Wednesday, November 21, 2007

London Housing Market Affordability

Housing in London continues to climb in value but compared to the national average it is a bargain. London is 33% lower priced then the national average.

Major Market Comparison:

London and St. Thomas $202,613
Calgary $415,391
Durham Region $263,851
Edmonton $339,382
Hamilton-Burlington $268,340
Kitchener-Waterloo $251,157
Ottawa $272,773
St. Catherine’s & District $217,349
Toronto $372,480
Greater Vancouver $568,498

London will see steady growth, no dramatic spikes in the short term, which makes it a great place to invest long term.

London’s local economy is diverse and strong and the city is posed for increased residential growth.

London’s hot housing market will cool slightly in 2008.

New home starts will slightly decrease from 3300 to 3200.

Resales in 2007 are projected to reach 9430 sold. While still being a “seller’s” market in 2008 sales will drop a little to 9300 sold.

The average price for residential is projected to increase by at least 4.5% for London.
For more detailed information on the London housing market, homes for sale, an evaluation of your property and neighbourhood please contact me. I can be reached by email, or by phone at 519-685-4190.

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