Photo: Flickr / Ken Lund

As time passes by, it is clear that housing price increases are spreading further and further across the Greater Toronto Area. Thus far, the increase in prices has reached London, which has – until now – been a relatively affordable city situated within the region. According to a survey by the real estate firm Royal LePage, the average price of a single-family detached home in London rose nearly 12% compared to the same period last year. In addition, the numbers show that June was a very lucrative period for home sellers in the city, with more than seven out of every ten homes sold at or above asking price. This performance has resulted in market experts suggesting that London will continue to see record-breaking numbers when it comes to property sales volume, home prices, and other factors.

The current market trends regarding home sales and home prices has not been limited to just London. Through surveys, the aforementioned real estate firm has found that nearby cities in the region have also seen record increases in property values. St. Catharines, Waterloo, Cambridge, the Niagara region, and Kitchener have all seen their home prices rise up to twenty percent in value compared to the same period last year. Indeed, the price growth trends in these regions have soared past the national average home price, which currently stands at just under $609,500 – representing a rise of just below 14 percent compared to the national average home price from the past year.

Of course, when it comes to comparing home prices in London compared to much more competitive regions such as downtown Toronto, Oakville, Richmond Hill and others, London provides incredible bargains. With the average price of a bungalow at just $265,800 (a third of the cost compared to Toronto) and a two-storey property at just below $354,000 (compared to an average of just over one million dollars in Ontario’s capital), it is no surprise that home buyers are flocking to London at a breakneck pace. Finally, while home prices in London are quickly rising, the numbers clearly show that the city still has a way to go before its properties reach Toronto-level costs. An average single-family home in London less than half of what the same time of home would cost in Toronto; the average home price in London is just over $320,800, compared to Toronto’s average price of $746,218, according to the most recent statistics released by TREB. 

Published Date: Sep 25 2017