When you're moving from one city to another, one of the first things that you are sure to want to look into is the comparable cost of real estate. If you're moving to a new area, this will tell you whether you'll be able to upgrade, will have to deal with a smaller place or be able to get something similar to your current home. These numbers will be affected by the current market conditions in both the city that you are leaving and the one that you are coming to as well as many other factors. Here are some general numbers to help you get started on your search for a home.
According to the Canadian Real Estate Association (CREA), the average cost of a home in Ontario is currently just under $340,000. This generally represents a detached family home with three to four bedrooms. The average cost of a home in Toronto is $618,000 and a home in Hamilton is around $310,000. If you're moving from Toronto investment real estate, you are likely to save quite a bit of money when moving out of the Greater Toronto Area; and London is no different.
The average cost of a family-sized home in London is between $200,000 and $250,000 depending on where in the city you'd like to live. There are many homes with the more suburban style in the northwest or south of the city starting at the $250,000, while older brick homes closer to downtown are slightly cheaper but usually come with less land or less bedrooms and overall square footage. If you're moving from Toronto for example, and still want to be in an urban setting, there are many different options and designs close to all of the local amenities.
Like with homes in Toronto or Hamilton, homeowners have more options in London beyond the single family home. Downtown condos are rising in popularity every year in London and range in price from about $120,000 for a standard one-bedroom unit up to $250,000 for the latest amenities and extras in the city's best buildings. You will find a similar range of prices with condominiums and may even save a few thousand dollars here in London.
Investment properties are also very popular in London, as there is a large student population to act as potential renters. If you're comfortable in your current home but are interested in making a little money in real estate, you can expect to pay between $200,000 and $400,000 for homes around the local university.
Like with many other cities in the country, London is currently starting to bounce back from a buyer's market. If you are looking to purchase a home in the area, it might be wise not to hesitate too long!
Ready to list? We have provided a list of some Ontario real estate agent to get you started: