Are you interested in investing in the London Ontario real estate market but not sure where to begin? We are here to help! In this article, we will cover everything you need to know about buying or investing in the London Ontario real estate market, including types of properties available, market trends, and what to look out for when buying or investing.
Types of Properties in the London Ontario Real Estate Market
Understanding all the various types of real estate available in London, Ontario is important to know before beginning your search for your dream home or investment property.
The real estate market in London, Ontario is quite large and offers a variety of different types of properties you can choose to purchase or invest in. You will find everything from single-family homes for sale to townhouses, condos, duplexes, triplexes, and even commercial real estate.
With London, Ontario being home to Fanshawe College and five university options, it can be a great city to choose to invest in duplexes or triplexes to rent out to students.
Is Now the Right Time to Buy?
The 2021 year has seen a decrease in the number of properties sold in London, Ontario. As it stands, London, Ontario prices are at record highs. During the pandemic, most people were upsizing as they needed more space to work from home. A recent CIBC survey found that more than 20% of people currently working from home will be returning to the office, and therefore will be looking to sell. This has brought a lot of uncertainty to the market.
Potential homebuyers could wait for a possible market correction after 2021, but this is not guaranteed. No one can predict the future, so buying a property comes down to you. You will need to be emotionally and financially prepared, take your time, do your research, and make sure to work with an experienced real estate team.
London Ontario Real Estate Market Trends
As of July 2021, the average house price for Ontario London is $614,913, which is a 26.6% increase compared to 2020. There have been 993 units sold in 2021, which is a 17.9% decrease from last year’s figures.
Housing prices have also risen. The average price for a home in London, Ontario are as follows:
- Single-detached home price: $487,000
- Semi-detached home price: $408,000
- Townhome price: $430,438
- Condo price: $311,166 (Apartment median price: $189,000)
Additional Factors to Consider When Exploring the Real Estate Market in London, Ontario
When choosing to buy or invest in the London, ON real estate market, there are some additional important things to consider. These include:
Consider the number of bedrooms, bathrooms, and square footage of the property, especially if thinking of renting to students.
Consider the Neighbourhood
Make sure to look for a neighborhood with low crime rates, high employment rates, and local amenities that appeal to you. If looking to invest, a location that is close to shopping districts, great restaurants, schools, and public transit will have added value. Make sure you are aware of any future construction plans for the area.
Work with a Trusted Real Estate Agent
Consider asking your friends or family for testimonials and recommendations. Make sure to work with someone you trust and who has experience in the industry and possesses local knowledge of the area.
Make sure you have sufficient funds set aside to pay things like closing fees, legal fees, tax, land transfer fees, and insurance.
A common real estate line is, “you make money in the buy.” We couldn’t agree more. This means that a good purchase price can make you a lot of money because you have built-in equity right away.
If you are looking to buy or invest in London, Ontario, our team of experienced local real estate experts can help. We will provide you with customized and accurate information that will allow you to make the right decision for you and your family. We’ll do our best, to ensure you get the best price possible and help you achieve your ultimate goal- financial freedom!