After a slow spring, home sales in the London area are starting to rise again, and little St. Thomas is taking the lead.
The latest numbers from the London and St. Thomas Association of Realtors (LSTAR) show that July sales increased by 28 percent this year compared to July 2024, with St. Thomas seeing an impressive 38 percent jump.
Thinking about buying or selling? Check out St. Thomas now
The local housing market has been somewhat stagnant since interest rates went up, but there are signs of renewed activity with rising sales in July. Dale Marsh from the London and St. Thomas Association of Realtors mentions that one particular area is really thriving.
During an interview on CBC’s London Morning Monday, LSTAR chair Dale Marsh shared that St. Thomas remains appealing to buyers, especially those struggling to find affordable options in London.
“St. Thomas is actually outperforming the rest of the LSTAR region,” he said.
According to LSTAR statistics, the average price for a home in St. Thomas is just over $550,000. While homes in east London within LSTAR’s boundaries are priced lower at $517,000, St. Thomas offers much better affordability compared to north London’s average ($740,000) and south London’s average ($657,000).
Andy Sheridan from Elgin Realty noted that these attractive prices are drawing first-time buyers who might not have considered St. Thomas before.
“About $499,000 seems to be the magic list price right now, and you can definitely find a solid home in the 400s,” he said. “Younger buyers still have more choices than they did in past markets; there’s definitely good opportunity here.”
Paul Jenkins, CEO of the St. Thomas Chamber of Commerce, pointed out that while housing prices attract new residents, other aspects also play a role in their decision to move to Railway City.
“I think there’s a real positive sentiment about the community overall,” he said. “There’s great infrastructure and sports activities for kids; it’s an excellent place for families and as growth continues, we’re managing to keep that small-town feel.”
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Suzanne Faris makes and sells designer leather bags from her online store and storefront in St. Thomas. She recently convinced friends to move from Toronto to St. Thomas.(Andrew Lupton/ )
Jenkins is enthusiastic about the anticipated arrival of Power Co battery plant in 2027 which could bring around 3,000 well-paying jobs into the region.
“We’ve faced challenges with job losses in manufacturing years ago but right now it’s truly an exciting time,” he said.
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One realtor told that solid starter homes can be found in St. Thomas for prices around $400,000.(Andrew Lupton/ )
Suzanne Faris is a business owner and mother of four daughters who enjoys living in St. Thomas. She creates custom leather handbags and shifted her home-based business three years ago into a storefront on Talbot Street which now generates half her sales while her website handles the rest.
Faris loves living and working in St. Thomas largely because she can commute by bike.
“Our downtown is so accessible via these beautiful paths,” she mentioned excitedly.” And I loved being able to bike my way into work.”She even convinced some friends who were residing in Toronto to relocate to St. Thomas.“Right now , it’s absolutely perfect for raising a family,” she stated. “Honestly , I’d recommend it any day.”
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Thinking about buying or selling? Check out St. Thomas now
The local housing market has been somewhat stagnant since interest rates went up, but there are signs of renewed activity with rising sales in July. Dale Marsh from the London and St. Thomas Association of Realtors mentions that one particular area is really thriving.
During an interview on CBC’s London Morning Monday, LSTAR chair Dale Marsh shared that St. Thomas remains appealing to buyers, especially those struggling to find affordable options in London.
“St. Thomas is actually outperforming the rest of the LSTAR region,” he said.
According to LSTAR statistics, the average price for a home in St. Thomas is just over $550,000. While homes in east London within LSTAR’s boundaries are priced lower at $517,000, St. Thomas offers much better affordability compared to north London’s average ($740,000) and south London’s average ($657,000).
Andy Sheridan from Elgin Realty noted that these attractive prices are drawing first-time buyers who might not have considered St. Thomas before.
“About $499,000 seems to be the magic list price right now, and you can definitely find a solid home in the 400s,” he said. “Younger buyers still have more choices than they did in past markets; there’s definitely good opportunity here.”
Paul Jenkins, CEO of the St. Thomas Chamber of Commerce, pointed out that while housing prices attract new residents, other aspects also play a role in their decision to move to Railway City.
“I think there’s a real positive sentiment about the community overall,” he said. “There’s great infrastructure and sports activities for kids; it’s an excellent place for families and as growth continues, we’re managing to keep that small-town feel.”
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