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New Condos London

London is a city of undeniable beauty, with iconic parks such as Victoria Park and Gibbons Park offering green escapes. However, London is more than just a pretty face. Global companies from various sectors, including agri-food, advanced manufacturing, digital media and technology, health, and professional services, are flocking here, along with major investments and top talent. This creates a prime environment for exciting growth, making your new home in London a potential investment gem.

Whether you’re a seasoned investor seeking new condos in London or a young family starting your journey, there’s a perfect place waiting for you. Explore sleek, high-rise new builds in London or enjoy spacious living in newly built townhouses for sale.

London Pre-Construction Condo Market Trends 2024

  • Average home price in London, Ontario (as of November 2024): $623,189.
  • Average price per square foot for pre-construction condos in London, Ontario: $399
  • Average rental rate in London: $1,941 per month.
  • Average condo price in London: $406,944, offering a budget-friendly option.
  • Average days on the market for new detached homes in London: 36 days, indicating high demand.

Pre-Construction Condos London

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Reasons to Invest Pre-Construction in London, ON

Competitive Infrastructure Meets Affordability

London’s business environment fosters success. Its strong infrastructure ensures seamless operations and connectivity, all at a competitive cost for business investment and growth. This translates to a thriving city where all sectors are experiencing positive momentum, driving demand for new housing. As a result, real estate investors can capitalize on a landscape primed for strong returns as London continues to flourish.

A Stable Market Poised for Growth

London stands out as a prime investment opportunity for real estate investors. Residents of new condos in London tend to stay in their rentals for longer periods, minimizing vacancy risks for investors. This stability is further bolstered by a vibrant younger demographic actively seeking housing. This creates a consistent and high demand for new properties, making London a prime location for investment.

A Well-Connected Community

London thrives as a transportation hub, strategically located at the convergence of major highways (401 and 402). This connectivity fosters a thriving business environment, attracting companies and residents to new London condos for sale.

London Rental and Seller Market 2024

Rental Market 

In November 2024, the median rent for all property types and bedroom counts in London, Ontario is $1,941, exceeding the national average by 2%.

Seller Market

The average sold price for detached houses in London was $675,050, marking a slight $4,473 (0.7%) rise year-over-year. Additionally, this average home price was $39,694 (5.9%) higher than the 12-month average of $635,356. The average sold price for condos in London was $406,944, up by $1,901 (0.5%) from the previous 30 days and significantly higher by $114,319 (28.1%) compared to the same period last year. This price is also $40,681 (10.0%) above the yearly average of $366,263. The average sold price for townhouses was $502,169.

Average Renting and Selling Time in London

-New Condos 

Renting Time for Condos: The London rental market for new condos has stabilized in 2024, with properties typically finding tenants within 1 to 4 weeks.

Selling Time for Condos: The London condo market is forecast to remain stable in 2024, with properties selling quickly. 

-New Homes 

-Renting Time for Homes: In 2024, detached houses in London typically find tenants within 2-4 weeks.

-Selling Time for Homes: Detached homes in London are currently selling faster than condos. In November 2024, it took an average of 36 days to sell a detached home.

Neighbourhoods

Central London

This vibrant area offers a range of housing options, from the stunning heritage homes of Bishop Hellmuth to the modern appeal of Kensington Village. Families will appreciate the proximity to excellent schools and parks, while everyone can enjoy easy access to entertainment and shopping options.

1. Bishop Hellmuth

  • Highlights: Steeped in history, the Heritage Conservation District showcases stunning homes and churches from the 1870s. Mature trees line the streets, creating a picturesque atmosphere.
  • Perfect for: History buffs, nature lovers, and growing families seeking quiet environments.

2. Downtown

  • Highlights: The neighbourhood boasts a selection of new condos for sale, placing you steps away from the vibrant energy of Dundas and Richmond Streets with a captivating mix of history, entertainment, and business.
  • Perfect For: Urban professionals, culture enthusiasts, and young families who appreciate convenient access to the city center.

3. Kensington Village

  • Highlights: Tucked between the Thames River and scenic Riverside Drive, the area offers a unique blend of historic late 19th-century homes, post-war builds, and pre-construction townhouses in London.
  • Perfect For: Families, retirees, and nature lovers searching for a tranquil environment with access to daily essentials.

Northeast London

A thriving area with a peaceful suburban atmosphere, offering direct access to shopping malls, parks, restaurants, and community centres. Families will find multiple top-rated schools within a short distance of their new homes in London.

1. Carling Heights

  • Highlights: Mix of single-family homes, apartments, and pre-construction projects in London. Boasts community centres and parks including Carling Heights Optimist Community Centre, Carling Arena and Park, and McMahen Park.
  • Perfect For: Families seeking a peaceful suburban environment, and outdoor enthusiasts.

2. Huron Heights

  • Highlights: Large neighbourhood with a mix of housing options, from post-war bungalows to newer detached homes. Abundance of schools, including John Paul II & Montcalm, and Fanshawe College.
  • Perfect For: Value-conscious families and young professionals seeking a variety of housing options.

3. Masonville

  • Highlights: Offers a variety of dwellings, from townhome developments in London to apartments and student housing, all within proximity to Masonville Place, a major mall serving the entire north end of London.
  • Perfect For: Shopping enthusiasts, and families seeking a convenient and well-connected neighbourhood.

Southwest London

Southeast London charms with diverse communities. Young professionals and families flock to Byron for its small-town feel and shops. Berkshire Village offers character homes, parks, and shopping, while Bostwick caters to active lifestyles with its amenities and Wonderland Centre

1. Byron

  • Highlights: Small-town charm and community spirit coexist with the bustling shops and restaurants along the Commissioners and Boler. 
  • Perfect For: Young professionals and families who appreciate a balance between quiet living and vibrant city life.

2. Berkshire Village

  • Highlights: Diverse 1970s row houses, beautiful landscaping, and Berkshire Park with a community garden and trails. 
  • Perfect for: Those seeking character homes, families with kids (schools nearby), and anyone who enjoys green space and convenient shopping.

3. Bostwick 

  • Highlights: Homes and condos for sale in London, in this area, are conveniently located near shops at Wonderland Centre and parks such as the playful Westbury and scenic Pincomb. Enjoy a thriving community with amenities like a pool, gym, library, and YMCA at the StarTech.com Centre.
  • Perfect For: Active families and young professionals seeking a mix of housing options with access to modern amenities.

Pros of Living in London

  • Thriving Job Market: London boasts a diverse and flourishing job market, attracting professionals from various sectors. Major employers and established corporations like General Dynamics Land Systems and financial giants like Canada Life and TD Canada Trust offer a wealth of opportunities in technology, engineering, and finance. This variety ensures a high chance of finding a fulfilling and well-paying career for London condo residents.
  • Extensive Public Transit: The London Transit Commission (LTC) offers a comprehensive bus network with accessible features for London condo residents. Taxis and ride-sharing services like Uber are readily available, providing flexibility for spontaneous trips or late-night commutes. The city is also actively planning a rapid transit system, promising even more efficient and connected travel options in the near future.
  • A Supportive Community for Newcomers: Thriving on its growing diversity, London condos for sale offer a warm embrace to newcomers. Numerous ethnocultural groups and organizations exist to help you feel right at home. Settlement agencies like the London-Middlesex Local Immigration Partnership and the YMCA of Southwestern Ontario provide valuable guidance and resources to ease your transition.
  • Top-Notch Education for All Ages: Many pre-construction homes in London are situated in areas with excellent schools. London is a great place for higher education, with awesome institutions like Western University and Fanshawe College that offer undergrad and grad programs in different areas. And if that’s not enough, there are plenty of public schools and over 20 private ones that can meet specific cultural and religious needs. 
  • Surrounded by Nature’s Playground: London is an urban oasis brimming with verdant escapes. From sprawling parks and tranquil trails to the refreshing shores of Lake Erie and Lake Huron, nature is always within steps from your new home in London.

Cons of Living in London

  • Traffic Congestion: During rush hour, traffic can be heavy, particularly in the North and West Ends. While most areas see some improvement outside of peak times, be prepared for potential delays.
  • Limited Environmental Focus: While London boasts beautiful parks and natural spaces, some residents of new builds in London express concerns about the city’s environmental initiatives. Those passionate about sustainability may find a lack of programs focused on protecting these green areas.

Neighborhoods in London

FAQs About New Condos and New Homes in London

What is the average price of new homes in London in 2024?

As of November 2024, new condos in London offer a potential entry point at an average of $406,944. Townhouses and detached homes come with a steeper price tag, with townhouses for sale in London averaging above $502,169 and detached homes reaching $675,050.

Where are the best areas to buy new developments in London?

London has a thriving new home market spread across various neighbourhoods. Popular choices include established areas like Masonville with its convenient mall access or family-oriented communities like Carling Heights with its abundance of parks and schools.

Are there any financial incentives for buying new condos in London?

Although there are no extensive government incentives specifically for purchasing new builds in London, various builders often provide their own enticing promotions. Reach out to us for up-to-date information and expert guidance on these valuable incentives to help you make an informed decision.

Is investing in homes for sale in London a smart choice?

Investing in condos in London may be wise, as its growing tech and innovation sectors drive economic growth, potentially increasing housing demand and property values. However, consider this a long-term investment and be market-savvy before deciding.

What kind of modern amenities do pre-construction projects in London typically offer?

Pre-construction homes in London provide modern amenities, such as gyms, yoga studios, pools, rooftop terraces, resident lounges, games rooms, and concierge services. Security features like key fob entry and cameras ensure safety. Pet owners may find dog walking areas or pet spas, while families can enjoy on-site playgrounds or gardens.

What are the potential advantages of buying a pre-construction home in London?

Pre-construction condos in London provide several advantages:

  • Introductory discounts for lower prices.
  • More time to save for a down payment.
  • Potential market appreciation before move-in.
  • Customization options for personalized space (may incur extra cost).
Why are home prices so high in London?

London’s housing market can be costlier due to the high demand for single-family homes, low interest rates fueling competition, limited land for new developments, and a potential increase in investor purchases. When entering London’s market, carefully assess your budget.

Are homes selling in London?

Yes, London’s condo market is flourishing with various options, including high-rise condos and townhouses for sale in London, suitable for diverse needs and budgets. Let us help you find your dream home – contact us today.

What are the typical rental rates for new condos in London?

Expect average rental rates to be around 1,941, so factor this into your budget and search criteria.

Is 2024 a good time to sell my condo in London?

As of November 2024, London’s real estate market is robust with a Sales-to-New-Listings Ratio (SNLR) of 77.5%. This indicates strong demand and a limited supply of properties, creating favourable conditions for sellers. However, every property is unique, and individual circumstances can vary. For personalized advice and the most current information, we recommend getting in touch with us.

Are there shopping centres close to new homes in London?

Absolutely! Many new developments in London, boast convenient access to shopping and entertainment. This includes popular destinations like CF Masonville Place, White Oaks Mall, and Westwood Centre.

What are the different public transportation options available in London?

London’s main public transportation option is the London Transit Commission (LTC) which operates a network of buses serving most areas of the city. The LTC also offers specialized services for those with accessibility needs. Inter-community transit connects London to nearby Strathroy-Caradoc and Sarnia through Voyago, and Via Rail provides passenger train service to destinations across Canada.

Can I find any good schools close to new pre-construction condos in London?

Families choosing new pre-construction projects in London can rest assured knowing they’ll have access to a variety of top-rated options, including Matthews Hall Independent School, John Dearness Public School, and Jack Chambers Public School.

How much down payment is needed for a new build in London?

While a 5% deposit is possible, it’s less common and comes with higher interest rates. A 20% deposit is ideal for securing a more favourable mortgage with a lower interest rate. Remember, a larger down payment also reduces the amount you need to borrow.

Where can I sign up to receive alerts about new condo developments in London?

To find out the latest info about new homes in London subscribe to Platinum Condo Deals newsletters. We offer up-to-date information about new London projects as soon as they’re released.

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