There was a lot of uncertainty after the economic collapse in 2008, and the manufacturing sector in London, Ontario was hit hard, with a lot of Londoners facing the loss of their jobs. However, there seems to be a shift happening as London continues to rebrand itself and move in a new direction. If the real estate market stats for 2015 are any indication, London is on the path, not just for recover, but for real growth.
According to the London and St. Thomas Association of Realtors (LSTAR), 2015 was the second best year in the association’s history, and a banner year since 2007 (before the economic crash). It seems as though London, Ontario is on the radar, with more people opting to relocate to the city that is fast-changing.
Buying a home in London, Ontario is very affordable compared to other major cities. London is the 10th largest city in Canada and has the lowest price for a single family home. The average house price in London (includes St. Thomas, as well) was $264,435 as of December 2015. To put the affordability into perspective, the average in Vancouver, BC was $953,563! Toronto’s average house price was $635,658. Remember, Toronto is just 2 hours away, and easily accessible by car, train bus and plane. You can take advantage of all it has to offer, while saving money on real estate.
Average Home Prices Across Canada
London offers a great quality of life, and part of that has to do with the affordable real estate. Think about it: lower mortgage means more disposable income! In many cases, buying a home in London, Ontario is cheaper than renting. If you’d like to learn more about applying for a mortgage, get in touch with us to schedule an appointment. You can also apply online, through our secure form.
We work with everyone from first-time home buyers to those looking to add income properties to their investment portfolios, and look forward to the possibility of helping you buy your next (or first) home. Let’s make 2016 another great year for real estate in London, Ontario!
Thanks for reading,
Your London, Ontario Mortgage Brokers