Real estate has become an essential part for London’s growth. About 769 homes were sold last month and 1,192 were in the active listings.
According to the London and St Thomas Association of Realtors report, the average March sales in the region increased to $364,112, and up to 8.6% over March 2017.
“Our average price here in London is around $340,000 and if you consider the average price in Canada, I think is around half a million,” says Steve Wiggett a Real Estate Agent at Royal LePage.
The forest city is known for its warm, loving, and caring environment. Because of that, many Canadians from across the country are choosing London to live in.
“We have great health care, obviously great schools, the University of Western Ontario, Fanshawe College, its safe and it’s a beautiful city,” adds Wiggett.
Real Estate Agent at Royal LePage Steven Wiggett also says that London’s real estate market is facing a high demand and low supply.
“For instance, there’s ten listings and thirty buyers. You’re going to have multiple offers on probably every listing that comes up for sale, so often we’re going to have five or ten offers for the same property. That pushes prices up,” he adds.
This is an advantage for the local economy, but for buyers this means they have to pay more money out of their pockets when affording their dream home.
One advice for future buyers is to be careful and smart when budgeting for a new house.
“You don’t want to be in a situation where you’re just living for your house, and just paying for your house. You want to be able to budget, so that you can maybe take a vacation, go out for dinner, enjoy your life other than just living to pay for your house,” Wiggett says.
He adds that London’s house values are fairly low and affordable in comparison to, Southwestern Ontario and even for the rest of Canada.