What Does a Buyer’s Market Actually Mean for You in London, Ontario?
If you've been hearing that London and St. Thomas are in a buyer's market right now, you're hearing it right — but the label alone doesn't tell you what to do. Here's the honest breakdown.
Where the label comes from
The term comes from the sales-to-new-listings ratio: how many of the homes listed actually sold. In August 2026, that ratio came in at 37.5% across the LSTAR region, down from 44.5% in July. The Canadian Real Estate Association considers 45% to 65% the balanced range, so 37.5% sits squarely in buyer's-market territory.
The average home sold for about $590,550 in August across all LSTAR regions. CREA's own August report showed sales in London & St. Thomas down 14.9% compared to last year, with average prices roughly 12% lower year over year.
What it means if you're buying
More choice and more breathing room — the two things buyers in London haven't had in years. You're more likely to negotiate price, ask for conditions, and take an extra day to think instead of rushing an offer.
One caution: the Bank of Canada has held its policy rate at 2.25%, but fixed mortgage rates have been drifting up because bond yields rose over the summer. The next rate decision lands October 28. Waiting for rates to fall may cost you more than acting at today's softer prices — and remember, you can refinance later; you can't retroactively buy at today's price.
What it means if you're selling
A buyer's market is not a "you can't sell" market. Look at the details: London East's August average price actually rose month over month to $489,735, and St. Thomas climbed to $557,485. Well-priced, well-presented homes are still moving. The adjustment is simple but non-negotiable: price for today's data, not last year's headlines.
The bottom line
Fall 2026 in London, Ontario is a patient buyer's market and a strategic seller's market. The move that wins on either side is the same: make your decision on real numbers for your property and your neighbourhood, not on the headlines.
— Paola Cano & Jose Ramirez, Thrive Realty Group Inc., Brokerage, London, Ontario.