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1042 Dearness Drive

London South, N6E 1N7·MLS® X13478680·

Listing courtesy of Initia Real Estate (ontario) LTD·Updated 4 hours ago

For sale
1 / 4
0Beds
0Baths
2,500-3,000Sqft
NewYear Built

Listing price

$359,900

Est. $1,714/mo

Days on market

1

Listed Jun 23, 2026

Description

Rare opportunity to acquire a generously sized residential lot in desirable South London. This spacious property measures 45.16 x 198.48 feet, offering exceptional depth and flexibility for future development. Ideally located close to major highways, shopping centres, schools, parks, and other everyday amenities, providing both convenience and strong long-term value. The lot presents excellent potential for builders, investors, or end users looking to construct a detached home or explore the possibility of a multi-family residential dwelling for rental income (subject to municipal approvals). With its large lot size and prime location, this property offers numerous possibilities to design and build a custom residence or income-generating property in a growing and well-connected area of South London. A great opportunity to secure land in a sought-after neighbourhood with strong future potential. Buyer to perform their own due diligence regarding zoning, permits, and development possibilities.

Property details

Garage

2 car

Parking

4 spaces

Type

Vacant Land — Other

AI property estimate

$371,057Above Market
$349,463$392,651

82% confidence · 8 comparable sales analysed

Location & neighbourhood

Westminster

London South, ON

Expansive southeast neighbourhood with diverse housing, numerous schools, and Wellington Road access.

Monthly payment estimate

Mortgage (5.24%, 25yr)$1,714
Property tax$390
Insurance (est.)$75
Utilities (est.)$250
Total monthly$2,429

Land transfer tax

Ontario LTT

$3,874

First-time rebate

$3,874

First-time buyer rebate of up to $4,000 may apply. Consult a lawyer for eligibility.

Price & listing history

Jun 23, 2026Listed
$359,900

Market conditions · South Y

Buyer's marketBalancedSeller's market

Avg. sold price

$682,400

+5.2%

Avg. days on market

18

−3d

Sale-to-list ratio

101.2%

+0.8%

Investment analysis

Est. monthly rent

$1,440

Rental yield

4.8%

Est. cash flow

-$989

Cap rate

3.3%

Best time to sell

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Peak
Good
Average

Affordability

Minimum household income required

$91,088

Based on 20% down, 5.24% stress test rate, 25yr amortization, 32% GDS ratio.

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AI estimate

$371,057

Above Market

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