London and area home sales are the latest casualty in the tariff and trade war between Canada and the U.S., as economic uncertainty has buyers “sitting on their wallets,” said the chairperson of the

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London-area home sales are the latest casualty in the U.S.-Canada tariff and trade war as economic uncertainty has buyers “sitting on their wallets,” the head of a local realtors’ group says.

In April, 653 homes sold in the city and region, down 14.3 per cent from April last year, London St. Thomas Association of Realtors (LSTAR) officials said in its in its latest monthly report.

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Sales from January to April totalled 2,107, off 19.2 per cent from the same period one year ago.

“If you’re in the auto and agriculture sectors, tariffs are scaring people. They’re not sure if they’ll have a job. A lot of people are sitting on their wallets until they see how this pans out,” said LSTAR chairperson Dale Marsh, an agent with Keller Williams.

“Hopefully that means there will be pent-up demand this summer and fall.”

In April, there were 1,523 new homes on the market, a 10.1 per cent decline from the same month last year as some sellers may be waiting to list their homes, LSTAR said. But total listings increased 19.6 per cent to 2,891, another indication home sales have slowed.

The average selling price of a home was $654,147, a 0.5 per cent decrease, from April 2024, Marsh said. But there was 1.1 per cent increase in price year-to-date, compared to 2024.

“What baffles me is the price increase. It doesn’t make sense,” Marsh said, noting there may be a correction coming.

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In addition to tariffs fanning economic uncertainty, recent provincial and federal combined to create unease among buyers, also affecting sales, Marsh believes.

With the elections over, and if the trade and tariff dispute can be resolved or at least stabilized – Prime Minister Mark Carney is to meet U.S. President Donald Trump at the White House Tuesday – it may make for a busy summer and fall season for agents, Marsh said.

“This reminds me of 2020, the COVID year, and by June, the market exploded,” he said. “That may happen this year.”

As for total sales, last month saw $427 million in transactions, nearly 15 per cent less than in April 2024. Year-to-date sales totalling $1.3 billion were 18.4 per cent lower than in the same period last year.

Adding to the city’s housing woes, new home construction also is down. The London Home Builders Association reported in March that housing starts were down a whopping 64 per cent from a year ago.

In the first two months of 2025, London recorded 143 housing starts, down from 394 at the same point last year, Canada Mortgage and Housing Corp. said.

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That slump, following about two years of strong building numbers and waning buyer interest, was due to uncertainty over tariffs and trade, said Jared Zaifman, chief executive of the London Home Builders’ Association.

ndebono@postmedia.com

London and region real estate in April

Average home price

• North London: $724,739
• South London: $684,335
• East London: $514,004
• St. Thomas: $574,887
• Central Elgin: $641,445
• Strathroy-Caradoc: $682.149

April 2025

• Sales: 653, down 14.3% from 2024
• Dollar amount: $427 million, down 14.8%
• New listings: 1,523, down 10.1% 
• Active listings: 2,891, up 19.6%
• Average price: $654,147, down 0.5% 
• Months of Inventory: 4.4, up from 3.2
• Days on the market: 21, up from 16

Year-to-date 2025

• Sales: 2,107, down 19.2% from 2024
• Dollar amount: $1.3 billion;, down 18.4%
• New listings: 5,190, up 1.5%
• Active listings: 2,417. up 22.5%
• Average price: $645,593, up 1.1%
• Months of inventory: 4.6, up from 3.0
• Days on Market: 24, up from 18

Source: LSTAR April 2025 report

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