Average house prices in London Ontario have increased by 9% in the second quarter of 2018 while the national price had only risen by 2%, according to the Royal LePage. This is due to the lack of homes for sale in our city and how close the commute to Toronto is. This will continue to keep London prices on an uprise. What will 2019 bring us? Read more from CBC News article below.
The average price of a home in London jumped 9% in the second quarter of 2018, an increase well above the national rate of 2%.
The numbers were released by Royal LePage and are based on aggregate prices calculated using a weighted average of the median values across all housing types.
The median price of a two-storey home in London rose to $404,520. During the same time, the median price of a bungalow rose 13.6 per cent year-over-year to $318,734.
Peter Meyer, owner of Royal LePage Triland Realty, said a lack of inventory and close proximity to Toronto continues to keep London prices on an upward trend at a time when national price growth is slowing.
"We are still experiencing a shortage of listings in London, which is putting upward pressure on prices in the second quarter of 2018," said Meyer.
London's affordability advantage He said London remains one of the "most affordable cities" close to the Greater Toronto Area. London's price growth is bucking a national trend, as prices slowed across Canada in the second quarter of 2018 due largely to softness in the Greater Toronto Area, where many regions have seen year-over-year price declines.