London, ON's reputation as a great city is in part due to its awesome neighbourhoods, but more and more people are migrating to the area for its affordable real estate. Just type “London, Ontario” into Realtor.ca to see for yourself. According to the latest real estate statistics for London, ON and the St. Thomas area, 170 condos were sold in April, which was up 18.1% from the same time the previous year. The average year-to-date price of a condo stood at $174,680 in April, while a single-family detached dwelling was $266,536.
When you compare London, ON's real estate to other, larger cities like Toronto, its affordability and great quality of life can’t be beat. Whether you are looking for a condo, townhome or a detached house, London’s real estate market offers a lot of options at reasonable prices. A recent article on Huffington Post noted that the average price of a home in Toronto (including condos) had soared 11.5% from the previous year to $663,787!
Affordability is great news but the fact that London's crime rate hit the lowest it has been since 1972 is a an even better incentive for those looking to call the city home. The latest crime statistics released by the London Police Service records that the total criminal offences has dropped from 30,660 in 2003 to 23,993 in 2013.
With London’s close proximity to Toronto, it’s tough to imagine that real estate prices in London will be low forever, making it a great time to get into the market. As a London, Ontario real estate agent with Royal LePage, I offer a well-rounded service, which includes keeping up with the latest market stats for London and the surrounding area. If you are looking to take advantage of London’s low real estate prices, let’s get in touch to get the search started.