October's numbers for London, Ontario are in, and they tell a clear story: the market is calm, buyers have choices, and the price you start at matters more than ever. In the City of London, 380 homes sold in October 2026. That is almost the same as September (384 sales) and a little lower than last October (399 sales, down 4.8%).
The median sale price was $553,164. That is up 3.2% from September's $536,000 and down 2.1% from $565,000 a year ago. In simple words: prices went up a little from last month, but they are still a little lower than they were a year ago. New listings fell to 1,030 in October, down 12% from September, which is normal as the fall market slows down.
First, what does "median price" mean?
Imagine you line up every home that sold in October, from the cheapest to the most expensive. The median is the one in the middle. Half of the homes sold for more than $553,164, and half sold for less. It is not the average, so one very expensive sale does not pull the number up.
What are "months of inventory"?
This is one of the most useful numbers in real estate, and it is simple. It answers this question: if no new homes were listed starting today, and homes kept selling at the recent pace, how many months would it take to sell every home that is for sale right now?
As a general guide, under about 4 months of supply tends to favour sellers, 4 to 6 months is balanced, and more than 6 months tends to favour buyers. In October, London had 5.5 months of inventory across the city, so buyers in general have more room to choose and to negotiate than they did in the busier years.
The $700,000 line: two markets in one city
London's market splits at roughly $700,000. Below that price, homes are selling at a balanced pace. Above it, buyers have much more leverage.
- Under $500,000: 149 homes sold in October, with 4.8 months of supply. 22 of them sold above the asking price.
- $500,000 to $700,000: 146 homes sold, with 4.8 months of supply. 16 sold above asking.
- $700,000 to $900,000: 55 homes sold, with 6.8 months of supply. Only 5 sold above asking.
- $900,000 to $1.2 million: 18 homes sold, with 10.0 months of supply. Only 1 sold above asking.
- $1.2 million and up: 13 homes sold, with 10.4 months of supply. Only 2 sold above asking.
Here is the fact that surprises many people: more than 3 out of every 4 homes that sold in October were priced under $700,000, and that is also where almost every bidding situation happened. Above $700,000, homes still sell, but buyers take their time and negotiate.
Condos: a buyer's market of their own
Condos tell their own story. In October, 89 condos sold in London at a median price of $380,000, down from $400,000 a year ago. Condos had 7.3 months of supply, which is firmly in buyer territory. If you are shopping for a condo in London, you are in a good position to ask for a better price, a condition, or a later closing date.
Freehold homes, which means detached homes, semi-detached homes and freehold townhouses where you own the house and the land, were steadier: 292 sold at a median of $595,000, with 5.0 months of supply, right in balanced territory.
The price you start at can cost you weeks and thousands
In October, homes that sold without ever lowering their asking price took a median of 21 days to sell. The 82 homes that needed a price cut first took a median of 63 days, three times longer, and ended up selling for 89.7% of the price they started at. Across every October sale, homes sold for 96.5% of their final asking price, but only 95.2% of their original asking price. In other words, starting too high did not bring a higher price. In most cases, it brought a longer wait and a lower result.
The Bank of Canada's rate move, in plain words
On October 28, 2026, the Bank of Canada raised its key interest rate by a quarter of a point, from 2.25% to 2.50%. That was its first increase after holding the rate steady at all six earlier decisions this year. The big banks' prime rate, the rate that variable mortgages follow, moved to 4.70%.
What does that mean in everyday language? If your mortgage rate moves up and down with the prime rate, your payment can go up when the Bank raises its rate. Fixed-rate mortgages work differently: their rates follow the bond market, so they can move before or after the Bank acts. One week is too soon to see this change in the sales numbers, and anyone who says otherwise is guessing. What we can say is that buyers who were already stretching their budget may hesitate a little more, and monthly payments matter even more when comparing homes. If your pre-approval is from before October 28, it is worth checking what the change does to your payment and your maximum price. The Bank's next decision is December 9, 2026.
What does this mean for you before the end of the year?
If you are buying under $700,000: move with purpose. Well-priced homes in this range are still selling in two to three weeks, and some still draw more than one offer. Get your pre-approval refreshed and be ready to act when the right home appears.
If you are buying above $700,000, or a condo: take your time. There is more choice, more room to negotiate, and more homes that have been listed for 60 days or more. Those are often the homes where a careful offer can work.
If you are selling: price to where buyers are today, not where the market was in the spring. The first two to three weeks bring the most attention a listing will ever get, and in October that window is where the strongest results came from. If showings are thin after two weeks, the market is telling you something, and adjusting early usually costs less than chasing the market down later.
Quick answers
Is London a buyer's market right now?
It depends on the price range. Under $700,000, the market is balanced, with about 4.8 months of supply. Above $900,000, with about 10 months of supply, and for condos, with 7.3 months, buyers have the upper hand.
Are homes selling below asking price?
Most are, by a small margin. In October, London homes sold for 96.5% of their final asking price on average, and 46 homes, about 12 in every 100, sold above asking.
How long does it take to sell a house in London right now?
The median home that sold in October took 27 days. Homes that never lowered their price sold in a median of 21 days.
Should I wait for the Bank of Canada's next decision?
Nobody can promise what the Bank will do on December 9. What you can control is your own numbers: a refreshed pre-approval, a clear monthly payment you are comfortable with, and a price range that fits it.
This is general information about the London market, not financial or legal advice. Your own situation, your mortgage, and your contract can change the answer, so it is always worth talking it through with your mortgage advisor and your lawyer.
If you would like help reading where your home fits in this market, Paola Cano, Real Estate Broker, and Jose Ramirez are happy to talk it through, with no pressure and no obligation.
— Paola Cano & Jose Ramirez, Thrive Realty Group Inc., Brokerage, London, Ontario.
Sources: London and St. Thomas Association of REALTORS® (LSTAR), October 2026 statistics for the City of London; Bank of Canada, October 28, 2026 rate decision.