Tillsonburg, Ontario is a charming town located in Oxford County, situated along Lake Lisgar and Otter Creek. With a population of around 15,000 residents, Tillsonburg provides a close-knit, small-town feel while still offering amenities and attractions. For those looking to purchase real estate in Tillsonburg, this guide covers topics like the local market, types of homes available, desirable neighborhoods, and more.
The Complete Guide to Tillsonburg Real Estate
An Overview of the Tillsonburg Real Estate Market
The Tillsonburg real estate market provides options for various budgets and lifestyles. Home prices are quite reasonable compared to larger metropolitan areas, with the average home price around $400,000 as of late 2022. Overall, the market remains steady and affordable.
Some key things to know about the current state of Tillsonburg's real estate market include:
- Growing Population: Tillsonburg's population has been steadily rising over the last decade, creating more demand for housing. Several new subdivisions have been constructed in recent years.
- Balanced Market Conditions: As of fall 2022, the market is balanced between buyers and sellers. Homes are selling within 30-60 days on average.
- Variety of Listings: On an average month, around 100 homes are listed for sale in Tillsonburg, providing options across pricing tiers and home types.
- Strong Rental Market: With Lake Lisgar University in town, Tillsonburg has a healthy rental market catering to students and young professionals. Average rents are between $1,000-$1,500 per month.
For buyers, current conditions make it a good time to invest in Tillsonburg real estate. Population and job growth point toward future appreciation, while balanced supply and demand allow time to deliberate over options.
Popular Types of Real Estate in Tillsonburg
Tillsonburg offers a variety of housing types to suit different lifestyles and needs. When searching for your perfect home, you'll encounter:
- Single Family Homes: Traditional detached family homes with private yards represent the majority of Tillsonburg's housing stock. These range from older townhomes to new custom builds.
- Semi-Detached & Row Houses: Duplexes, triplexes, and row house condos allow more affordable options for entry-level buyers. These are found throughout neighborhoods.
- Apartments & Condos: For renters and downsizers, Tillsonburg has numerous low and high-rise apartment buildings, along with a few condominium complexes.
- Lakeshore Properties: Custom-built waterfront homes and cottages line the shores of Lake Lisgar. These premium properties offer great scenery.
- Rural/Agricultural Properties: Surrounding farmland allows opportunities to own acreages, farmhouses, and equestrian estates.
No matter if you need a starter home, family house, vacation property, or acreage, Tillsonburg has real estate possibilities to explore.
Desirable Neighborhoods in Tillsonburg
When deciding where to live in Tillsonburg, you’ll find several attractive neighborhoods that offer great amenities. Here are some of the most popular areas among homebuyers:
Uptown
Surrounding the historic downtown, Uptown features charming streets lined with mature trees, Victorian and Queen Anne-style homes built in the late 1800s and early 1900s, and easy walkability to shopping and dining. Attractions like the Glendale Park Bandshell and Tillsonburg Museum are also found here.
Lisgar
On the southern edge of town, Lisgar offers beautiful views and access to Lake Lisgar through its waterfront park and marina. Mostly built out since 2000, the streets here are lined with newer two-story homes and family-friendly amenities like sports fields.
West Area
A little further from the lake, West Tillsonburg contains a mixture of established subdivisions full of one and two-story homes from the 1960s onward. Schools, churches, and natural areas provide convenient access to amenities.
Lakewood
The Lakewood neighborhood northeast of downtown offers affordable homes and easy highway access. As one of the original parts of town, it has century homes along tree-lined streets coupled with some newer infill development.
Fox Run
Found along the northern edge of town, Fox Run is a newer subdivision constructed in the 2010s. Upscale two-story homes offer open floor plans and remaining land allows for future expansion. Amenities include walking trails, parks, and a recreation center.
Overall, Tillsonburg neighborhoods provide well-rounded environments with old-town charm coupled with all the conveniences of living in a growing community.
Median Home Prices in Tillsonburg
Tillsonburg home prices are attractive compared to larger cities in Southern Ontario. According to the Tillsonburg Real Estate Association, the average price for residential real estate sold in 2022 reached $405,000, up 15% from the previous year.
To give a better idea of what's available on the market, here are the median sold prices over the past year in Tillsonburg categorized by housing type:
- Single Family Homes: $429,000
- Condominiums/Townhomes: $385,000
- Rural/Agricultural Properties: $589,900
- Waterfront Properties: $510,000
This breakdown shows a wide selection across pricing tiers. Single-family homes make up the majority of options on the market. Newly built homes in the latest subdivisions tend to be listed between $450,000 - and $550,000.
For buyers looking for more affordable possibilities, the townhome and condo market provides options starting in the low $300,000s. Land values are lower just outside of town as well, leading to reduced prices on rural properties.
Overall, favorable pricing coupled with low mortgage rates makes it an excellent time for first-time homebuyers to break into Tillsonburg real estate. Families and move-up buyers can also find spacious homes meeting their budget requirements.
New Developments in Tillsonburg
To keep pace with demand, several new housing developments have been launched over the past decade. Here are some of the latest and upcoming subdivisions bringing more options to the local real estate market:
- Carrington Estates: This neighborhood of two-story homes ranging from 1,500 to 3,000 square feet broke ground in 2016. Located off Concession Street, it offers walking trails and park spaces. Homes are priced from the mid $ 400,000.
- Maple Ridge: Phase 1 of Maple Ridge opened in 2018 with 39 single-family lots. Located near Lake Lisgar, current pricing starts in the low $500,000s for homes with 3-4 bedrooms and 2-3 bathrooms. Additional phases are planned.
- Settler's Village: Slated to begin construction in 2024, Settler's Village will bring 50 new townhome units to a property off Victoria Street. Ranging from 1,200 to 1,500 square feet, these will provide affordable options for professionals and families.
- Sunrise Estates: With zoning approval secured, Sunrise Estates will eventually comprise over 100 detached and semi-detached homes on an expansive property near Highway 19. Construction is likely to occur in phases lasting through 2027.
New developments allow homebuyers the opportunity to build and customize residences to their specifications. For those seeking maintenance-free living, condominiums and townhouses rank among the best choices.
5 Things to Know Before Buying in Tillsonburg
Purchasing real estate in Tillsonburg comes with many advantages. However, it's also important for buyers to understand key details impacting the home-buying process. Here are five essential factors to research before starting your search:
1. Mortgage Interest Rates - Current rates on financing sit around 5% as of late 2022, increasing affordability challenges compared to record lows of under 3% in 2021. Work with your lender to understand rate impacts.
2. Closing Costs - On top of the purchase price, buyers pay closing costs averaging $4,000-$5,000. These include land transfer taxes, legal fees, and inspection costs.
3. Commuting Times - With major highways connecting through Tillsonburg, average commute times to London, Kitchener, Woodstock, or other hubs sit around 45 minutes by car.
4. School Options - Tillsonburg has 5 public elementary schools and 1 secondary school under the Avon Maitland District School Board. Private and alternative schooling is also available.
5. Municipal Taxes - Tillsonburg has average property tax rates for Ontario. Expect annual tax bills ranging from $3,500 to $5,000 depending on home price.
Gaining familiarity with these details provides buyers with confidence during the evaluation and offer process. Be sure to consult with real estate agents and mortgage professionals when making a major property investment.
Why Invest in Tillsonburg Real Estate?
From small-town charm to quality amenities, Tillsonburg provides an ideal setting to put down roots or build up an investment portfolio. Let's explore factors driving increasing interest among homebuyers:
- Steady Population Growth - Tillsonburg's population rose by 9% between 2011 and 2016. More young professionals and families are moving to the area, increasing housing demand.
- Improving Local Economy - Major investments like the $12.8 million Lake Lisgar Waterfront Development in 2016 help provide jobs and drive tourism to the region.
- Accessibility - Situated right along Highway 3, Tillsonburg enjoys quick connections to Woodstock, Brantford, Simcoe, London, and other cities for work and amenities.
- Affordability - Real estate prices sit below averages for Southern Ontario, even as new construction brings more premium housing onto the market.
- Desirable Lifestyle - Natural beauty, recreation, arts, and culture provide a family-friendly environment without compromising amenities.
Both buyers looking for a tranquil setting to live in themselves and investors seeking expanding returns should place Tillsonburg on their radar.
Final Thoughts on Buying Tillsonburg Real Estate
For homebuyers and investors alike, Tillsonburg provides a balanced environment coupling small-town living with growth opportunities. The real estate market features affordably priced and desirable housing options across all types and price ranges.
New developments continue to bring premium housing onto the market as population and employment opportunities keep increasing. Yet the peaceful setting bordering Lake Lisgar allows quick access to nature and recreation from any neighborhood.
Together with strong community ties and family-friendly amenities, this blend ensures demand for properties remains high while maintaining reasonable pricing compared to major metro areas. Whether building a forever home or expanding an investment portfolio, Tillsonburg real estate makes an ideal addition.
