Everyone keeps asking me if home prices are still on the rise in London. To my knowledge I have always said yes, and this is due partially to the growing amount of new families from the Toronto Area looking to live in London. And when demand is high, the prices are too.
I came across this article on the London Free Press, and thought I would share it with you...
The rising price of London homes is outpacing the national trend, a new survey says, as migrating Toronto-area home buyers and limited supply drive up prices.
The median London home price rose nine per cent year over year to $365,686 in the second quarter of 2018, according to the Royal LePage house price survey and market forecast released Tuesday. The median is the midway point between the lowest and highest prices; it is not the average.
The city is among others in Southern Ontario – such as Windsor, Niagara, St. Catharines and Kitchener-Waterloo – that experienced double- and high-single-digit increases compared to the second quarter of 2017.
When it comes to specific kinds of housing, the median price of a two-storey home in London increased nine per cent from the same period last year, to $404,520. The median price of a bungalow rose 13.6 per cent, to $318,734.
A lack of local listings and the migration of home buyers out of the Greater Toronto Area are the reasons for the rising prices.
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