The average single-family home in London is now $743,195. Here's what that buys you:
The price of a single-family home in the city has nearly doubled in just four years
The average price of a single-family home in London, Ont., is now $743,195 — nearly double what it was only four years ago, according to new data from the London St Thomas Association of Realtors (LSTAR).
Even the median price, which better reflects what's going outside of the luxury homes market, may prompt upset, coming in at $685,500 last month, according to LSTAR.
The numbers, published on Tuesday, illustrate just how real the financial pinch is when it comes to buying a single-detached home, what most consider to be the crown jewel of Canadian residential real estate since the 1950s.
While the price is not the highest the city has even seen — that happened when the value of real estate peaked in London last February — the price shows how expensive home ownership has become in the city.
With the minimum down payment of $49,320 and a five-year fixed mortgage rate of 4.64 per cent would result in a monthly payment of $4,050.38, according to the Canada Mortgage Housing Corporation's online mortgage calculator.
So what does three quarters of a million dollars buy you? We checked the province's Multiple Listings Service (MLS) website and here are five options:
2+1-bedroom, 2-bathroom at 47 Thomas Janes Drive for $739,900
This one-and-a-half storey home was built in 1943 and is located in the city's Old South neighbourhood. According to the MLS listing it features "an oversized front porch," a "stylish sculpted metal roof" and was renovated between 2020 and 2021.
4-bedroom, 2-bathroom at 93 Stanley Street for $749,000
This two-storey home was build in 1921 and is located not far from downtown. According to the MLS listing, the home "was once a profitable convenience store attached to the front of the house that had been closed in 2013 as the owner wanted to retire." The home features 10-foot ceilings throughout, the ad says, a "generous-sized dining room" and has "character and lots of potential."
3-bedroom, 2-bathroom at 591 Piccadilly Street for $749,900
This one-and-a-half-storey home was built in 1910 and is located on the border between Woodbridge and Old East Village. The ad describes it as being "full of charm, character and all the modern conveniences" and has been "extensively renovated."
3+1-bedroom, 3-bathroom at 38 Miles Street for $714,900
This two-storey home, also built between the Woodbridge and Old East Village neighbourhoods, was built in 2013 and, according to MLS is "in a league of its own." The home's kitchen is "timeless yet modern" the ad says, with a "fully finished lower level."
3-bedroom, 2-bathroom at 210 Ridout Street for $724,900
According to MLS, this newly renovated home on the eastern edge of Wortley Village has "quality hardwood throughout," a new bathroom with "double sinks, glass tub shower combo," and parking in the rear common lane.
- An earlier version of this story asked "what does a quarter million buy you?" When, in fact, it should have stated, "what does three quarters of a million buy you?"Jun 07, 2023 11:11 AM ET