There are a lot of reasons to move to London Ontario, particularly during these strange economic times. You may have heard that London's unemployment rates are amongst the highest in the country, and that unfortunate fact is true. However, what those numbers on their own do not tell you is that only a small portion of the city's populace is impacted by a very specific type of unemployment, and that is within the auto industry. For many other owners of London Ontario real estate, the future is as secure as it has ever been.

What the high unemployment rate within the automobile manufacturing sector has done in London, particularly, is driven down the prices of real estate. This is appealing to anyone thinking about making a home in London either to avoid the high prices in neighbouring cities or because of a job in one of the many other areas of the city's economy. Let's take a look at what you might find when looking for a London Ontario home for sale and the real estate market in general.

Types of homes

Most people will start off by wondering exactly what types of homes are up on the London market. Right now, there are two very hot commodities as far as homes in London.

The first is the upper middle class, stand alone home. As you might expect, the movement of many former auto workers has led to a big jump in the number of these homes on the market. These unionized jobs allowed workers to purchase some very nice homes, and the subsequent crash of the industry means they are back on the market, often at reduced prices.

Condominiums are another important facet of the London job market, whether you are looking for a loft to buy or a condominium for rent. Toronto residents will be familiar with the range of options on the London condo market, as both modest and upscale developments can be found within the city.

Prices

Where the London real estate market really shines is in the prices you will find on almost any piece of real estate when compared with similar pieces in nearby cities and even towns.

Those looking in London will rightly expect that real estate here sells on average at half the price of similar property in Toronto. However, the London market also compares favourably to smaller cities as far as a buyer is concerned as well.

For example, London stand alone houses are typically listed at much less ($270,000) on average than Rosedale homes. Rosedale's location in Toronto has caused prices to take a steep hike over the last decade, a trend which has not been experienced in London.

Don't let those prices deter you if you look at real estate from an investor's point of view. London still enjoys many advantages over Acton homes and those in other geographically similar locations in the province. With a diverse economic base and huge potential, London is looking like a better place to invest in real estate all the time.