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 Market Price Comparison showed that the median price was at parity to the June 2023 level. This might be a signal that we may be entering a period of price stability. This might change quickly however, if the Bank of Canada continues to reduce interest rates. The Market Advantage Indicator had a significant change to 61.5 due the decline in the number of new properties coming onto the market. The Days on Market rose to 21 days due to lagging sales activity and The Months of Inventory moved up to 3.0 months.
I would like to advise all my clients that we had a significant problem within my website causing all profiles to be corrupted. My team and I understand the problem and we are implementing updates to each client profile. The process will take a couple of weeks to complete. If you access your account on my website and it’s not functioning properly, please contact me and I will implement the necessary updates immediately. At no time was any personal information within your profile under threat or compromised. I apologize for any disruption.
