Bright and affordable 1+den condo with stunning views at 501-583 Mornington Ave, London, ON. This spacious unit is an excellent option for first-time buyers, investors, or anyone looking for an affordable student home. Set in a quiet, clean, and well-managed building, it offers comfort, convenience, and strong value. The large private balcony showcases sweeping city views and is the perfect place to relax with a morning coffee or enjoy the sunset. Inside, the practical layout includes a generous living area, a bright bedroom, and a versatile den ideal for a home office, study area, or guest space. Condo fees include heat, hydro, and water, making monthly costs easier to manage. Whether you are entering the market or adding a property in a high-demand rental area, this condo is a smart opportunity in a solid building.
1 bedroom, 1 bathroom, about 600 sq ft, works out to roughly $292 per square foot, the bed-to-bath ratio is generous. Chat with Zara if you'd like a deeper read on whether this condo fits your budget and timing.
Inside 583 Mornington Ave #501
Every detail from the listing, in one place.
Type
Condo
Style
Apartment
Living space
600-699 sq ftas stated on the listing
Parking
1 space
Basement
Full
Features & systems
Parking & garage
Parking spaces
1
Interior
Basement
Full
Lot & land
Lot size (sqft)
0
Listing & possession
Property style
Apartment
Property class
Condo Apartment
583 Mornington Ave #501 Price & Sale History
Earlier listings of this property, list-price changes, and the most recent annual property tax on the listing.
For saleListedThis listingMLS® X13173560$174,999
Sourced from MLS®. Includes earlier listings of this property on record.
What's it worth?
How 583 Mornington Ave #501 Compares to the London Market
Zara compares it with recent sales of similar homes nearby. It's a guide, not an appraisal.
Independent mortgage broker · OAC · rates subject to change and underwritingMortgage Squad →
Referral disclosure: Summitly may refer you to Mortgage Squad Advisors, an affiliated mortgage partner. You are free to choose any lender or mortgage professional.
Monthly cost
Enter a rate to see the monthly cost
An estimate, not a quote. Utilities and insurance are extra.
Affordability calculator
Estimated monthly payment
$860
/mo
based on the purchase price of $174,999
$35,000 cash
$139,999 financed
$117,916 total interest
Principal54%$139,999
Interest46%$117,916
20% down · 25-yr amortization · 5.50% rate. Principal & interest only — taxes, condo fees, and insurance not included.
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Figures are Summitly estimates for illustration only — not from TRREB or the MLS® feed, and not a mortgage approval, appraisal, or financial advice.
Rental income potential
Est. monthly rent
low–high
Gross yield
rent × 12 ÷ price
Cap rate (est.)
net of tax + fees
Summitly AI estimate for discussion only — not from TRREB or the MLS® feed, and not an appraisal or investment advice. Yield and cap rate are derived from the estimated rent versus the asking price.
For homeowners nearby
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Mortgage financing is arranged through Mortgage Squad Advisors. Summitly is the technology platform that powers this site. Estimated values, AI insights, calculator results, and rental projections shown on this page are generated by Summitly and are not provided by, reviewed by, or sourced from TRREB, the MLS®, or the listing brokerage; they are not appraisals or opinions of value. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by the Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The Coldwell Banker® name and logo are trademarks of Coldwell Banker Real Estate LLC.
Similar homes for sale nearby in London
Other 1–2 bed homes for sale in London around $175K.
Average days on market39Homes sold in about 39 days on average.
Sale-to-list ratio97.2%On average, homes sold below asking.
Active listings2,507Homes for sale here right now.
Median vs prior 90 days−1.7%Compared with Apr 24 – Jul 23, 2026: prices down.
Based on 1,800 sales from Jul 23 – Oct 21, 2026 (1,462 in the prior 90 days). Aggregate MLS® figures for closed sales; individual sold prices are shown only to signed-in members.
More in this building
4 for sale at 583 Mornington Ave — plus its sale and lease history.
583 Mornington Ave #501 is listed at $174,999 (MLS® X13173560). Summitly updates the price as soon as the MLS® record changes.
Is $174,999 a good price for 583 Mornington Ave #501?
Summitly rates it Excellent Deal: the asking price is 10% or more below Zara's estimate, an estimate built from recent sales in London. The rating is an automated opinion, not an appraisal; "What's it worth?" on this page shows how it is worked out. See Zara's estimate
Has the price of 583 Mornington Ave #501 changed?
No — 583 Mornington Ave #501 is still listed at its original asking price of $174,999.
How many bedrooms and bathrooms does 583 Mornington Ave #501 have?
583 Mornington Ave #501 has 1 bedroom and 1 bathroom, with about 600–699 square feet of living space. It is a condo in London.
How much would the monthly mortgage be on 583 Mornington Ave #501?
About $860 a month — principal and interest on $174,999 with 20% down ($35,000), a 25-year amortization and an assumed 5.5% interest rate. The mortgage calculator on this page lets you change the down payment, amortization and rate.
How does 583 Mornington Ave #501 compare with other homes in London?
Its asking price of $174,999 is about 69% below the median sold price in London over the last 90 days, $559,950, across 1,800 closed sales on the TRREB MLS®. A city median mixes every type and size of home, so the comparable sales on this page are the closer guide.
Has 583 Mornington Ave #501 been sold before?
Summitly has no earlier MLS® sale or lease of 583 Mornington Ave #501 on record from the last two years. Older records aren't shown under TRREB rules.
Where is 583 Mornington Ave #501?
583 Mornington Ave #501 is in London, ON. Schools, transit, parks and shops nearby are under Location & lifestyle on this page.
How long has 583 Mornington Ave #501 been on the market?
149 days — 583 Mornington Ave #501 was listed on May 25, 2026.
What is the price per square foot of 583 Mornington Ave #501?
About $250 to $292 per square foot: the asking price of $174,999 over the 600–699 sq ft the listing gives as its size range.
Does 583 Mornington Ave #501 have parking or a garage?
Yes — the listing gives 1 parking space.
Does 583 Mornington Ave #501 have a basement, and is it finished?
