London and St. Thomas Real Estate Market, October 2026: What the Numbers Mean for Buyers and Sellers

By Shane Harrison, REALTOR®, Sales Representative, The Realty Firm Inc., Brokerage, London, Ontario. 519-870-8104. shaneharrison.ca.

How many homes are for sale in London and St. Thomas?

At the end of October there were 3,247 active listings across the London and St. Thomas area, up 3.3% from October 2025. That's the highest count for any October since at least 2016. At the same time, 557 homes sold during the month, down 7.5% from last October. More homes, fewer buyers.

Did prices go down in October 2026?

It depends which number you read. You may see a headline that says the average price barely moved. That's true: the average was $601,289, down just 0.6% from a year ago. But it's misleading.

The average is simply whatever happened to sell that month. If more big houses sell, the average goes up, even if no home gained value. The benchmark price is the better guide. It's the price of a typical home, measured the same way every month, and it's down 6.6% from a year ago.

So the average says flat, and the benchmark says prices are softening. Watch the benchmark.

How much room do buyers have to negotiate?

Buyers are negotiating. On average, homes sold for 96.8% of their asking price in October, compared with 97.1% a year earlier. To put that in dollars, on a $600,000 home a 3.2% gap is about $19,200 under list. That's an example to show scale, not a prediction for any particular home.

There were also 5.8 months of inventory, up from 5.2 a year ago. In plain terms, at October's pace of sales it would take almost six months to sell every home currently listed.

Which types of homes fell the most?

It depends on what you're buying. Condo apartments are the softest part of the market, and single-family homes held up better.

Does the October rate hike show up in these numbers?

Mostly not yet. The Bank of Canada raised its policy rate to 2.50% on October 28, 2026, after most of October's sales were already done. I explain what the hike means for buyers, sellers and mortgage holders in my video on the rate hike.

What should buyers and sellers do now?

If you're buying, you have choice and you have time. Get pre-approved, and don't be afraid to negotiate.

If you're selling, price for today's market, not last spring's. With this many homes to choose from, buyers compare everything, so pricing right from day one matters more than ever.

Questions people ask

Are home prices going down in London, Ontario?

The benchmark price for a typical home in the London and St. Thomas area was $538,000 in October 2026, down 6.6% from October 2025 and down 4.0% from September. In the City of London, the benchmark was $525,900, down 5.0% from a year ago. The average price barely moved, down 0.6%, because the average reflects whatever happened to sell that month.

What is the difference between the average price and the benchmark price?

The average price is the total of every sale in the month divided by the number of sales, so it rises if more large homes happen to sell. The benchmark price (the MLS® Home Price Index) is the price of a typical home, measured the same way every month, which makes it the better read on whether values are rising or falling.

How much are buyers negotiating in London and St. Thomas?

In October 2026, homes sold for 96.8% of their asking price on average, compared with 97.1% a year earlier. As an example, on a $600,000 list price that 3.2% gap works out to about $19,200.

How many homes are for sale in London and St. Thomas?

There were 3,247 active listings at the end of October 2026, up 3.3% from October 2025 and the most for any October since at least 2016. There were 5.8 months of inventory, up from 5.2 a year earlier.