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London Housing Market Booming
London Housing Market Booming
London home owners can expect to benefit from a booming housing industry in the coming year, in fact they could see their property values rise by 10 per cent.
London's housing market has been hot for several yearsd now, but the latest figures from CMHC show prices will rise about 6 per cent this year, and another 4 per cent next year.
CMHC spokesman Ken Sumnall says there are two reasons for the strong showing. The market is more affordable than nearby communities like Kitchener, and the local economy is not over reliant on the auto industry.
Right now, northwest London is particularly hot, with 26 per cent of new home construction in the Hyde Park area.
As far as resale home are concerned, Wortley village, Old North and Old South remain strong. And new areas like Old East Village and the Labatt Park area are seeing a re-birth.
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