In recent years, there has been a noticeable trend of people selling their homes in Toronto and other cities and relocating to London, Ontario. This trend is driven by a variety of factors, including retirement, the job market, quality of life, healthcare facilities, and educational institutions and housing prices. Let’s delve into these factors in more detail.
Housing Market
Toronto’s housing market has seen significant growth over the years. As of March 2024, the Greater Toronto Area’s benchmark home price was $1,093,900, up 0.4% year-over-year. The average home sold price in the GTA increased 1.2% year-over-year to $1,108,720 for February 2024. However, the high cost of housing in Toronto has made it increasingly difficult for many residents to afford a home.
In contrast, the real estate market in London, Ontario is more affordable. The average home price in London, Ontario has increased by 2% over the past month to $617,790 for February 2024, which is 0.7% lower than in February 2023. This affordability, coupled with a projected growth of 3% in 2024, makes London an attractive option for those looking to buy a home.
Comparison
When comparing the two cities, the difference in housing prices is quite stark. The average home price in Toronto is almost double that of London, Ontario. This significant price difference makes London, Ontario a more affordable option for many people, especially those who are selling their homes in Toronto and looking to relocate.
The lower housing prices in London, Ontario, combined with the city’s projected growth, make it an attractive and affordable option for many people looking to relocate from Toronto and elsewhere. This affordability is one of the main reasons why so many people are selling their homes and relocating to London, Ontario.
Retirement
London, Ontario, often referred to as the “Forest City,” is becoming an increasingly popular destination for retirees. The city’s housing market appeals to people as they exit the labour market. Retirees from places like Toronto can liquidate their housing assets and move to London with money in their pockets. The city’s location is centrally situated, making day trips quick and easy2. With Lake Huron and Lake Erie less than an hour away, retirees can enjoy warmer weather at the beach.
Job Market
The job market in London, Ontario, is less competitive compared to Toronto3. In Toronto, LinkedIn job postings see an average of 65.5 people apply, more than any other city in the country. On the other hand, London sees an average of 20 applications per LinkedIn job posting. This lower competition can make it easier for job seekers to find employment in London. Furthermore, employment in London has been consistently growing.
Quality of Life and Cost of Living
The quality of life in London, Ontario, is often considered higher than in Toronto. This is largely due to the lower cost of living in London. The cost of living in London, Ontario, is 24% cheaper than in Toronto. This means that residents can enjoy a higher standard of living without breaking the bank. Housing in London, Ontario, is 29% cheaper than in Toronto. This lower cost of living is one of the main reasons why people are choosing to relocate to London.
London, Ontario, is home to several renowned healthcare facilities. These include the University Hospital, which is part of the London Health Sciences Centre hospital network and the Lawson Health Research Institute. There’s also the St. Joseph’s Health Care London, which is dedicated to excellence in patient care, teaching, and research. These world-class healthcare facilities make London an attractive destination for those seeking high-quality healthcare services.
London, Ontario, boasts a number of excellent educational institutions. The Thames Valley District School Board serves the region, offering a wide range of educational opportunities. There are also several highly-rated schools in London, such as London Central Secondary School and A.B. Lucas Secondary School. These educational institutions provide quality education, making London an attractive destination for families with children.
Conclusion
In conclusion, the trend of people relocating to London, Ontario, from Toronto and elsewhere is driven by a variety of factors. Whether it’s the appeal of a less competitive job market, the allure of a lower cost of living, the availability of world-class healthcare facilities, or the presence of excellent educational institutions, London, Ontario, has something to offer everyone. It’s no wonder that more and more people are choosing to call this city home.
