Houses for Sale in London, ON

Every city has its most in-demand neighbourhoods, and in London they are Argyle, Hamilton Road and Medway. We assess how much interest there is for a neighbourhood by looking at various statistics. Popularity is typically determined by assessing the following - the average sale price, average number of days that a home sits on market, plus the proportion of homes that have sold over asking.

London's most priciest neighbourhoods are Brockley, Airport and Sharon Creek. The average sold price is able to tell us where a neighbourhood ranks in terms of cost. If you're looking for cheaper options though - Bostwick, Jackson and Stoney Creek also have great properties, but at much better value.

You may be surprised to discover that Soho, East London and Tempo are London's most affordable neighbourhoods. Neighbourhoods are ranked by assessing the average sold price during the past 12 months. In comparison, the average house in London is selling for about $788,213.

Property tax is one of the things you'll need to consider when estimating the cost of owning a house in London. This tax is crucial in providing local residents with essential services, including garbage collection, fire protection and policing. Property tax rates are assessed and determined annually by your municipality. They usually fall somewhere between 0.5 to 2.5%. To determine how much property tax you'll pay, the city will multiply that tax rate by your home's current market value - which can fluctuate year-to-year depending on the value of neighbouring properties. This is why it's not necessarily correct when London homeowners assume that the bigger their house, the more they'll pay. Let's say your home's assessed market value is $600,000 and the municipality's property tax rate is 1% - that year you'd pay $6,000.

The go-to website for your London real estate search is Strata.ca, which showcases every property available, so you'll never miss an opportunity. In addition to listing details, imagine having the ability to search historical data for every property in London. Armed with this knowledge, users are able to compete effectively against other buyers and sellers.

Residents of London usually need a car to get around, given the city's walk score of 19. The transit score, meanwhile, is 23 - resulting in a much more limited public transportation network. And the bike score is 38, meaning there is minimal bike infrastructure.

A common mistake buyers make is overlooking the closing costs associated with purchasing a house in London. These fees are standard in real estate, but can still catch you off guard if you're unprepared. When searching for a house in London, buyers will typically take into account 1.5% - 2% of their budgeted purchase price for closing costs. For instance, 2% in closing costs on a $500,000 house would be $10,000. Because these charges cannot be lumped into your mortgage, it's crucial to have this money upfront upon closing. In Canada, all buyers are required to pay a land transfer tax when closing on a property. First-time homebuyers could be eligible for a government rebate - your real estate lawyer can help you apply for this rebate at the time of closing. And finally, when buying a home in London, you'll need a real estate lawyer to close the deal. A good rule of thumb is to set aside about $1,500 to $2,000 to pay out your real estate lawyer upon closing.