The London Ontario real estate market has some how always been immune to the world around it. When markets were rapidly increasing or decreasing London would coast along. There would be some dips or jumps relative the surrounding communities but not as drastic, ever.
Until now.
A question real estate professionals specializing in the higher prices in London Ontario are often asked, ” Is there a market in London Ontario for million dollar and luxury properties?” an answer that has quickly changed from “It’s getting there.” to “YES”.
With pioneer’s such as Millstone Homes of London creating custom homes and reaching for the stars in terms of design and architecture, inevitably the real estate market is sure to follow suit.
Factors that have contributed to the the continual increase in property values in London Ontario are:
- Technology based businesses growing. Within this industry working remotely is common. Professionals within this industry that are home owners realize are no longer tied to a certain a location. Moving to London has always been a more affordable option there fore demand has increased which ultimately increases value.
- Several new developments have erected in many corners of London Ontario. New construction is desirable for traditional home owners and investors alike. This has driven demand from other market places to begin investing while prices are low compared to their markets.
- Proposed changes to the Forest City such as the Downtown London Transformation Project
- The consideration of the Bus Rapid Transit.
- The simple truth that London has been behind the times and is finally catching up to values in the rest of the province
These and many other factors show that the increase in property value in London Ontario is real, and will not be going away.
For London Ontario homeowners this means great things. Areas that have seen tremendous growth like Byron, North London and Southwest London in particular will begin to notice that Million plus properties will soon be common place.
The ones that find it the most difficult to accept this is Londoners themselves. Possibly due to the quiet little bubble we have seen for so many years, or maybe it’s just resistance to change.
As real estate professionals we have to continue to educate home buyers and sellers of the changes and the positive impact this will have on us all.
Are you interested in learning more about the changes in the real estate market in London Ontario? Would you like to know your homes current value or what a million dollar home in London Ontario looks like?
Reach out to one of our sales professionals at The Agency Real Estate Brokerage to learn more.
