Clicked By: Prateek Ahuja (XFM news)
https://youtu.be/vBrdZxnJF9U?si=t4BTXKB01_DYVXEJ
The housing market in London, Ontario, is cooling down, and that’s good news for people looking to buy a home. According to Dale Marsh, Chair of the London and St. Thomas Association of Realtors (LSTAR), the city is now in a buyer’s market, meaning there are more homes for sale than there are buyers.
“Prices had been steady for about a year and a half,” Marsh said. “But in the past two months, they’ve dropped by about $17,000 each month.” The average home price in London is now around $605,500, down roughly $40,000 to $50,000 from last year.
Marsh says one reason for the drop is the record number of homes on the market, the highest in 10 years. “Sellers have a lot of competition right now, and buyers have a lot of choice,” he said.
However, not everyone is jumping in. Many potential buyers are still nervous about tariffs, job security, and economic uncertainty. Marsh pointed out that some local industries, like automotive manufacturing, have slowed down. On a positive note, the new Volkswagen PowerCo plant in St. Thomas is expected to create about 3,000 jobs by 2027, bringing long-term stability to the region.
To help more people buy homes, the City of London recently launched a housing affordability plan offering up to 5% of a down payment for first-time buyers who meet certain income requirements. Marsh says this could help people “right on the borderline of being able to get into homeownership.”
With lower prices, more listings, and new support programs, experts say it’s one of the most promising times in years for buyers to enter the London housing market.
