If you already own a home in London, Ontario, and you have been thinking about moving to a bigger one, you may be waiting for the "right moment." Most people wait because they are watching one number: the price of the home they want to buy. But there is a second number that matters just as much, and many people never look at it. It is the gap, the difference between what your current home is worth and what the next home costs. And right now, in London, that gap may be smaller than you think.
What happened this week
On November 9, 2026, REMAX Canada published its Fall/Winter 2026 report on higher priced homes across Canada. In London and St. Thomas, homes priced at $1,100,000 or more sold 309 times between January 1 and September 30, 2026. In the same months of 2025, they sold 320 times. That is 11 fewer sales, a drop of about 3.4 percent. In plain words, the top end of the market slowed down a little, but it did not fall apart. Seven of the 13 markets in the report grew, and London was one of the six that went down slightly.
The most interesting line in the report is not the number. It is this: in markets including London, the smaller gap between the price of the home people already own and the price of a better home is encouraging homeowners to move up, even if it means accepting a lower price for the home they sell. That idea is the heart of this article, and it surprises almost everyone who hears it for the first time.
The gap, explained with a simple example
Imagine you own a detached house. A detached house is a house that stands alone, with no shared walls. Your house is worth about $600,000. The bigger detached house you want costs about $750,000. The gap between them is $150,000. That gap is the extra money you need, before the other costs of moving.
Now imagine prices in London soften, which means they go down a little. Both houses drop by 5 percent. Your house is now worth $570,000, and the bigger house now costs $712,500. The gap is now $142,500. It got smaller by $7,500, even though your own house lost $30,000 in value.
This is the part most people miss. When prices fall, the cheaper home and the more expensive home usually fall together. The more expensive home falls by more dollars, because 5 percent of a bigger number is a bigger number. So the distance between the two shrinks. When prices rise, the opposite happens, and the gap grows. That is why watching only the price of the home you want can mislead you. The gap is the number that decides whether the move is affordable for you.
These numbers are only an example to show how the math works. They are not a promise about what your home is worth or what any other home will cost. Every street in London is different, and a real answer needs the recent sales on your street, for the same type of home.
Why this matters right now in London
Three things are true in London at the same time, and together they create this moment for people who want to move up.
First, there are more homes to choose from than there were a year ago. In October 2026, London had about 5.5 months of inventory. "Months of inventory" is a simple idea: if no new homes were listed from today on, and homes kept selling at the current pace, it would take about five and a half months to sell everything that is for sale. More months means more choice for buyers, and more time to decide.
Second, homes in London are selling close to their asking price. The asking price is the price the seller puts on the listing. In the summer months of 2026, homes in London sold for about 97 percent of their asking price on average, according to sales data from the local MLS system. That means big bidding wars, where buyers pay far above the asking price, are not the normal story right now. For someone moving up, that is good news twice: you are less likely to be pushed far above the asking price on the home you buy, and you can plan your budget with more calm.
Third, the Bank of Canada raised its main rate to 2.50 percent on October 28, 2026, its first increase since July 2023. The big banks raised their prime rate, the rate they use as a base for variable mortgages, from 4.45 percent to 4.70 percent. A variable mortgage is a mortgage whose rate can move up or down over time. The next decision from the Bank of Canada comes on December 9, 2026. A higher rate can make the monthly payment on a new mortgage a little higher, so anyone thinking of moving up should talk with a mortgage advisor before making a decision, and check what payment they can truly afford.
Who this is for, and who it is not for
This article is for homeowners in London, St. Thomas, or nearby areas who already own a home, have built up some value in it, and are thinking about a bigger home, a better neighbourhood, or a home that fits a growing family. It is not for first time buyers, because the gap only exists when you already own something to sell. It is also not a promise that moving up is a good idea for everyone. If your income has changed, if your mortgage renewal is coming soon, or if you would need to sell your home before you can buy, the timing and the order of the two moves matter a lot, and a realtor and a mortgage advisor should look at your numbers together with you.
Four questions to ask before you move up
1. What is the gap for your two homes, not the average?
London's average sale price in October 2026 was $596,951, according to LSTAR, the London and St. Thomas Association of Realtors. That number covers the whole city and every type of home together, so it cannot tell you what your home is worth. Compare your home only with homes like it, detached with detached, townhouse with townhouse, on streets near yours. Ask for the recent sales, not just the listings.
2. What would your monthly payment be on the new home?
The gap is a one time number, but the mortgage payment comes every month for years. With the prime rate now at 4.70 percent, a small change in the rate can change the payment. Ask your mortgage advisor to run the numbers with today's rate, not the rate from a year ago.
3. Would you sell first, or buy first?
If you sell first, you know exactly how much money you have, but you may need a temporary place to live. If you buy first, you need a short loan called bridge financing, which covers the days between buying the new home and receiving the money from selling the old one. There is no single right answer. It depends on how fast homes like yours are selling, and on how much risk you are comfortable with.
4. What does the next home really cost, beyond its price?
Property taxes, heating, and insurance can be very different from one home to another, even at the same price. A bigger home can mean a bigger heating bill every month. Ask for the tax bill and a recent heating bill before you fall in love with a house.
The bottom line
A softer market feels like bad news when you look at your own home losing value. But if you are moving up, a softer market can quietly make the next home closer to your reach, because the gap between the two homes can shrink. In London right now, more choice, prices close to asking, and a smaller gap between homes are all pointing the same way for homeowners who have been waiting. The right move is still a personal one, and it starts with two numbers for your own situation: what your home would sell for today, and what the home you want would cost today. If you want those two numbers for your street, we can find them together.
This article is general information, not financial, legal, or tax advice. If you are thinking about selling and buying, talk with a mortgage advisor and a lawyer about your own situation before you decide.
Paola Cano, Real Estate Broker, and Jose Ramirez, Real Estate Broker, work as one team helping buyers and sellers in London, St. Thomas, Strathroy, and surrounding areas. If you are thinking about moving up, or you simply want to know what your home is worth today, send us a message and we will look at the recent sales on your street together.
— Paola Cano & Jose Ramirez, Thrive Realty Group Inc., Brokerage, London, Ontario.
Sources: REMAX Canada, Fall/Winter 2026 Spotlight on Luxury Report, published November 9, 2026 (London-St. Thomas luxury threshold $1,100,000 and up; 309 sales January to September 2026 vs. 320 in the same period of 2025). LSTAR October 2026 market statistics (380 home sales in the city of London; median sale price $553,164; about 5.5 months of inventory; average sale price $596,951). Bank of Canada policy rate decision, October 28, 2026 (policy rate 2.50 percent; prime rate at major banks 4.70 percent; next decision December 9, 2026).