Waseer Law in Western University News: COVID Hits London Housing
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Waseer Law Featured in Western University News: How COVID-19 Shaped London’s Housing Market
The COVID-19 pandemic has reshaped many aspects of our lives, and one sector that felt a profound impact is the housing market. London, Ontario, is no exception. Over the past year, rental and housing prices in the city have seen fluctuations, reflecting broader national trends. Recently, Western University News featured Waseer Law, highlighting expert insights on how these changes affect residents, students, and prospective homeowners.
In this article, we’ll explore the current state of London’s housing market, factors influencing price trends, the struggles faced by renters, and insights from Waseer Law, a leading real estate and mortgage law firm in London, Ontario.
Current Trends in London’s Housing Market
According to a report cited by Western University News, London has witnessed a slow but steady decline in housing prices over the past year. This mirrors trends observed across Canada, where rental and housing prices are adjusting after the highs of the pandemic era.
Some key statistics include:
- Average asking rent for a two-bedroom apartment in London (September 2025): $2,102, reflecting a 5.9% decrease from 2024.
- Canada’s average asking rents have fallen by 3.2% year-over-year, marking the 12th consecutive month of decline.
- Due to an increase in the availability of dwellings, rental prices started to fall around the beginning of 2025.
- A modest increase in sales and pricing during the summer months suggested a possible recovery. But the market's rebound was abruptly halted in September, suggesting that stability is still elusive.
- London is still comparatively pricey despite these declines. It came in at number 38 on the list of Canadian cities with the highest rental costs in September 2025. This demonstrates that the city's rental market is still difficult for many citizens, particularly students, notwithstanding declines.
The Role of Interest Rates and Bank Policies
One of the major factors influencing the housing market has been the interest rate policies of the Bank of Canada. In an effort to encourage homebuyers, the Bank lowered interest rates from 2.75% to 2.5% last month. While this step aimed to stimulate market activity, sales still declined by 6% compared to September 2024.
Zia Waseer, principal partner at Waseer Law, explains the impact of interest rates during and after the COVID-19 pandemic:
"Interest rates were quite low at the time, so a lot of buying and selling activities happened. Due to that, rent prices were also increased."
Many people invested in real estate as a result of low interest rates, which made mortgages more accessible. Rent prices were impacted by this influx since it raised demand in the housing market.
Post-COVID Housing Demand in London
Migration patterns were significantly impacted by the outbreak. In search of more affordable property and a more tranquil lifestyle, many individuals relocated from bigger cities to smaller ones like London.
Waseer Elaborates
"They saw an opportunity for affordable housing at that time. So a lot of influx came into London due to that demand and supply."
The city's housing market was under pressure due to this unexpected surge in demand. Prices momentarily surged as supply could not keep up. The market has yet to fully recover to pre-pandemic levels, even as some people return to the workforce or relocate to larger cities.
For context, in April 2021, the average rent for a two-bedroom apartment in London was $1,608 per month. Today, even with a slight drop to $2,102, prices remain higher than pre-pandemic levels, reflecting ongoing demand and limited affordable housing options.
Challenges for Renters and Students
While some market indicators suggest a stabilization, affordability remains a critical issue, particularly for students and new renters.
“It’s difficult to find a good rental lately.” - Selena Gougoulias, third-year kinesiology student
“I think the prices are ridiculously high for where they are - it’s too much money for students. Crappy houses for high expenses.” - Mariamma Liovas
These difficulties show how market changes and the financial realities that young renters and students experience are out of sync. Finding decent, reasonably priced property is still difficult despite price reductions.
Factors Contributing to Market Stabilization
- Increased Construction and Listings: New rental units have helped balance demand and supply.
- Lower Immigration Targets: National policies have eased housing demand pressure.
- Post-COVID Adjustments: Movement back to larger cities has led to gradual price stabilization.
"Demand was higher, and the supply was not as it should be. Due to that, the prices over a period of time skyrocketed."
Expert Insights from Waseer Law
Waseer Law, featured in Western University News, provides expert guidance for individuals navigating London’s complex housing market. Their advice focuses on:
- Understanding the impact of interest rates and mortgage options.
- Evaluating market trends to make informed decisions on buying or renting.
- Recognizing the long-term effects of the pandemic on housing affordability.
Waseer Law’s experience in real estate and mortgage law positions them as a trusted source for prospective homebuyers, renters, and investors in London.
Looking Ahead: What the Future Holds
The housing market in London is slowly stabilizing, but uncertainties remain. Students, young professionals, and families should prepare for the following trends:
- Moderate Price Fluctuations: Sudden shifts may still occur due to interest rate changes or demand spikes.
- Continued Demand for Affordable Housing: The need for accessible rental options remains high.
- Opportunities for Homebuyers: Lower interest rates may present favorable conditions for new buyers.
When making real estate selections, Waseer Law recommends potential clients to stay educated and take expert advice into consideration:
"While prices are slightly down, affordability remains a challenge. We guide our clients through these shifts to help them make the best choices for their circumstances."
The COVID-19 pandemic left a lasting mark on London’s housing market. Featured in Western University News, Waseer Law provides valuable insights into the trends shaping housing prices, rental affordability, and post-pandemic shifts in demand.
For students, renters, and homebuyers, understanding these market dynamics is essential. With expert advice from Waseer Law, residents of London can navigate these challenges more effectively and make informed decisions in a complex housing landscape.
