Photo: A country estate at 812 Gideon Road is listed for sale at $2,795,000
MAYOR HOLDER CHALLENGED us in his State of the City Address. His bold goal was to solve the affordable housing crisis in London. Let us consider the state of the city’s real estate market as it relates to affordability.
We’re moving away from affordable at a record-setting pace. But it’s not all doom and gloom. Interest rates are at an all-time low. A three-bedroom townhouse rental might cost a young family about $2,000 per month. That payment will support a mortgage of about $500,000 at current rates.
“Every homeowner in our city has had their net worth increase an average of about $250,000 in the last four years alone”
Another positive effect is wealth creation for property owners. Every homeowner in our city has had their net worth increase an average of about $250,000 in the last four years alone – and for primary residences this gain has been tax free. This fuels our economy. This new wealth funds property renovations. It affords parents a means of assisting the next generation to afford higher education, or to buy their first home.
For many, retirement is now an imaginable, affordable achievement. What does all this mean for our fair, relatively affordable city? London is warming up as the place to live in Canada.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.
London East
Low
Address: 407-573 Mornington Avenue
MLS number: 40065499
List price: $188,900
Days on market: 4
Size: 1 bedroom, 1 bathroom, 686 square feet
Listing agent: Scott Vannoord, Sales Representative, Sutton Group Select Realty
High
Address: 966 Richmond Street
MLS number: 40048557
List price: $1,499,000
Days on market: 77
Size: 5 bedrooms, 4 bathrooms, 3,164 square feet
Listing agent: Kim Mullan, Broker, Sutton Group – Select Realty
London North
Low
Address: 615-521 Riverside Drive
MLS number: 40066281
List price: $339,900
Days on market: 4
Size: 2 bedroom, 1 bathroom, 1,020 square feet
Listing agent: Aram Haji, Sales Representative, StreetCity Realty Inc.
High
Address: 513 Warner Terrace
MLS number: 40023002
List price: $1,698,000
Days on market: 152
Size: 4 bedrooms, 4 bathrooms, 3,700 square feet
Listing agent: Ravel Mullan, Sales Representative, Sutton Group – Select Realty
London South & West
Low
Address: 915-45 Pond Mills Road
MLS number: 40065995
List price: $249,900
Days on market: 7
Size: 1 bedroom, 1 bathroom, 900 square feet
Listing agent: Edward J.P. Milani, Sales Representative, Sutton Group Select Realty
High
Address: 812 Gideon Drive
MLS number: 40064387
List price: $2,795,000
Days on market: 4
Size: 5 bedrooms, 5 bathrooms, 3,748 square feet
Listing agent: Dean Soufan, Broker of Record, Century 21 First Canadian Corp. Dean Soufan Inc.
Disclaimer: London Inc. does not guarantee the accuracy of the statistical data on this page. The data does not represent the listings of any one agent or agency but represents the activity of the real estate community in the area. Any real estate agent’s ad appearing is separate from the statistical data provided, which is in no way a part of their advertisement.
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