.

The London median home price took an unexpected move upwards in December. The median price rose by $26,500.00 from the level in November. The London Market Price Comparison showed that the median price was 2.0% above the December 2022 level. The Market Area Comparison was fairly consistent in the North and South however, the East showed a significant increase of 20%. This may be an anomaly caused by the low sales volume and the mixture of the value of properties sold during the month.

The London median home price continued its downward trend in November. The median price moved lower by $23,500 from the level in October. The London Market Price Comparison showed that the median price was 1.8% below the November 2022 level. The Market Area Comparison was fairly consistent with the exception of the North which showed a growth of 6.2%.

The London median home price continued its slide in October. The median price moved lower by $8,250.00 from its level in September. The London Market Price Comparison showed that the median price was 1.5% above the October 2022 level. This result was due to the increase in Median price in the South area. The Market Area Comparison showed continued growth in the Median price within the South market area (+12.1%) when compared to the period last year. The East and North did not perform as well, showing a decline in the East of -0.5% and no change in the North.

The London median home price continued to decline in September. The median price moved lower by $1,250.00 from its level in August however, the pace of the decline appears to be slowing. The Market Price Comparison shows that the median price is only +.3% above the September 2022 level. I will be watching closely to see if the year-to-year comparison turns negative in the coming months. This could indicate further median price erosion in the market. London Market Area Comparison showed a high degree of variability this month. The East had a decline of (-5.5%) and the North and South showed a 3.2% and 6.3% increase respectively, in median price when compared to the same period last year.