London's Market: Not Dead, Not Quite on Fire—But Moving
Alright, let’s cut through the fluff and get straight to the meat of it. The London housing market isn’t just warming up—it’s got a pulse again. Whether you're looking to buy, sell, or just keep your finger on the real estate trigger, here’s what you need to know.
December 2024 saw the average home price in London tick up 1.4% year-over-year, landing at $636,942. Not exactly a rocket ship, but considering the last couple of years were a rollercoaster of rate hikes and market jitters, this is solid.
Meanwhile, sales surged 25.7% compared to December 2023. That’s not just a little bump—that’s momentum. More homes are moving, and buyers are jumping back in. Why? Because people are done sitting on the sidelines waiting for some magic moment. If you're still waiting, you might be waiting forever.
Listings Are Up—But So Is Demand
December saw 541 new listings, a 40.2% jump from the previous year. That means more choice for buyers, but don’t get too comfy—78% of those homes sold. This is still a seller’s market, though with 4.6 months of inventory, buyers actually have some breathing room. Not a feeding frenzy, but definitely not a snooze-fest.
Breaking It Down: What’s Selling and for How Much
Single-Family Homes – $655,300, up 5.7%. The classic Canadian dream still holds strong.
Townhouses & Multiplexes – $495,000, a 3.6% climb. A solid option for those wanting space without the white-picket price tag.
Condos – $410,800, up a wild 15.6%. The biggest winner here, proving that vertical living isn’t just for downtown Toronto.
What’s Next?
2025 is shaping up to be less of a guessing game. Interest rates have stabilized, inventory is there, and buyers are showing up. If you’re thinking about jumping in—whether to buy, sell, or invest—this market’s got opportunity written all over it.
So, what’s your next move? You waiting for the "perfect time," or are you gonna make a move while the getting's good? Either way, Mortgage Teacher is here when you’re ready to talk real numbers.
Have questions about this or want to connect on how we can help you? Email us at contact@mortgageteacher.com today!