London Ontario Real Estate Market Update – October 2026

October 9, 2026

Phill Stables, Realtor in London, Ontario

London Ontario Real Estate Market Update – October 2026

London homes, in plain English — what sold, what it means, and what to do next.

By Phill Stables, REALTOR® — Right at Home Realty, proudly serving London, Ontario • October 2026

A note from Phill

October is when London settles into its real fall market. September started quietly — school routines, the post-Labour Day reset — and then activity built through the back half of the month, the way it does most years. Sellers came back after summer, buyers came back with them, and the homes that were priced for today’s market moved. The ones that weren’t mostly sat, reduced, and sold for less later.

Below is a plain-English look at what actually happened in September, what it means if you’re thinking of selling or buying this fall, and a quick hello to fall in the city. No hype, no pressure — just the numbers and what I’d be watching if it were my home.

— Phill Stables, REALTOR®, Right at Home Realty • phillstables.com

London market at a glance — September 2026

London sold 371 homes in September, up 10.1% from August and 3.6% ahead of September 2025. The median sale price was $540,000, down 1.8% from August and 6.6% from a year ago. That combination — more sales, slightly softer prices — is the headline: homes are selling, but buyers are paying fair value and not much more, at about 95% of original asking price on average.

Measure September 2026 August 2026 September 2025
Homes sold 371 337 358
Median sale price $540,000 $550,000 $578,093
Detached median $610,000 $619,950 $625,000
Condo median $437,000 $371,000 $472,500
New listings 1,175 968 1,188
Average sale-to-list (final asking) 96.9% 97.2% 97.1%
Sold over asking 11.1% 13.4% 12.8%

London city figures compiled October 1, 2026, from the LSTAR MLS® board feed (London East, London North and London South); sales counted by firm date. Early figures — final September totals may rise slightly as late reports settle. As of October 1, there were 2,094 homes for sale across London.

Detached homes are moving; condos are waiting

The clearest split in the market right now is by housing type. Detached homes sit in balanced territory at about 5.0 months of inventory, and well-presented ones are still drawing competition. Condos have moved into buyer-favoured territory at about 6.5 months of inventory, with a quarter of active condo listings already reduced and only 7% selling over asking in September.

Months of inventory is simply how long it would take to sell everything currently listed at the recent pace of sales. Under about 3 months usually favours sellers, 3 to 6 is balanced, and over 6 starts to favour buyers. London overall sat at about 5.5 months on October 1 — balanced, with condos pulling the average toward buyers.

The wider region: LSTAR’s latest official release (August)

For the full London and St. Thomas Association of REALTORS® (LSTAR) region, the most recent official monthly release is August 2026. In August, 526 homes changed hands across the region and inventory reached 6.3 months of supply — a new peak. The sales-to-new-listings ratio fell to 37.5%, below the 40% line that marks buyer’s-market territory, and LSTAR’s 2026 Chair described August as a buyer’s market. The average sale price across all LSTAR regions was $590,550, and the composite benchmark price was $553,500, down 3.5% from a year earlier.

Two areas bucked the broader softening in August: London East, where the average sale price rose to $489,735, and St. Thomas, which rose to $557,485. September’s steadier London numbers sit inside that cautious regional backdrop — activity recovering in the city, even as choice for buyers remains high region-wide.

Rate watch

The Bank of Canada held its overnight rate at 2.25% on September 2 — its seventh hold in a row — so variable-rate mortgages and lines of credit stay where they are for now. The Bank said upside risks to inflation have increased, mainly on higher energy prices and new tariffs, and that it is prepared to adjust policy if needed. (Bank of Canada, September 2, 2026 rate announcement.)

What matters more for most buyers right now is fixed rates: they have edged up in recent weeks as long-term bond yields climbed in Canada and globally, so a rate hold from earlier this year may not still be the rate available today. The Bank’s next decision is October 28, 2026, when it also releases an updated Monetary Policy Report — the next date to watch if you are timing a purchase or a renewal.

If you’re selling: price decides everything right now

September’s numbers make one point from three directions. Homes sold at 96.9% of their final asking price, but only 95.0% of their original asking price. Of the 371 homes that sold, 140 went for more than 5% below what they were first listed at. In plain terms: homes priced right at the start tended to sell close to asking, and homes priced high generally got there anyway — weeks later, after a reduction or two, and usually for less.

  • Price for the market you’re in today, from day one. October is usually when buyer activity builds after the September reset, so the strongest window to capture that attention is at launch, not after a stale-listing reduction.
  • Compare against the right homes. A useful price comes from recent sold, active, and expired listings in your neighbourhood — not a city-wide average or a municipal assessment, which can’t account for condition, updates, or what buyers can choose from this week.
  • Presentation still earns its keep. In a balanced market, buyers compare carefully. Condition, photos that make rooms easy to understand, and a flexible closing date are the quiet advantages when the home next door is a click away.

If a fall or late-fall move is on your mind, I’m glad to walk through what homes like yours have actually sold for nearby — no obligation, just a clear-eyed range before you decide on timing. You can reach me through the contact page at https://www.phillstables.com.

If you’re buying: you have room — use it well

Buyers have more negotiating room than they’ve had in a while, especially on condos and on homes that have been listed for a few weeks or already reduced once. A seller who has reduced is often a seller who is ready to talk, and with roughly 2,094 homes to choose from across London, you rarely need to chase the first one you see.

  • Re-check your rate hold. Fixed mortgage rates moved up in late September as bond yields climbed. If your pre-approval is from earlier this year, confirm the rate and the budget it supports before you tour seriously.
  • Look past today’s asking price. Check the original list price and days on market. How a home got to its current price tells you more about your leverage than the sticker alone.
  • Match your patience to the segment. Detached homes in sought-after pockets are still competitive when they’re priced and presented well. Condos, at 6.5 months of inventory, reward a slower, more deliberate search.

Around London this fall

October is peak London. The maples along our older streets — the porches in Old South and Wortley Village, the trails along the Thames, Saturday mornings that start with coffee and end at a market — are a big part of why people choose to build a life here, and why well-located homes keep drawing attention even when the broader market feels cautious. Neighbourhood character isn’t a statistic, but it’s real value, and fall is when this city shows it best.

If you’re out enjoying it this month, I’d love to hear it: what’s your favourite London street in October? Get in touch through the contact page at https://www.phillstables.com and let me know — I read every note, and the answers make my fall.

Recent activity

A quick thank-you to the sellers and buyers I’ve worked with this season. A recent sale at 302–122 Wortley Road in Old South is a good example of what this market rewards: the right price, honest presentation, and patience through the process. If we crossed paths at a showing, a squash court, or somewhere in between this summer — thanks for the conversation, and stay in touch.

Curious what your home would sell for in this market?
I’ll prepare a complimentary, no-obligation home evaluation based on what’s actually selling in your neighbourhood — the same sold-and-active comparison I’d want before listing. Get in touch through https://www.phillstables.com and we’ll set it up.

Thanks for stopping by. Whether you’re buying, selling, or just keeping an eye on things from the porch — I’m here when you need a straight answer about London real estate.

Warmly,

Phill Stables • REALTOR®

Right at Home Realty • London, Ontario

Website: https://www.phillstables.com

Sources & fine print

Market figures in this issue are the latest published as of October 3, 2026. London September 2026 figures were compiled October 1, 2026, from the London and St. Thomas Association of REALTORS® (LSTAR) MLS® board feed for London East, London North and London South and are early figures that may be revised slightly once late reports settle; regional August 2026 figures are from LSTAR’s official monthly release. Benchmark and average-price figures follow the MLS® Home Price Index (HPI) and CREA methodology. Figures describe the market as a whole and are not a valuation of any individual property.

MLS®, REALTOR®, and the associated logos are trademarks of the Canadian Real Estate Association (CREA). This post is for information only and is not intended to solicit buyers or sellers currently under written contract. If your circumstances are time-sensitive, please confirm current figures before acting on them.

— Phill Stables • REALTOR® • Right at Home Realty • London, Ontario • phillstables.com —

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