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You’ve probably heard the news: mortgage rates throughout Canada are at record lows right now, and London, Ontario is certainly no exception. In fact, London mortgage rates are generally slightly lower than in most other parts of the country due to intense competition among lenders in the city. That’s why it’s so important to compare rates at LowestRates.ca — we let you see the best offers from over 30 brokers and banks, together and all in one place.
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London housing.
In accordance with London's long-term growth strategy, developers are focusing on single-detached construction in north and southwest London and on high-density residential development downtown. In the past year, home sales have increased slightly. However, prices started to plateau in the third quarter of 2016.
Higher carrying costs (thanks to new mortgage rules) are expected to reduce demand in the market, which will keep price growth gradual.
Average Home Prices in London.
| Date | Home Prices |
|---|---|
| Jan-14 | $253,035 |
| Mar-14 | $250,991 |
| May-14 | $250,759 |
| Jul-14 | $251,329 |
| Sep-14 | $271,542 |
| Nov-14 | $260,105 |
| Jan-15 | $257,675 |
| Mar-15 | $262,812 |
| May-15 | $265,471 |
| Jul-15 | $267,786 |
| Sep-15 | $265,637 |
| Nov-15 | $267,547 |
| Jan-16 | $275,724 |
| Mar-16 | $272,085 |
| May-16 | $280,000 |
| Jul-16 | $275,000 |
| Sep-16 | $280,000 |
New construction in London has no shortage of buyers, something that’s reflected in the steadily rising year-over-year home price gains in this category. New single-detached homes now average about $400,000.
New Home Prices in London, Single-Detached
| Year | Price |
|---|---|
| 2011 | $347,430 |
| 2012 | $357,513 |
| 2013 | $367,684 |
| 2014 | $392,558 |
| 2015 | $397,500 |
| 2016 (F) | $405,000 |
About London.
London is a medium-sized city in Southwestern Ontario, located about halfway between Windsor and Toronto. Like its British namesake, a river runs through the centre of town, winding through leafy parks and beautiful neighbourhoods. The University of Western Ontario and Fanshawe College draw thousands of students to London each year, boosting the local economy and adding a youthful energy to the community.
Right now London residents are enjoying a thriving local job market, with many high-paying positions available in education, medical research, insurance, and information technology. Combine lots of good jobs with a housing market that’s still quite reasonably priced and it’s little wonder that London made MoneySense Magazine’s Best Deals in Real Estate 2015 list. Housing in the city seems like a real bargain — although it may not stay that way for long.
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