If you are on the 401 driving into the London-St. Thomas area, you might be surprised to learn that it can sometimes take about the same amount of time to get to the north side of London in rush hour traffic as it would to drive to St. Thomas along Highbury Avenue South (Highway 30) on Wellington Road South (Highway 25). That's what has helped to essentially transform St. Thomas into a bedroom community of London. St. Thomas Ontario, population of over 40,000 people and growing runs with the slogan "25% more like in St. Thomas". For some unknown reason, many people confuse this notion with the idea that your buying power gets you 25% when you are purchasing a house or a condo. Well guess what? Homes may cost less but not necessarily condos.
We are "Your Condo World" and our focus is on helping buyers to better understand the condo marketplace.
The average price of a condo/townhouse in St. Thomas in 2019 was $332,900 vs an average London condo price of $297,800. In 2020, the average price of a condo/townhouse in St. Thomas was $427,300 compared to an average condo price in London of $347,200.
How could this be? Well to start with, we are not really comparing apples to apples. The city of St. Thomas is now witnessing the construction of more and more freehold townhouses, which are clusters of side-by-side units facing the street with no condo fees. These types of units now typically trade for over $400,000 and are included in our St. Thomas pricing statistics. London in comparison, has very few of these unit styles.
We also note that St. Thomas does not have any older high rise style condo buildings which are typically priced at lower price points. London in contrast, has its fair share of these types of units. Finally, St. Thomas seems to have a higher percentage of new or nearly new condo sales than London does. This is yet another factor which helps to boost up its condo/townhouse price indicator.
What else should our readers know? Well there is actually a shortage of condos in St. Thomas. New buyers to the area will quickly discover that the inventory of "active" available units for sale is actually quite low. In recent times the new home builders "Hayhoe" and "Prespa" have recognized this need to bring more new condos to the marketplace. They should be congratulated for doing so in such a stylish manner.
Enjoy the contents of this site and if you have the time please also visit our Port Stanley site. What a picture perfect village! Condo living in Elgin County is a new way of life very much now worth considering!
