City Series: London Region Home Sellers are Saving Thousands in Commission
June 25, 2020
When most people hear “London”, images of Big Ben and the Queen come to mind. But when Ontarians hear “London”, many think of the beautiful London region in Ontario, home to the Thames River, excellent post-secondary education institutions, and a great mix of city living and nature. It is a wonderful place to live, work, and play in – and a great place to save thousands in commission when selling your home!
As the fifth largest population centre in Ontario, many people enjoy living in the London region where they enjoy city life balanced with accessibility to nature. Homes in London are much more affordable than the GTA. As of May 2020, the average selling price for a home in the London region is $445,732, a year-over-year increase of 7.4% and a month-over-month increase of 5.3%1. By comparison, the average price for a home in Toronto is $863,5992.
SOLD! Saved $23,000† in Commission
City: St. Thomas
Sold Date: June 14, 2020
Days on Market: 3
SOLD! Saved $20,000† in Commission
Sold Date: June 12, 2020
Days on Market: 1
SOLD! Saved $12,000† in Commission
Sold Date: May 30, 2020
Days on Market: 4
SOLD! Saved $10,000† in Commission
Sold Date: May 8, 2020
Days on Market: 3
And as for homebuyers? The ratio of supply and demand in May, despite being in a pandemic, remained relatively unchanged year-over-year3, which means buyers may see some competition for homes currently on the market. If you purchase a home with a Purplebricks dedicated Home Buying REALTOR®, not only will you receive $2,000 in cash back*, our local agents will use their expertise to understand your needs and help you navigate the new market reality to land you your dream home. Added bonus – you can sign up for our automatic email alerts to keep you informed of homes that meet your criteria as soon as they hit the market.
Have a future post-secondary student in your home? You’re in luck, because London is a “university town”. Home to the University of Western Ontario, which is a research-intensive university attended by over 33,000 undergraduates each year and ranked 8 overall in Canada4, it is a great option for students seeking the classic “university experience”. Associated with Western is Brescia University College, Canada’s sole women’s only, university-level college. And we can’t forget Fanshawe College, which provides over 200 higher education programs to approximately 43,000 students, and has one of the best athletic programs in Canada5.
Pre-COVID-19 in February 2020, the unemployment rate in London was 4.9%, which was less than the national average of 5.6%6. The pandemic has impacted unemployment rates across the country. As of May 2020, Canada’s unemployment rate is 11.5% and London’s is 11.7%.
In recent years London has become a technology hub in the region, with over 300 technology companies employing 3% of the workforce. The economy is also heavily supported by the medical research sector. London Health Sciences Centre is the city’s largest employer and a large amount of medical research is conducted at the University of Western Ontario.
And about 90 minutes from the region is an exciting company that has an office in Hamilton – we do! If you’d like to join us in revolutionizing the real estate industry, visit our careers page to explore current opportunities. We also have remote working opportunities for licensed real estate positions.
Don’t work in the London region but want to live there? You have plenty of commuting options. If travelling by car, quick access to the Macdonald Cartier Freeway, 401, 402 and 403 will help you get to where you need to go with ease. And if you prefer public transit, city bus, VIA Rail train, and Greyhound bus options are available.
Victoria Park in downtown London attracts over 1 million visitors each year and is home to many of the city’s community events, including the much-loved outdoor skating rink and Snowfest in the winter and many festivals in the summer. Festivals include Sunfest, International Food Festival and Fiesta del Sol. And although we won’t be enjoying festivals this summer, Victoria Park is still a great place to enjoy physically distanced walks.
If you have a little one in tow, there are plenty of things to do for entertainment. Storybook Gardens, although temporarily closed, is a park with nursery rhyme-themed rides and attractions – such a unique experience! Want more? The London Children’s Museum will keep them busy for hours. And even though the museum is not open due to the pandemic, they have provided parents with at-home tools to create fun activities and experiments for kids7. Plus, with London having so many parks and hiking trails, you can keep the kids entertained during the pandemic – why not try a scavenger hunt!
And if you like to play over the border too, the London International airport will help connect you to the rest of the world (of course, once the pandemic is over).
Ready to sell your home in the London region or want to call it “home”? A Purplebricks REALTOR® can help.
Purplebricks is here to support Canadians by providing them with a full-service real estate experience while saving them thousands in commission when selling their home. As for homebuyers, we share the commission by giving buyers $2,000 in cash back* when they buy a home with us. Call 1-855-999-9740 for more information.