According to several recent publications, London Ontario is considered one of the most diverse and fastest growing local economies in Canada. It therefore makes good economic sense to attain a mortgage and purchase a house, condo or investment property in the growing London Ontario housing market. This short economic review will show why attaining a mortgage in London Ontario is a good idea by looking at: 1. Current economic diversity and strength, 2. How this economic diversity and strength came about and 3. How and why London Ontario will continue to grow and be successful over the long term.
The economic diversity in London Ontario is indeed one of its strengths in and of itself, but also are the stability of the companies and institutions that make up this diversity. Thus, Londoners can feel confident in attaining their mortgage given stable and increasing property values. Even in troubled National economic times, London has shown consistent, long term growth in the industries of:
Life Sciences: The University of Western Ontario is a major health research center in Canada (and the world) and has helped seed companies such as Trudell Medical and attract large corporations such as GE Health care. In addition, local research institutes have recently attracted over $220 million for disease research.
Financial Services: Almost 10% (and growing) of London's population is employed by its stable financial services sector, making it Canada's junior financial center. Companies such as London Life Insurance, Great West Life, Pacific and Western Bank and Libro Credit Union have placed their headquarters in London Ontario. TD Canada Trust also holds a very large presence in the area as London was the birthplace of Canada Trust. Ironically, much of the mortgage activity that occurs in Canada has a positive impact on London's economy.
Information Technology: The City of London has over 260 IT related companies that employ over 5000 people in the area. Together these companies are involved in creating some of the latest global technologies. Also, London's major corporations such as TD Canada Trust and London Life Insurance employ an additional 2000 citizens in their IT departments.
Advanced Manufacturing: London Ontario and its mortgage market are prominently sourced to its diverse advanced manufacturing sector. Companies such as 3M, GE Locomotive Assembly, and Husqvarna are involved with advanced robotics, CAD and advanced fabrication. London is also home to some of the more advanced and stable auto parts manufacturers on Earth. The food processing industry also employs over 6500 citizens with major presences from companies as Kellogg's and Nestle and Labbatts's and Carling breweries.
London Ontario, home prices and its Mortgage Market will continue to grow over the long term...
The city of London has done an excellent job in cutting the red tape for current and new business, and takes seriously its mission to help local business thrive. For example, while some cities have a difficult time in finding suitable development land for new companies, London has plenty of suitable land and actually helps companies find their best land package and to get started developing it. The London Chamber of Commerce and London Economic Development Corporation focus strongly on this fostering of local business and attracting new ones. They help ensure that hundreds of millions of dollars of new investment enter the City of London Ontario each year. This certainly helps employment, housing prices and thus makes having a Mortgage in London Ontario all the better.
The University of Western Ontario and Fanshaw Collage collectively contribute about $2 Billion per year to the local economy - and this stable resource continues to grow. The University of Western is a large medical and technology research center, and regularly spins off and seeds new companies as new technologies are developed. This tremendous resource also attracts some of the largest life sciences companies in the world. London will continue to be a major international health research and development center as the North American population ages and more and more capital is poured into health research.
So, given London Ontario's incredible economic diversity, strength and potential for growth, it makes very good sense to hold a mortgage in this very promising housing market.
