London Ontario is a beautiful city to live in, with a rich cultural heritage and a diverse community. If you’re looking to buy a house in London Ontario, you might be wondering about the cost. In this article, we’ll explore the different factors that influence the cost of houses in London Ontario and give you an idea of how much you can expect to pay.
Factors that Influence House Prices in London Ontario
The cost of a house in London Ontario is influenced by various factors such as location, age of the property, size, and neighborhood. Let’s take a closer look at each one.
Location
The location of the property is one of the primary factors that influence its cost. Houses located in prime areas such as downtown or near popular attractions tend to be more expensive than those located in suburban areas.
Age of Property
The age of the property also plays a significant role in its cost. Older properties tend to be cheaper than newer ones as they may require renovation or repairs.
Size
The size of the property is another factor that influences its cost. Larger properties with more bedrooms and bathrooms tend to be more expensive than smaller ones.
Neighborhood
The neighborhood where the property is located also has an impact on its price. Houses located in upscale neighborhoods with good schools and amenities tend to be more expensive than those located in less desirable areas.
Average House Prices in London Ontario
According to Zolo.ca, the average house price in London Ontario as of August 2021 was $598,000 CAD. This includes all types of properties such as detached homes, townhouses, and apartments.
If we break it down further, here are some average prices for different types of properties:
- Detached Homes – $673,000 CAD
- Townhouses – $424,000 CAD
- Condominiums – $316,000 CAD
It’s important to note that these prices are just averages and can vary depending on various factors such as location, size, and age of the property.
Conclusion
The cost of a house in London Ontario is influenced by various factors such as location, age of the property, size, and neighborhood. The average house price in London Ontario as of August 2021 was $598,000 CAD.
However, this can vary depending on the type of property and other factors. When looking for a house in London Ontario, it’s important to consider your budget and priorities to find the right property for you.