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London Mortgage Rates

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About London

The Forest City

Fun facts:

  • Was founded in 1836 and incorporated into a city in 1855.
  • Is located at the fork of the Thames River; both the river and city are named after their English counterparts.
  • Is located halfway between Toronto, Ontario, and Detroit, Michigan.
  • Home to a population of 366,151, and top industries include manufacturing, auto sector, IT and life sciences.
  • Is a hub for food production and financial services - Kellogg's and Nestle are both headquartered there, as is the Canadian headquarters of TD Bank.
  • Ranked the #1 city for business investment by Forbes in 2011.

5 Things You Need To Know About Buying In London

1. Compared with large urban centres such as Toronto, London is a competitively affordable place to buy a home. The average MLS resale price in the city is $258,321, compared to $577,571 in Toronto.

2. Townhomes are booming in the region, as both an aging population and first time home buyer segment are drawn to less expensive housing options. Currently, the monthly carrying costs of a London town home are the same as a two bedroom apartment, which is encouraging buyers.

3. Single home construction is expected to decline due to a dip in demand, as developers instead focus on the townhome segment.

4. Projected improving employment conditions and an improving manufacturing sector are expected to bolster continued home buying demand in the region.

5. Market conditions are considered to be balanced in London, as the gap between mortgage carrying costs and the average income remains narrow.

Frequently Asked Question: Will home prices stay low in London?

Compared to larger Ontario urban centres such as Toronto, London remains very competitively priced for both downsizing retirees and the first time home buyer market. Combined with a record low cost of borrowing and narrow gap in monthly rental carrying costs, many are choosing home ownership over renting in the area. Many developers are catering to this demand by ramping up the construction of townhomes and condos, and mortgage rates are anticipated to remain low at least until 2016, contributing to positive buying conditions.

London Housing Statistics

London is home to a large demographic of both retirees and students / new buyers, fueling the demand for smaller, affordable housing types such as townhomes. While single-detached starts are expected to decline over the next few years, the area's higher net-worth residents will support the higher-end market, especially as mortgage rates are anticipated to remain competitively low.

Property Prices: High Quality of Life Index: High
Cost of Living: High Traffic Index: High

Buying Property in London – Important Links

Planning to make London, Ontario your home? Check out these resources and links to get started in the area.

Find a London or St. Thomas realtor, or check out housing statistics in the region through LSTAR.

How much does it cost to work, live, dine and play in London? Check out this Cost of Living Index.

Visit the London Transit Commission for more information about public transit in the area.

Moving to the region with kids? Find the best schools in London through the Thames Valley District School Board website.

Immigrating to Canada and settling in London? Check out these resources from the London Immigration Portal.

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