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 adam-mihm@coldwellbanker.ca, or by phone at 519-685-4190.

A Strong Ontario Housing Market

Recent Ontario housing forecasts say resale and new home starts will continue to be in record territory through 2008.

CMHC predicts Ontario resale volumes will hit 214,350 for 2007 and reach 206, 250 for 2008. The hottest resale areas in Ontario, for 2008, will be London, Hamilton, Brantford and Sudbury with price gains exceeding the average for Ontario.

Ontario new home starts will improve from 67, 700 units in 2007 to a projected 68, 175 units in 2008.

London statistics for 2007 show a very strong housing market and this trend will continue for 2008. It is expected that the growth will be a little slower next year because of the increase in mortgage carrying costs but still exceeding the projected Ontario average of 3.3%.

If you would like more specific area information for London, including by housing type, I would be happy to answer your phone or email request. I can be reached at adam-mihm@coldwellbanker.ca or you can call 519-685-4190.