About Us
ABOUT CURRENT CONDO PRICES
The average price of a condo in London year-to-date, January 2023 – October 2023 was $478,100, based on 1,223 sales.
The average price of a condo in London year-to-date, January 2022-October 2022 was $548,200, based on 1,557 sales.
The average "MLS" selling price of a condo in London year-to-date, January 2021-October 2021 was $449,500 based on 2,021 sales.
The average "MLS" selling price of a condo in London year-to-date, January 2020-October 2020 was $354,300 based on 2,086 sales.
The average "MLS" selling price of a condo in London year-to-date, January 2019-October 2019 was $303,100 based on 1,911 sales.
All of these numbers do not include "new builder's in-house sales". If they were to be included these indicators would be higher.
ABOUT CURRENT LONDON, ONTARIO RENTAL PRICES
Rental prices are up considerably in 2022 and 2023. Toronto and Vancouver have the same issue. Loosely speaking, the average rent for a one-bedroom unit is in the $1818 per month range and $2184 per month range for a two-bedroom unit. These prices are about 30% higher than one year ago.
ABOUT “OUT OF TOWN” INVESTORS PURCHASING LONDON CONDOMINIUM APARTMENTS
In February of 2023, Stats Canada data reported that in London, Ontario, 29,530 out of the cities 34,180 condominium apartments are owned by investors, a rate of 86.4%. This is more than twice the Provincial average of 41.9%.
We note that this says “condominium apartments” and not “townhouse style condominiums”. Investors see “condominium apartments” have fewer maintenance issues.
In Toronto, investors own 36.2% of the condominium apartments and in the Kitchener/Waterloo area the ratio is 61.5%.
ABOUT WHAT REMAX SAYS
"Rising interest rates have slowly eroded purchasing power and, despite lowering housing values and cooling market conditions, buying a house is more challenging now than ever before. For those who have adjusted expectations with every rate hike, the cost of carrying a mortgage versus renting is now more comparable. Given sharp double-digit increases in rental rates throughout the major markets, but especially in B.C and Ontario. So, while fewer sales have occurred in 2022, condominiums represented a greater portion of overall sales, as buyers gravitated to affordable options to achieve ownerships."
ABOUT USING THIS WEBSITE
Please do not contact the property managers listed on this website. It's not their job to talk about your wants and real estate. As a general rule we usually post new townhouse projects when they are at the stage of being half built. Sometimes we rush this rule if winter is approaching. Snow pictures are not fun to look at. Parking concerns, special assessments, school zones, heating and hydro costs, pet restriction and walking scores; working with a good real estate agent can help you in your search.
ABOUT NEW DOWNTOWN CONDO PROJECTS ON THE GO
Zero. There aren't any. The last one was the "Azure" building built by Tricar back in 2016-2018. The big news is that OLD OAKS PROPERTIES is building a 652 unit residential project, the biggest downtown residential project ever built next to the "Azure" building on Talbot Street. It will include the tallest apartment tower in Ontario west of Toronto. This will be a multi year build. Going into 2024 this project is more than half finished out. These towers will be luxury rental units. In October 2023 the City of London approved a new development project to be called “Forks of the Thames”. York Development will be building two twin buildings, one 53 storeys and one 43 storeys with 800 units. Its address will be 50 King Street/399 Ridout Street North. This will be a multi-year project.
Going into 2023 in the city is busy posting literally dozens of new signs notifying property owners that neighbouring sites are soon to be built on. Stacked townhouses and low-rise condo buildings seem to be in vogue. More news of these new projects to follow.
OTHER LOCAL "NEW BUILD" CONDO WEBSITES TO LOOK AT INCLUDE THE FOLLOWING:
- Tricar.com
- Sifton.com
- Fusionhomes.com
- Domusdev.com
- Wastell.ca
- Graystonehomes.ca
- Auburnhomes.ca
- Johnstonehomes.ca
- Ironstonecondos.com
- Rembrandthomes.ca
- Myapplewood.ca
- Forestparkhomes.ca
- Westernvillage.ca
- Millstonehomes.ca
- Prespahomes.ca
- Mckenziehomes.ca
- Societycondos.com
- westhavenhomes.ca
- dougtarryhomes.ca
- foxwood-homes.com
- rockmounthomes.com
- gentrachomes.com
- birchwoodhomes.ca
- prosperityhomes.ca
- urbansignaturehomes.ca
- szetech.com
- livetempo.ca
- evepark.ca
- pulsecommunications.com
- marquisdevelopments.com
- brookridge.ca
- pathazzard.com
- werringtonhomes.com
- kenmorehomes.ca
- luxhomesdesignbuild.ca
- halcyonbuilt.com
- mpcustomhomes.ca
- magnushomes.ca
ABOUT NEW BUILDER'S WEBSITES:
Here is what we reported in 2021. Something unusual is now happening. Many builders are happy not posting online their new projects. Why try to presell a project in advance of its completion a year or so down the road when prices keep going up?
Now something new is happening in 2022. New home builders including Hayhome Homes and Doug Tarry Homes have extensively upgraded their websites. The "we-are-sold-out" mentality has now shifted. New home builders are now welcoming inquires.
Times change. It is now 2023. The latest trend in new home builder's websites is in many instantaneous to offer less information and bolder links to a "sign in" page. Do not worry, times will change again.