November is here, and London’s fall market is holding steady. Here’s what October brought:

• 557 homes sold across the London and St. Thomas region — nearly matching September’s 561, down 7.5% from a year ago
• Average sale price $601,289, down slightly from September’s $611,509
• Benchmark price for a typical home $538,000, easing from September
• 5.8 months of inventory, with homes selling in a median 29 days — faster than September’s 34
• Sales-to-new-listings ratio 39%, up from 34.7% in September — still favouring buyers, but moving toward balance

Well-priced homes are still moving. If you’ve been waiting for the right moment, the choice is there — and so is the negotiating room.

Rate watch: On October 28, the Bank of Canada raised its key interest rate to 2.50% — its first increase since July 2023. If you have a variable-rate mortgage, prime moves with it: roughly $66 a month more per $500,000 borrowed once prime adjusts. Fixed rates follow bond yields rather than the Bank directly, so they don’t move in lockstep. The Bank’s next decision is December 9 — worth watching if a renewal or purchase is on your horizon.

As always, if you’re thinking about buying, selling, or just want a read on what your home is worth in this market, get in touch through the contact page on phillstables.com. Happy to talk it through, no pressure.

— Phill Stables, Right at Home Realty