London Home-Value Hike Lags Behind Many Other Ontario Cities

  • 10/27/17
  • |          London

At first blush, it sounds impressive: Since 1997, the value of detatched housing in London has nearly doubled, from $102.31 per square foot to $201.05 this year, according to a survey of homeowners conducted by realtor Century 21.

But while that equals a 99% jump, the figure ranked last among large Ontario cities in survey results that excluded some municipalities such as Hamilton and Windsor:

  • Kitchener-Waterloo: 142% since 1997 (detached homes)
  • Markham: 353%
  • Newmarket: 236%
  • Oakville: 493%
  • Ottawa: 121%

London’s growth in home value also trailed other major urban areas in Canada, including Edmonton, Calgary, Vancouver and Montreal.

In fact, in a survey that included the results of 32 cities or sections of cities, such as the mean streets of East Vancouver, only three Canadian cities had slower growth in home value than did London and all were in the Maritimes: Moncton (12%), Halifax (30%) and Charlottetown (96%).

The survey itself is meant to provide a general sense in the change in home values because it was not conducted in a scientifically rigorous way, Century 21 notes.

“Calculating a precise number is not an exact science as every office and province tracks statistics with slight difference. As a result, some have used either the average or benchmark prices (depending on the market),” Century 21 officials wrote.

Share This On: