Located midway between Windsor and Toronto, London is at the heart of southwestern Ontario. As the sixth-largest city in Ontario and Canada’s 10th largest city, it serves as a regional hub for surrounding communities.
To newcomers, the city offers affordable housing, low crime rates, excellent education and health care facilities, culture, and beautiful parks. It’s also known as the “Forest City” because of the natural beauty, trees, and green space that you’ll find. Whether you are looking for the urban lifestyle of a big city or the appeal and security of a mid-size community, London is a great place to live, raise a family and enjoy life.
Don’t get the city confused with London, England. But it is arguably the second-best known London in the world. The two share a lot of similarities. London, Ontario was settled in 1793 by Lord Simcoe, on behalf of the Commonwealth, along the Thames River. It was originally supposed to be the future capital city of Upper Canada. It officially became a city in 1855.
How Many People Live in London, Ontario?
London has the second fastest-growing population of all cities in Canada. The city has over 400,000 residents. There are over 550,000 residents in the census metropolitan area. It has become a big city, but it still has a small-town feel.
London’s Local Economy
London is a hub of higher education, medical research, technology, and manufacturing. Its location within southwestern Ontario makes it a key supply chain and transportation hub for the province.
The strength of the manufacturing sector, rich agricultural lands and the proximity to the United States border make it an important economic region. London attracts foreign direct investments in advanced manufacturing, food processing, information technology and other knowledge-based industries. An Amazon fulfillment warehouse is currently being constructed.
The top industries in London are:
• Digital media and technology
• Professional service.
Is Housing Expensive in London, Ontario?
Even though housing prices have increased by over 35% in the past two years alone, it is still more affordable than in other cities. London was recently ranked as the second most affordable large city in the province.
The price increase is driven by the rapid population growth and fewer homes for sale. However, you can search for more affordable housing in surrounding communities such as Strathroy and St. Thomas.
Buying a Home in London
The cost to buy a home in this city is increasing rapidly. According to Royal Lepage, in 2021 housing prices have increased 34.6% year-over-year.
The median price for a single-family detached home is $710,700. This is a 30% increase from the previous year. The average price for a condominium is $410, 600. This is an increase of 46%. Even with the steep increases, it still has lower housing costs than the national average – $779,000.
Please reach out to Rob James to find out more about buying your first home in London, ON.