If it was a city I loved, sure I would move!
The rent here in London is definitely cheaper than Toronto, and in Northwest London a lot of new houses have been on the go for the last year or so. And they keep building all the time.
I've lived in London all my life, and I gotta say, it is definitely a nice place to live.
If you want to look more into the prices of houses, jobs, and whatnot, I suggest going to the London Free Press site in the classifieds section. The site has lots of info in general about what's new in London.
London Free Press Classifieds