Why Is Everyone Talking About London?
What’s all the fuss about London?
When people think of London, they think Big Ben, London Bridge, and the Queen’s majesty. But when you speak to Ontarians, they think of the small (but growing) city about an hour and a half west of Toronto.
Twenty years ago, it was rare for people to move to London. Once regarded as a place where most people weren’t willing to relocate, London has reinvented itself, and people — even young people — are staying in London after their university studies or relocating for work.
What Does London Have to Offer?
High school grads flock to the city each fall and fill up the numerous post-secondary institutions, such as Western University and Fanshawe College, a city known for its vibrant college scene. Due to the high demand for student housing, investors take a keen interest in London because of high rental demand. Plenty of investors had watched the money flow in by renting to students, especially when homes were selling for as little as $200,000 as recently as three years ago.
London is also equipped with a robust health care system that services over 400,000 people across three hospitals in all city corners. A hub for healthcare in Ontario’s ‘deep south,’ Residents of Chatham-Kent, Windsor-Essex, Norfolk, and other surrounding communities still head to London’s hospitals and health care centers for their advanced and specialty care.
Believe it or not, London has a thriving night scene, and it’s not just for college kids anymore. Richmond Street (or as locals like to call it, ‘Richmond Row’) is filled with bars and fine restaurants from all different cultures worldwide.
The city is also known for its endless walking and biking paths that run across the city and along the Thames River. The TVP or the Thames Valley Parkway is 40 kilometers in length, offers scenic river crossings, and is linked to over 150 kilometers of additional pathways connecting all corners of London.
Should I Buy a Home in London?
As prices continue to rise and the pandemic continues, a typical single-family home cost has reached an all time high in areas all over Ontario. TRREB announced that the average Greater Toronto Area home will exceed $1 million and rise as interest rates remain low and the ever-increasing demand for homes continues. If the GTA has become too expensive for your family or you’d like a slower-paced life for less money, London may be a good move for you.
Right now, 2-bedroom condo prices are steady at around $300,000 and 2-bedroom single family units are available for less than $500,000. But it’s likely that the continuing climb in GTA prices will eventually cause London’s market prices to rise substantially.
The work-from-home trend has enticed both employees and employers. If this continues, the need to be in the GTA is becoming less important everyday. This will push homebuyers to look outside where they can get more for their money.
Real estate prices have increased significantly since 2016. If you bought a house in London in 2016, your property value has since doubled. Many real estate agents propose moving to London to their clients, and the statistics have shown that. Let’s take these statistics even further. A typical home buyer’s most popular house is a single-family detached home with at least three bedrooms.
But prices are rising, and quickly! Back in early 2020, you could expect to spend around $445,000 for a 3-bedroom home. Today, it will cost you around $700,000.
The average selling price for a home in September 2021 was $690,861.
How Difficult Is It to Find a Home in London?
It seems like there’s a housing shortage everywhere in the country. London is no different. In the last few weeks, there have only been around 700 for-sale listings on the market in the entire city. It might seem like a lot of listings.
But it isn’t.
In fact, if nothing else was listed, every home would be sold in a week! So clearly, it may be difficult to find a home. But for those who are ready to put in the effort, it could pay off in spades with a home well under the average in bigger cities.
London is Growing, and Investment Opportunities Abound
Like many Ontario cities, the outskirts of the city are often expanses of fields and open land. London is no exception, so when the city expands, it grows horizontally rather than vertically. You won’t see many high-rise condos in London. Instead, new communities are being built on the city’s edges, creating entirely new living environments for buyers.
Pre-construction has been a popular option for home buyers. North London (Sunningdale), West London (Hyde Park, Kilworth and Komoka), and South London (Summerside) have developers buying up as much land as possible to keep up with the demand for newer homes in the city.
These new and expanding opportunities still offer some great incentives for families or new buyers to finally own their own homes!
If you’re looking for a change or you’ve been priced out of the GTA real estate market, let’s talk about whether London might be the right move for you. If you want to see some available homes or new communities in London, reach out to us, and one of our friendly Justo agents will be happy to send you some information – no obligation, and no pressure. Justo is committed to providing you with superior service, putting customer satisfaction at the heart of everything we do. Contact Us Today!