So how’s London doing in 2009? A little perspective may help.

According to a Royal LePage Market Forecast released in January, average house prices in 2009 are projected to fall by 3% and transactions by 3.5% nationally. However, the report also acknowledges the housing market is expected to perform very differently by region across Canada. Markets that depend heavily on manufacturing sectors will likely see greater declines in prices and activity in 2009.


1. It’s important to remember that all real estate is local. Buyers do not search globally, nationally or provincially for homes... they search locally. Individual markets, availability of housing, neighbourhoods, demographics, economic factors, etc. are all quite different.

2. Compared to most industrialized countries around the world, homes in Canada are underpriced relative to income levels.

3. Homes are more affordable in London than in most other large cities in southern Ontario. Average prices for homes have historically been lower in London than other major markets. While most other large cities are now experiencing buyers’ markets, London remains a balanced market.

4. Average home prices in London have been steadily increasing since 1999, setting new records each year. Relatively minor price reductions in early 2009 did not spell 'doom' for London’s real estate market. In fact, the real estate market in London during July and August 2009 were very busy.

5. Interest rates have remained at very low levels.

For first-time buyers, investors and homeowners trading up or down, there’s never been a better time to buy real estate in London.

For more information about how the London real estate market is performing in 2009, please contact me or have a look at these charts provided by Royal LePage Triland Realty. www.royallepagetriland.com/london-market.pdf