Last month a total of 627 homes exchanged hands, down 16.1% from the previous year, making
August 2010 the third consecutive month in which the decline in market activity forecast by the
Canadian Real Estate Association (CREA) and Canada Mortgage and Housing Corporation
(CMHC) continued to erode the gains made last year. Erode but not erase: Year to Date home
sales in the jurisdiction of the London and St. Thomas Association of REALTORS® still tops those
of last year by 5.2%.
“We absolutely knew this was going to happen,” explains Richard Thyssen, President of the
London and St. Thomas Association of REALTORS®. “Last year’s bounty was the direct result of
meeting pent-up demand on the way out of a downturn. It’s what happens under those
circumstances. The fact is that the ten year average for home sales in August is 750.”
Year August Sales
2010 627
2009 747
2008 762
2007 871
2006 832
2005 894
2004 781
2003 672
2002 695
2001 673
2000 570
“The good news is that we continue to see modest gains in house prices month over month,”
says Thyssen. “That’s a sure sign that our market is in recovery.” The average price
