When it comes to finding a place to settle in Canada, it is Toronto that often grabs the spotlight. On the other hand, the beautiful city of London usually finds itself in the shadow of its larger, more popular counterpart Toronto.
However, in recent years, London has managed to charm new residents and London homes for sale are getting as much attention as Toronto properties. The city has been attracting thousands (around 7,000 new residents annually) who are drawn by its hidden charm. So, if you are looking for a new city to call home, you can consider London - a compelling alternative to Toronto.
In this blog, we will delve into the enticing factors that make London stand out as compared to Toronto. Whether it is the affordable cost of living or the relaxed pace of life, we will guide you through the key aspects that make London an appealing choice for aspiring homeowners.
A Few Facts About the City of London, Ontario
London is a vibrant city nestled in southwestern Ontario along the Quebec City and Windsor Corridor. The city has a population of over 422,000 residents, and its population is increasing rapidly every year driving up the popularity and prices of houses for sale in London.
London is the sixth-largest city in Ontario and the tenth-largest city in Canada. Homebuyers, young professionals, and retirees are attracted to this city because of its affordable housing, low crime rates, and excellent healthcare facilities.
Factors That Give London an Edge Over Toronto
There are several appealing factors in London that are not found in Toronto. Here are some unique factors that may make London homes for sale more appealing to certain homebuyers -
Cost of Living
By living in London, you will have to shoulder a significantly lower cost of living as compared to the bustling city of Toronto. The median price of detached houses for sale in London is around $800K while in Toronto it has a sky-high price of $1.5M. This means you will have to pay almost double the cost to buy a detached property in Toronto.
The same trend is seen with semi-detached houses and townhouses. In London, you can buy a semi-detached property or a townhouse for around $500K-$700K. However, in Toronto, you will have to pay $800K-$1M for similar housing options.
The price of condos has a slightly smaller gap as compared to the other housing types. However, London still reigns as an affordable option even when it comes to condos. London condo homes for sale have an average price of around $350K-$450K while Toronto condos are $500K-$700K.
The general living expenses in London are also on the lower side as compared to Toronto. You will get groceries in London at about 10-15% cheaper prices than in Toronto. So, rest assured, buying the basic items while living in London won’t cost you an arm and leg.
The prices of utilities such as electricity, water, and heating are more or less similar in both cities. You may see slight variations depending on usage and the type of the property.
When it comes to public transport options, Toronto has usually a more efficient system as compared to London. But, public transit fares are lower in London as compared to Toronto. Owning a car is also cheaper and more convenient in London because of the lower insurance costs and less traffic congestion.
Property taxes of houses for sale in London are lower as compared to Toronto. For instance, a $400K home would have annual property taxes of around $5000 in London while in Toronto it could be closer to $8000.
So, the overall cost of living in London makes the city an excellent choice for homeowners on a budget, especially when compared to Toronto. You can afford a nice home and won’t have to spend hefty on day-to-day expenses while living in London.
Lifestyle and Community
London homes for sale offer residents a “big city with a small-town feel.” Beneath its urban conveniences and character, London has a small-town soul, perfect for residents looking for a more relaxed pace of life.
The different neighbourhoods in London have a vibrant and close-knit vibe. Each neighbourhood has its own distinct personality, from the historic charm of Victoria Park and Old South to the bustling energy of Covent Garden.
Residents of London greatly enjoy the convenience of walkable streets, bike lanes, and friendly shops where regulars are greeted by name. Most neighbours know and interact with each other daily and try their best to make the new residents feel welcome in the community.
Another reason why houses for sale in London are gaining popularity is because of its vast green spaces. The city has over 4,000 hectares of parkland translating to roughly 10% of the city’s total area. So unlike Toronto, where you have to struggle hard to find a green space to relax, London has parks all over the city.
You must have surely heard about the famous Victoria Park of London with its iconic bandstand and serene pond. The renowned Thames River also winds through the heart of the city. Once you settle down in the city, you can walk or cycle along the Thames Valley Trail and enjoy the stunning river views. Thus, London residents get to enjoy the serenity and tranquillity of nature and green spaces in their everyday lives.
The cultural scene of London is also quite energetic as compared to Toronto. London doesn’t just have the grand museums and theatres like Toronto. It also has galleries and studios across the city where local artisans showcase their beautiful creations. There are street festivals like Sunfest and Covent Garden Market where communities come together to enjoy music and food.
In short, London homes for sale offer a slower pace of lifestyle as compared to the frenetic pace of Toronto and other bigger cities. While offering the conveniences of a major urban centre, life in London feels less rushed and more relaxed.
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Settle Wisely Factoring in Your Needs and Priorities
Ultimately, the decision between London and Toronto depends on your needs, priorities, and individual preferences. If affordability is your primary concern and you prefer a slower pace of life, London is a clear winner. But in case the cosmopolitan lifestyle of Toronto has been your forever dream, go ahead with Toronto.
Remember, both houses for sale in London and Toronto properties can offer you unique and rewarding experiences. So, take your time, consider your priorities, and explore both cities before making the final decision.