After a slow spring, home sales in the London area are starting to pick up again, and little St. Thomas is at the forefront.
The latest data from the London and St. Thomas Association of Realtors (LSTAR) shows July sales increased by 28 percent compared to July 2024, with St. Thomas experiencing an impressive jump of 38 percent.
Thinking about buying or selling? St. Thomas is the place to be right now
The local housing market had been sluggish since interest rates rose. However, there are signs of renewed activity with sales up 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 stated that St. Thomas remains appealing to buyers, especially those who can’t 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 LSTAR’s east London region average $517,000, prices in St. Thomas are much lower than those in north London ($740,000) and south London ($657,000).
Andy Sheridan, a broker with Elgin Realty, noted that better prices are attracting 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 solid homes in the $400s,” he said. “Younger buyers still have more choices now than in previous markets. There’s some good opportunity here for sure.”
Paul Jenkins, CEO of the St. Thomas Chamber of Commerce, mentioned that while home prices play a role in attracting new buyers to Railway City, other factors contribute as well.
“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 a wonderful place to raise a family while still maintaining 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/CBC News)
Jenkins is excited about the upcoming Power Co battery plant expected to open in 2027 and its potential for creating 3,000 good-paying jobs locally.
“We’ve faced challenges before with losing manufacturing jobs back then; but right now it’s an exciting time,” he said.
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One realtor told CBC News that solid starter homes can be found in St. Thomas for around $400,000 range.(Andrew Lupton/CBC News)
Suzanne Faris is a business owner and mother of four daughters who enjoys living in St. Thomas immensely. She designs custom leather handbags and shifted her home-based business into a storefront on Talbot Street three years ago; this now accounts for half her sales while her website generates the rest.
Faris loves how she can commute by bike while living and working here.
“Our downtown is so accessible via these beautiful paths,” she explained.”And I loved having the ability to ride my bike to work.”
She recently encouraged friends living in Toronto to relocate to St. Thomas.
“Right now , it ’ s absolutely perfect for raising a family,” she added. “Honestly , I ’ d recommend it without hesitation.”
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Thinking about buying or selling? St. Thomas is the place to be right now
The local housing market had been sluggish since interest rates rose. However, there are signs of renewed activity with sales up 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 stated that St. Thomas remains appealing to buyers, especially those who can’t 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 LSTAR’s east London region average $517,000, prices in St. Thomas are much lower than those in north London ($740,000) and south London ($657,000).
Andy Sheridan, a broker with Elgin Realty, noted that better prices are attracting 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 solid homes in the $400s,” he said. “Younger buyers still have more choices now than in previous markets. There’s some good opportunity here for sure.”
Paul Jenkins, CEO of the St. Thomas Chamber of Commerce, mentioned that while home prices play a role in attracting new buyers to Railway City, other factors contribute as well.
“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 a wonderful place to raise a family while still maintaining that small-town feel.”
Work-life balance for business owner
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