The local real estate market continues to rise to record levels that were not expected for prices to reach and rise in this direction.

The composite standard price MLS now stands at $749,000 for the area. This is an increase of 41.2 percent compared to this time last year according to the latest figures issued by the London and St. Thomas Association of Realtors (LSTAR).

LSTAR also reported trading 813 homes in February, just eight short of the local record registered in 2021.

For his part, Randy Pawlowski, President of LSTAR, said in a statement: "This was in February with the highest number of new listings in LSTAR's history, but also those with the fewest homes and the fewest active listings at the end of the month."

There were 1021 new listings on the market last month, but only 408 were still active as of Monday, highlighting the imbalance between supply and demand.

The average total price in London and St. Thomas was $825,221 in February.

In February, 572 homes were sold. 127 of the (condo townhouses) style, and 75 apartments.

Pawlowski says, "Under such circumstances, average prices and standard prices cannot go anywhere else but will rise further."