Big jump for home prices in St. Thomas amid strong sales

A lot of pent up demand is being cited as one of the reasons for a strong start to home sales in the region last month.

According to the London and St. Thomas Association of Realtors, 525 homes were sold in January, up 17.4 per cent over January of 2018.

Last month also saw the second-highest number of January sales since 2010.

Home prices in St. Thomas stood out last month, with the average sale price up 34 per cent to $343,178 compared to a year earlier.

That number represents an 87 per cent increase from ten years earlier.

The average price of a home in London in January was $387,859, up 11.2 per cent.