September's numbers are out — and at first glance they look like they contradict each other. Average home prices jumped, yet almost every headline says it's a buyer's market. Both things can be true at once. Let me explain, in plain words.
Did prices really go up?
Yes — the average price in the London region rose to $611,509 in September, up from $590,550 in August (LSTAR). London South averaged $608,872 and London North $704,858. But averages can be misleading. An average is simply all sold prices added up and divided by the number of sales — so one very expensive house can pull it up. A steadier number is the "benchmark" price: $552,500 in September. Think of it as the price of a typical London home, tracked over time. It's a better trend reader than the average.
Then why is it called a buyer's market?
Imagine 100 new "for sale" signs go up in a month. In September, only about 35 of those homes actually sold. (The technical name is the sales-to-new-listings ratio: 34.7%.) A balanced market — where neither side has the advantage — would be 45 to 65 of every 100, according to CREA. On top of that, there are nearly 6 months' worth of homes sitting unsold right now. More choice for buyers, more competition among sellers. That's what a buyer's market really means: time and negotiating power are on the buyer's side.
What about interest rates — are they going up?
The Bank of Canada meets on October 28 to decide. Its main rate — think of it as the "base rate" that pushes most mortgage rates up or down — has been 2.25% since last October. It hasn't moved in a full year. Here's the honest truth: the experts don't agree with each other. Most big-bank economists expect the Bank to leave rates alone on October 28; a couple of banks expect a hike in December or next year. The most important clue arrives on October 19, when September's inflation numbers come out. What does 0.25% even mean in real dollars? On a variable-rate mortgage, roughly $13 more per month for every $100,000 you borrow. If your mortgage rate is fixed, nothing changes until your renewal.
So… should I wait, or act now?
One headline doesn't fit every home. This market is segmented: condo townhouses face a lot of competing inventory, so buyers have real power there; detached homes are more balanced. That's why your street and your home type matter more than the regional average.
- If you're selling: price it right from day one, and make the home show its best — in a market with this much choice, buyers don't have to settle.
- If you're buying: you have choice and negotiating room. Get pre-approved first so you know your numbers before rates can change.
The big takeaway: the experts disagree about October 28, and the headlines sound dramatic. But your decision shouldn't be about the headline — it should be about your numbers, your home type, and your timing. That's the part a good local realtor helps you figure out.
— Paola Cano & Jose Ramirez, Thrive Realty Group Inc., Brokerage, London, Ontario.
Data from: LSTAR September 2026 statistics; nesto London housing market data (Oct 2026).