In 2020 and 2021, house prices rose significantly across Canada. The average price of a home in Canada in March 2021 was $716,828, a 31.6% year-over-year increase. Meanwhile, the average cost to purchase a home in London was $607,000 in January 2021; since then increasing to $641,072 in June 2021 according to LSTAR. As the COVID-19 pandemic has begun to decrease in severity, the housing market in London is showing signs of a cool-down according to some realtors. In April 2021, the Bank of Canada reported that the primary reason house prices had increased to such an unprecedented extent was due to housing inventory reaching record lows. thumb|upright=4|right|280px|Panoramic photo of a walking trail in the Foxfield neighbourhood Nevertheless, the city's cost of living remains lower than many other southern Ontario cities. London is known for being a medium-sized city with big city amenities, having over 422,000 residents as of the 2021 census yet having all of the services one could find in a large city, including two large-scale shopping malls, Masonville Place and White Oaks Mall, regional health care centres,the London International Airport, Boler Mountain skiing center and post secondary education hubs such as the University of Western Ontario and Fanshawe College. In mid-2021, London had an 8.75% cheaper cost of living, and 27.5% cheaper cost of rent, compared to nearby Toronto.
In 2020 and 2021, house prices rose significantly across Canada. The average price of a home in Canada in March 2021 was $716,828, a 31.6% year-over-year increase. Meanwhile the average cost to purchase a home in London was $607,000 in January 2021; since then increasing to $641,072 in June 2021 according to LSTAR. As the COVID-19 pandemic has begun to decrease in severity, the housing market in London is showing signs of a cool-down according to some realtors. In April 2021, the Bank of Canada reported that the primary reason house prices had increased to such an unprecedented extent was due to housing inventory reaching record lows. thumb|upright=4|right|280px|Panoramic photo of a walking trail in the Foxfield neighbourhood Nevertheless, the city's cost of living remains lower than many other southern Ontario cities. London is known for being a medium-sized city with big city amenities, having over 422,000 residents as of the 2021 census yet having all of the services one could find in a large city, including two large-scale shopping malls, Masonville Place and White Oaks Mall, regional health care centres,the London International Airport, Boler Mountain skiing center and post secondary education hubs such as the University of Western Ontario and Fanshawe College. In mid-2021, London had an 875% cheaper cost of living, and 27.5% cheaper cost of rent, compared to nearby Toronto.