The rising prices of real estate in London, Ontario is outpacing the national trend. Experiencing 9% and above price increases in 2017 and 2018, London is a highly attractive destination for homebuyers. The reasons for the hike that started in 2017 include proximity to the Toronto Condo market, low-interest rate, strong local economy, and low unemployment and population growth.
New condo buildings and townhomes are under construction in London. From one-bedroom apartments and penthouses to luxury condo villas, homebuyers have a variety of options available. The growing number of condos in London is expected to meet the increased demand for homes in the city.
London is the hottest real estate market in Canada with more buyers and sellers responding to the new real estate demand here.
• The median London home prices rose 9% year over year.
• The average house price in London stands at $443,238, as of December 2018.
• The number of private homes in London grew substantially in the last five years, at a rate higher than the population of the city.
• Today, there are 163,140 private homes in London as compared to 145,526 five years back.
• According to the 2016 census, there were 98,070 privately owned houses and 65,070 rental housing in London.
London is the fifteenth largest city in Canada and sixth largest in Ontario. It has a total population of 382,822 people, as of 2016. Out of these, 104,190 are families that live in private households.
London and St. Thomas tops the hottest real estate markets in Canada with Montreal standing second. London East is the best area to buy a home in within London. Low-interest rates have increased the affordability of real estate in London and have attracted many investors from Toronto new condos market to own a home in this economically strong city.
London saw a hike in real estate in 2017, which has continued through 2018. There’s an influx of buyers who see London as a great investment for different reasons. Some wish to move into condominiums to spend their old age in a quiet place, some buy a condo unit as an investment that is expected to grow substantially in the coming years, and some others get attracted by the quality of life coupled with affordable mortgages.
The upward trend of London real estate continues:
• 78 % of listed homes in London were sold within one month of hitting the market.
• 1,080 homes were sold in June, 2018, according to London and St. Thomas Association of Realtors (LSTAR).
• Prices still are above the 10-year average.
Pre-construction condominiums in London are expected to meet the growing demand for real estate. With working families and retired couples preferring to live in London, the availability of condo units and townhomes will ease their search for a suitable home. With growing real estate prices, it is a good time to make an investment in a property in London.
The city of London has ample amenities, including excellent transit, markets and shopping malls, eateries, recreation centres, schools, colleges, golf clubs and parks. The London VIA rail train station located at York St offers easy access to many destinations. Having a large network of bus service with 44 bus routes throughout the city, you find it convenient to travel around the city.
London is located at the junction of Hwy 401 that connects to Toronto and Windsor. Other highways such as Hwy 402, Hwy 403, Hwy 2, Hwy 7 and Hwy 4 pass through London or near it. Smaller two-lane highways also provide speedy access to neighbouring cities. When travelling by private vehicle, you find major streets such as Richmond St, Dundas St, and Wharmcliffe Rd S most convenient for reaching nearby areas.