Average single-family home in London is now $743,195

The average price of a single-family home in London, Ont., is now $743,195 — nearly double what it was only four years ago, according to new data from the London St Thomas Association of Realtors (LSTAR).

The average price of a single-family home in London, Ont., is now $743,195 — nearly double what it was only four years ago, according to new data from the London St Thomas Association of Realtors (LSTAR).

Even the median price, which better reflects what's going outside of the luxury homes market, may prompt upset, coming in at $685,500 last month, according to LSTAR.

The numbers, published on Tuesday, illustrate just how real the financial pinch is when it comes to buying a single-detached home, what most consider to be the crown jewel of Canadian residential real estate since the 1950s.

While the price is not the highest the city has even seen — that happened when the value of real estate peaked in London last February — the price shows how expensive home ownership has become in the city.

With the minimum down payment of $49,320 and a five-year fixed mortgage rate of 4.64 per cent would result in a monthly payment of $4,050.38, according to the Canada Mortgage Housing Corporation's online mortgage calculator.