Mortgage Rates & Brokers in London

The vast majority of home buyers in London, Ontario are young families looking to settle down in established neighbourhoods where they can raise a family. Northwood Mortgage is experienced in the London property market, and can provide you with the ideal mortgage solution for your needs.

State of the London Real Estate Market

The London, Ontario property market has remained balanced for the last several years, with a slight tendency towards becoming a seller’s market.

Owing to the affordable housing options, the region has been attracting an increasing number of new immigrants to Canada. Other factors supporting the demand for housing in London include:

• More tech-oriented companies are springing up in London, creating well-paying jobs in the city that may draw professionals with larger housing budgets
• Public infrastructure improvements, including the preliminary planning of a rapid transit system, are likely to make the city more accessible and attract new residents

First-time buyers are the main drivers of property demand in London-St. Thomas. Most young families are buying homes in the lower bracket, which is causing move-up buyers to buy larger homes, and in turn, older buyers to move to smaller, single-storey homes.

There was a notable increase in high-rise condos in the London downtown core, many of which are purchased privately via the developers. This market is expected to remain fairly stable for a couple of years.

Mortgages in London

With the rising cost of home ownership, as well as the demand for property in London, mortgage rates are expected to rise nearing the end of 2016 – but the high cost of homes will not adversely affect housing demand because the qualifying income for a mortgage approval is still low and available to many prospective buyers.

Still, sales should increase steadily due to additional stability and job growth, while the increase in home vacancy (more listings) should ease the demand and cost of home acquisition.

Northwood Mortgages in London

With the increasing housing market activity in London Ontario, there is a huge opportunity for first-time home buyers, as well as condo and luxury home buyers, to get a piece of good real estate in the region.

However, you need to find trustworthy mortgage brokers in London to help you make the best deal possible. Northwood Mortgage are real estate professionals in London, with meaningful contacts in the property and banking industries in the area.

In addition, we keep a keen eye on trends in the region so that we can help our clients find the best mortgage deals for their situation.

Mortgage Rates in London