If someone tells you "a home in London costs about $600,000," that number can mislead you. London is one city, but the price of a typical home changes a lot depending on which part of the city you look at. In October 2026, the typical home in London North was priced about $172,300 higher than the typical home in London East. Same city. Same month. Very different price.
This article is for you if you are buying your first home in London, or if you are choosing where in the city you want to live. It is also useful if you already own a home here and you wonder what homes in your part of the city are worth. The numbers below come from October 2026, from the London and St. Thomas Association of REALTORS (LSTAR). Prices change from month to month, so use these numbers as a map, not as a promise.
First, two words you will see everywhere: "benchmark" and "average"
Before the numbers, let us make two words simple, because almost every market report uses them.
A benchmark price is the price of a typical home in one area. Think of it as the price of a normal, middle-of-the-road home, not the cheapest and not the most expensive. When we say the benchmark in London East was $425,000 in October 2026, we mean a typical home there was priced around $425,000.
An average price is different. You add up the price of every home sold and divide by the number of homes. One very expensive sale can pull the average up, so the average is often higher than the benchmark. In October 2026, the average sale price in the city of London was $596,951, while the benchmark for a typical home in the whole city was $525,900. Both numbers are real. They just measure different things. For a buyer, the benchmark is usually the more useful number, because it describes a typical home, not a mix of mansions and small condos.
The three parts of London, side by side
LSTAR divides the city of London into three areas: East, South and North. Here is the benchmark price of a typical home in each one, in October 2026:
London East: $425,000
London South: $542,300
London North: $597,300
The gap between East and North is $172,300. The gap between East and South is $117,300. And South and North are $55,000 apart.
Why is there such a big difference inside one city? In general, it comes down to three things: the age of the homes, the size of the homes and the lots, and how close the area is to things people pay extra for, like newer subdivisions, big shopping areas and the university. London East has many older, post-war bungalows, which are smaller homes built after the Second World War, often on established streets like those in Argyle. London North has many newer subdivisions, which are neighbourhoods of recently built homes, often larger, like Sunningdale, near Masonville and the north edge of the city. London South sits in between, with established family areas like White Oaks. None of this means one area is better than another. It means the same amount of money buys a different kind of home in each area.
Just outside the city, the typical home in St. Thomas was benchmarked at $490,400 in October 2026, which sits between London East and London South.
The type of home changes the price even more
Where you buy matters, but what you buy matters even more. In the city of London, in October 2026, here is what homes sold for on average, by type:
Detached house: $662,068 (284 homes sold). A detached house is a house that stands alone, with no shared walls.
Townhouse: $424,986 (65 homes sold). A townhouse is a home in a row of homes that share side walls, usually with a small yard.
Apartment or condo: $295,547 (27 homes sold). An apartment is one home inside a building with many homes, and it often comes with a monthly condo fee.
The gap between a detached house and a townhouse in the same city is about $237,000 on average. That is bigger than the gap between the east and the north of the city. So if your budget is tight, changing the type of home you look for can open more doors than changing the area.
One warning, and it is important: always compare the same type of home with the same type. A townhouse in the north is not the same as a detached house in the east. If you compare a townhouse price with a detached house price, you are comparing two different products, and the number will confuse you. Compare townhouse with townhouse, and detached with detached.
What this means for your down payment
The down payment is the money you pay yourself when you buy a home, before the mortgage starts. The mortgage is the loan from the bank that covers the rest. In Canada, the smallest down payment allowed is 5% on the first $500,000 of the price, and 10% on the part above $500,000.
Here is what that rule means with the October numbers, as a simple example:
A typical home in London East at $425,000 needs a minimum down payment of about $21,250 (5% of $425,000).
A typical home in London North at $597,300 needs a minimum down payment of about $34,730 ($25,000 for the first $500,000, plus 10% of the $97,300 above that).
The difference is $13,480, just for the down payment. And a higher price also means a bigger mortgage and a bigger monthly payment in general. So the area you choose does not only change the price on the listing. It changes how much cash you need on day one. That is why we always say: get your pre-approval first. A pre-approval is a letter from your lender that says how much they are willing to lend you, and it turns a guess into a real budget. Then choose the area and the type of home that fit inside that budget.
A calmer market gives you time to choose
October also showed a market with more room to breathe. There were 380 home sales in the city of London in October 2026. There were about five and a half months of inventory in the city, which means that if no new homes were listed, it would take about five and a half months to sell all the homes for sale now. The middle home in the city took about 28 days to sell, which means half sold faster and half took longer. And in the summer of 2026, homes in London sold for about 97% of their asking price on average, which means close to the price the seller asked for, usually a little below it.
In plain words: buyers in London right now have more choice and more time than they had in the years of bidding wars, when many homes sold in days and far above the asking price. That is good news if you are still deciding between areas, because you can usually visit, compare and think, instead of rushing.
Two more facts for context. The Bank of Canada's rate has been 2.50% since October 28, 2026, and the next decision is December 9, 2026. And CREA, the Canadian Real Estate Association, said in its October 16 forecast that home prices in Ontario in general are expected to be about 3% lower in 2026 than in 2025. In London itself, the average sale price in the city was almost flat compared with a year earlier, up about 0.2%. No one can promise what prices will do next. What we can say is that London's market in October was steady, not rushed.
Questions people ask us
Is London East cheaper because the homes are worse?
No. In general, the price reflects the age, the size, the lot and the location of the homes, not their quality. An older bungalow in the east can be a solid, well-kept home. A newer home in the north can need work too. The price tells you what the market pays for that kind of home in that area. It does not tell you if a specific home is good or bad. That is what a home inspection is for.
Should I only look at the cheapest area?
Not necessarily. The cheapest home that does not fit your life is not a bargain. Think about your drive to work, the schools your children will attend, your family, and how you live day to day. A home is not only a price. It is where your life happens. Start with your budget, then look at two or three areas and compare the same type of home in each one.
Does the average price tell me what I will pay?
Not really. The average mixes everything sold, from small condos to large houses. The benchmark is a better guide for a typical home. And even the benchmark is only a starting point. What you pay depends on the street, the age, the size, the condition and the exact home.
Are prices falling in London?
In general, prices in Ontario have softened this year, and CREA expects Ontario prices to finish 2026 about 3% below 2025. In London, the average sale price in the city was almost the same as a year earlier. Some types of homes went down more than others. Townhouses in the wider region, for example, averaged about 5% less than a year earlier. But a citywide number never tells the story of one street or one home. If you want to know what homes like yours are selling for, ask us for the recent sales on your street.
The simple way to use this
If you are buying your first home in London, here is the order that works best for most people:
Get pre-approved, so you know your real budget.
Pick two or three areas that fit your life, not only your budget.
Compare the same type of home in each area, townhouse with townhouse, detached with detached.
Visit, take your time, and ask what similar homes nearby actually sold for.
London is one city with several different markets inside it. The difference between the east and the north is $172,300 for a typical home, and the difference between a townhouse and a detached house in the same city is about $237,000. Knowing that before you start looking can save you months of searching in the wrong place, and it can show you a home you can afford in an area you had not considered.
If you want help comparing areas, or a list of recent sales in the part of London you like, send us a message. We live and work here, in London, St. Thomas and the surrounding areas, and we would be glad to walk through it with you in plain words.
This article is general information, not financial, legal or tax advice. For decisions about a mortgage, talk with your lender or a licensed mortgage professional. For decisions about a specific home, talk with us or your lawyer.
Paola Cano, Real Estate Broker
— Paola Cano & Jose Ramirez, Thrive Realty Group Inc., Brokerage, London, Ontario.