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Just a short time ago, CP24 Breakfast Live covered a story about an unbidden billboard campaign (https://donttelltoronto.ca/), grazing the concrete fields of Toronto. This slinky stimulation was an astonishing attempt to herd flocks of Torontonians into the economic sheepfolds of London’s fertile grasslands.
To help discuss this seductive stimulus, CP24 contacted your two favourite real estate rapscallions for a fast and furious Q&A segment.
WHY MOVE TO LONDON?
Let’s get supercilious for a second and rootle through four quickie statickies that’ll jerk a Torontonian’s head speedier than a smelling salt
NOTE: These stats were taken from December 2023, when the interview took place, and not much has changed.
1. Home Prices. Based on LSTAR and TREBB statistics, the average detached home (4 bed, 2.5 bath) in the London area will cost you roughly $700K, and in the extortionate city of Toronto you’ll pay a brobdingnagian $1.7 million! The average condo price in the “T-Dot” will set you back $729k alone, and if you’re a highflying cock-of-the-woods, you might land an awe-inspiring view of the QEW.
Roused and/or tingled to sell your Toronto home and begin your London property search? Click here: https://johnnyhewerdine.com/search
2. Land Transfer Tax. Pack an extra pair of diapers Blue Jay fans, because when you buy a home in Toronto you’ll be unloading double the land transfer tax than anywhere else in Ontario. Purchasing a $700k home in Toronto will cost $20k in land transfer tax and only $10k in London. An average detached home of $1.7 million will cost $61k in Toronto (pee whiz!).
More land transfer tax information here: https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax
3. Household Income. According to CMHC, the average household income in London is $83k and in Toronto is $109k. That is only a 24% difference in household incomes, versus a 59% difference in the average detached home price.
Check out over 5000 open jobs in London here: https://www.ledc.com/working-london
4. Unemployment Rate. According to CREA, London has a lower unemployment rate than Toronto. London has indeed reinvented its economy since the dark days of the auto crisis and is now sitting at an unemployment rate of 6.0%. Toronto is squatting down a back alley at a 6.5% rate.
Check out more job opportunities here: https://www.jobbank.gc.ca/home
LONDON IS CALLING TO A FARAWAY (HOG)TOWN
Bestroding city streets by way of stuffed subs, gobbling exorbitant mauvaise bouffe, a-thwarting jollification in the name of social regulation… oh Toronto, you’re the greatest whistle-stop on earth, but just not worth the price of full-time admission. So, when you finally come to your senses to shove off and swan dive into London’s vault of gold, you’ll know whom to call!
Johnny ‘Chew’erdine | Real Estate Beaver of Record
https://www.johnnyhewerdine.com
