Why choose London, Ontario instead of Toronto or other Ontario cities to buy or sell a home?
If you are looking for a new place to call home, you might be wondering whether London, Ontario is a good option for you. London is a vibrant city with a rich cultural scene, a strong academic reputation, and plenty of natural beauty. But how does it compare to other Ontario cities, especially Toronto, when it comes to real estate?
In this blog post, we will explore some of the reasons why you might want to choose London over Toronto or other Ontario cities to buy or sell a home. We will also look at some of the latest trends and data on the London housing market for 2023.
London vs Toronto: Cost of Living
One of the most obvious advantages of living in London over Toronto is the lower cost of living. According to Numbeo, a website that compares consumer prices across different cities, London is 32% cheaper than Toronto as of June 2023. This means that you can save money on groceries, transportation, utilities, restaurants, and entertainment.
But the biggest difference is in housing costs. The average home price in London for May 2023 was $664,274, according to WOWA, a website that provides real estate market reports. This is a 10.4% decrease from May 2022, and a 51% increase from May 2020.
Meanwhile, the average home price in Toronto for May 2023 was $1,108,692, according to TRREB, the Toronto Regional Real Estate Board. This is a 6.7% increase from May 2022, and a 63% increase from May 2020.
This means that you can buy a home in London for almost half the price of a home in Toronto. Or, you can sell your home in Toronto and buy a bigger or better home in London with the same amount of money.
London vs Other Ontario Cities: Lifestyle and Amenities
Another reason why you might want to choose London over other Ontario cities is the lifestyle and amenities that it offers. London is not only affordable, but also livable and enjoyable.
London has a population of about 400,000 people, making it the sixth-largest city in Ontario and the eleventh-largest city in Canada. It is big enough to have everything you need, but small enough to avoid the congestion and pollution of larger cities.
London has a diverse and vibrant cultural scene, with many festivals, museums, theatres, galleries, and music venues. Some of the highlights include Sunfest, Home County Music and Art Festival, Fringe Theatre Festival, Museum London, Grand Theatre, Budweiser Gardens, and London Music Hall.
London is also known as the “Forest City” because of its abundance of parks and woodlands. You can enjoy nature and outdoor activities in places like Springbank Park, Fanshawe Conservation Area, Westminster Ponds, Sifton Bog, Thames Valley Parkway Trail System, and Boler Mountain.
London is also home to several prestigious educational institutions, such as Western University (formerly known as University of Western Ontario), Fanshawe College, Brescia University College (Canada’s only women’s university), Huron University College (a liberal arts college affiliated with Western), and King’s University College (a Catholic college affiliated with Western).
London Housing Market Trends and Data for 2023
If you are interested in buying or selling a home in London, you might want to know more about the current state and future outlook of the housing market. Here are some of the latest trends and data for 2023:
- According to REALTOR.ca (the official website of Canadian Real Estate Association), there were 1,217 homes for sale in London as of June 16th 2023.
- The average listing price was $619,800 (a 9.6% decrease from June 2022) and the median listing price was $599,900 (a 7.7% decrease from June 2022).
- The average days on market was 29 (a slight increase from June 2022) and the median days on market was 21 (a slight decrease from June 2022).
- The most popular property type was single-family homes (accounting for 50% of listings), followed by condo townhouses (11%), apartments (6%), vacant land (5%), and semi-detached homes (4%).
- The most popular neighbourhoods were Old North (with an average listing price of $1,021,000), Old South (with an average listing price of $800,000), and Byron (with an average listing price of $749,900).
- The London and St. Thomas Association of REALTORS (LSTAR) reported that there were 846 sales in May 2023, which was the same as May 2022 and a 17% increase from April 2023.
- The sales-to-new-listings ratio (SNLR) was 61% in May 2023, which indicates that the market is still a seller’s market (a SNLR above 60% means that there are more buyers than sellers).
- The sale-to-list price ratio was 100.5% in May 2023, which means that homes are selling almost at the listed price (a ratio above 100% means that homes are selling above the listed price).
As you can see, there are many reasons why you might want to choose London over Toronto or other Ontario cities to buy or sell a home. London is a city that offers affordability, livability, and enjoyability. It has a strong and stable housing market that is favourable for both buyers and sellers.
If you are looking for homes for sale in London, Ontario, or if you want to sell your home in London, Ontario, you can use ViewHomes.ca, a website that provides comprehensive and up-to-date listings of London real estate. You can also find useful information and resources on buying and selling homes, such as mortgage calculators, neighbourhood guides, market reports, and more.
Whether you are looking for a new place to call home or a new opportunity to invest, London is a city that has something for everyone. Why not give it a try?
