Out-of-town buyers continue to drive home sales through the roof

October was another busy month for realtors across southwestern Ontario.

October was another busy month for realtors across southwestern Ontario.

The London St. Thomas Association of Realtors (LSTAR) says the region saw its second best October sales on record since 1978, with 865 homes exchanging hands.

A contributing factor to high sales is the number of new homes being built in the region.

“We’ve already seen as of September more homes than have ever been built in the City of London within one year,” said Jared Zaifman, chief executive officer at the London Home Builders' Association

Zaifman says this is most likely going to be a unique year -- however, the demand is there.

“One of the things that we are certainly addressing with City Hall, and constantly discussing, is there still going to be an ongoing housing supply issue if we aren’t able to get more lots on the go and ready to be built,” added Zaifman.

Meantime, builders have shifted the new home construction purchasing process, capitalizing on the demand for new homes in the London and Middlesex County region.