It is November 1, and if you are thinking about buying a home in London, Ontario, you may be asking yourself a very normal question: do I buy now, while things are quiet, or do I wait for spring, when there are more homes to choose from?
There is no one right answer for everyone. It depends on your situation. Here is what the numbers say right now, in plain words, so you can decide with a clear head.
First, what is happening in London right now
In September 2026, in the London and St. Thomas region, 561 homes sold, up 5.3% from September 2025, according to the London and St. Thomas Association of REALTORS (LSTAR). The benchmark price, which is the price of a typical home, not an average mixed with mansions and small condos, was $552,500, down 2.6% from a year earlier.
Two numbers tell the story best. First, there were 5.9 months of inventory. That simply means: if no new home came on the market, it would take about six months to sell all the homes currently for sale at the current pace. Second, the sales to new listings ratio was 34.7%. In simple words: of every 100 new homes listed, about 35 sold. That leans toward buyers, because buyers have choice and time.
Homes in the region sold at about 96.9% of their asking price on average, so close to the asking price, not far above it. In the City of London itself, the average sale price in September was $591,927.
Across Canada, the picture is different, and that is worth knowing. Nationally, September was a balanced market, with a sales to new listings ratio of 48.8% and 4.9 months of inventory, according to the Canadian Real Estate Association (CREA). The same country, a different story: London and St. Thomas leans more toward buyers than Canada as a whole.
What buying in November and winter usually looks like
In general, spring and early summer are the busiest seasons in Canada. More homes come on the market, but more buyers are looking too, so competition is higher. Late fall and winter are usually quieter. Fewer homes are listed, but fewer buyers are competing for them.
Here is the part many people do not know: a seller who lists a home in November or January is often listing because they need to move, for work, family, or timing reasons, not because they want to test the market. That can mean a more serious conversation about price and conditions, for a buyer who is ready.
That does not mean winter homes are cheap, or that every winter seller will accept a low offer. It means, in general, a ready buyer may face less competition than in spring.
What about interest rates?
On October 28, 2026, the Bank of Canada raised its policy rate from 2.25% to 2.50%, and the big banks raised their prime rate to 4.70%. If you have a variable rate mortgage, your payment likely goes up a little. If you have a fixed rate mortgage, nothing changes until renewal.
The next Bank of Canada decision is December 9, 2026. Nobody can promise what it will do. If you are buying now, the smart move is to buy based on a payment you can afford today, not on a hope that rates will fall by spring.
So, should you buy now or wait?
Buy now, in November or winter, if this describes you: you already have your mortgage pre-approval, you know what monthly payment feels comfortable, and you are ready to move when the right home appears. You will have fewer homes to choose from, but you may also have fewer competing offers, and more time to think.
Wait for spring if this describes you: you still need to save your down payment, you need to sell your current home first, or you need a very specific type of home in a very specific neighbourhood and you want the widest choice. Spring usually gives you more listings, but be ready for more competition too.
One honest warning for anyone waiting: waiting for spring does not guarantee a better price. Prices, rates, and the number of homes for sale can all move in either direction. The best time to buy is usually when your money, your pre-approval, and your life are ready, not when the calendar says so.
If you are selling this winter
The same logic works in reverse. If you must sell in winter, price your home to today's numbers, not to a neighbour's sale from last spring. In September, homes that were priced right sold; homes priced to old numbers sat. A realistic price is what brings serious buyers in a quiet season.
The simple bottom line
November in London, Ontario is a quieter market that leans toward buyers: about six months of homes for sale, about 35 of every 100 new listings selling, and prices close to asking. If you are financially ready, that quiet can work in your favour. If you are not ready yet, use the winter to get ready, pre-approval, down payment, and a clear budget, so spring finds you prepared, not rushed.
If you want help figuring out which group you are in, and what payment feels comfortable for you, we are happy to walk through it with you, step by step, in English or Spanish.
Paola Cano is a Real Estate Broker and Jose Ramirez is a Sales Representative, serving London, Ontario and surrounding areas.
— Paola Cano & Jose Ramirez, Thrive Realty Group Inc., Brokerage, London, Ontario.
Sources: LSTAR September 2026 Residential Market Activity Report (region: 561 sales, benchmark $552,500, 5.9 months of inventory, 34.7% sales to new listings ratio, 96.9% of asking price on average; City of London average sale price $591,927); CREA September 2026 national statistics, released October 16, 2026 (48.8% sales to new listings ratio, 4.9 months of inventory); Bank of Canada policy rate decision, October 28, 2026 (2.50%, prime 4.70%, next decision December 9, 2026).