London’s housing market is going through a phase that sees the price of single homes dropping while rents for tenants are increasing sharply.
“Right now it’s not really working for buyers or renters,” says Mike Moffatt, a professor at the Ivey School of Business.
In February, the average sale price in London was $825,221 and just last month that dropped to $648,036.
“Yes, prices have gone down a fair bit but interest rates have gone through the roof,” adds Moffatt. “A year ago you could get a mortgage for under two percent and now you’re lucky if you get one under five per cent.”
At the same time, statistics from Rentalsdot.ca show that London’s rent increases are among the highest in the country with a jump of 26.5 per cent.
“That’s partly due to people not buying homes and renting instead but also London’s population is just booming," Moffatt says.
Moffatt adds that the pressure could be eased if the rental inventory was better in London.
“We’re going to have to build more supply because quite frankly there are more people looking to rent properties than there are properties,” he says.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
The federal budget shows the government's proposed dental-care insurance program will cost more than double what the Liberals originally thought, driving it up by another $7.3 billion over five years.
Tucked into the 2023 federal budget unveiled on Tuesday in Ottawa, the Liberals have announced plans to explore implementing a standard charging port across Canada, in an effort to save Canadians some money and reduce waste.
Serious money is heading for Canadian industries looking to reduce emissions after the federal government unveiled its answer to the U.S. Inflation Reduction Act.
The federal budget proposes an across-the-board three per cent spending cut for all departments and agencies, a belt-tightening move after years of massive growth in the federal public service.
The federal Liberal government is committing $8.7 million to hold more consultations on Indigenous resource sharing, in a budget that offers relatively little new spending on its reconciliation agenda.
In the wake of another deadly mass shooting in America, that saw children as young as nine years old shot and killed, the gun control debate is going nowhere, writes CTV News political analyst Eric Ham.
Another American community is reeling after a shooter killed three 9-year-olds and three adults at a private Christian elementary school in Nashville. These are the three children and three adults whose lives were taken by the shooter.
Nashville police have released security camera footage of a suspected shooter entering the private Christian elementary school. The shooting claimed the lives of three children, all aged nine, and three adults.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
Provincial police say a group of teenagers caused a train to make an emergency stop because they were lying on the tracks as the train approached in New Tecumseth.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
The driver of a pickup truck, a 47-year-old woman, has died after a crash with a tanker on MR55 in the Greater Sudbury community of Lively on Tuesday morning, police say.
Nashville police have released security camera footage of a suspected shooter entering the private Christian elementary school. The shooting claimed the lives of three children, all aged nine, and three adults.
The mother of a five-year-old girl said her daughter was allegedly bullied so badly she was left with a partially amputated finger from an incident in the washroom.
The federal budget proposes an across-the-board three per cent spending cut for all departments and agencies, a belt-tightening move after years of massive growth in the federal public service.
One person is dead after an early morning fire in Kanata, while another person is being treated for smoke inhalation after being rescued from the burning home by a bystander who spotted the fire while driving to the gym.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
The 22-year-old accused of fatally stabbing a teenager at a Toronto subway station Saturday night has been wanted in Newfoundland for almost two years, CTV News Toronto has learned.
The mother of a five-year-old girl said her daughter was allegedly bullied so badly she was left with a partially amputated finger from an incident in the washroom.
A Toronto man is wanted for a Fbbruary incident allegedly sexually assaulting a woman, taking her phone and using it for extortion, and sexually assaulting her again.
Montreal police say they have identified two more victims found in the rubble of a fire in Old Montreal 12 days ago. Charlie Lacroix and Walid Belkahla, both 18, are the sixth and seventh victims of the fire.
A Quebec provincial police officer was fatally stabbed Monday night while performing an arrest in Louiseville, west of Trois-Rivieres, Que. The Surete du Quebec (SQ) has confirmed the identity of the officer, Sgt. Maureen Breau, who had been on the force for over 20 years. She was assigned to the post of the MRC de Maskinonge. Another officer was injured during the incident, but their life is not in danger.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
Almost three years after a man disguised as a Mountie started murdering people in Portapique, N.S., on the night of April 18, 2020, the senior RCMP officers and staff involved in the tragic case have all either retired or moved into new jobs.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
New Brunswickers suffering from a mystery neurological disorder are calling for an investigation into potential environmental causes of the health problems they've been living with for more than two years.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
Rima Rifai thought her furnace had exploded Monday when the house across the street burst into a ball of fire, sending 10 people to hospital with serious injuries.
In the 2023 federal budget, the government is unveiling continued deficit spending targeted at Canadians' pocketbooks, public health care and the clean economy.
Alberta's police watchdog has released more information about an incident at a Red Deer Walmart in which a man who had been reported missing in Calgary was shot by police.
A B.C. man has been found not guilty of sexually assaulting his ex-girlfriend's daughter nearly a decade ago, when the girl would have been just eight years old.
