The market today is very different from the crazy bidding-war years. Buyers now have more time, more choices, and more negotiating power than they did a few years ago.
Let’s break it down simply.
The London Market Has Slowed Down
In March 2026:
- The average home price in London was about $627,000
- Prices were down about 2.5% compared to last year
- Inventory increased to about 4.7 months of supply, which is considered a more balanced market
What does that mean in normal language?
It means:
- Homes are not selling instantly anymore
- Buyers don’t always need to compete with 10 other people
- Sellers are often more willing to negotiate
That’s a big change from the peak market.
Buyers Have More Power Again
A few years ago:
- Homes sold in days
- Buyers skipped inspections
- People offered way over asking
Today:
- Buyers can think before making an offer
- Conditions like financing and inspections are more common
- There are more homes to choose from
That gives buyers breathing room.
Interest Rates Still Matter
Mortgage rates are still higher than they were during the pandemic.
That means monthly payments can feel expensive.
But here’s the important part:
When rates were super low:
- Home prices exploded upward
- Competition was intense
Now:
- Prices have softened
- Buyers have more negotiating power
- Some sellers are pricing more realistically
For many people, today’s market feels more stable and less chaotic.
London Is Still More Affordable Than Many Ontario Cities
Compared to places like:
- Toronto, Ontario
- Mississauga, Ontario
- Oakville, Ontario
London remains one of the more affordable larger cities in Ontario.
That’s one reason people continue moving here.
London also has:
- Strong healthcare and education sectors
- Western University
- A growing population
- A mix of family homes, condos, and investment properties
So… Should You Buy Right Now?
It may be a good time if:
- You plan to stay for several years
- You have stable income
- You found a home you truly like
- You can comfortably afford the payments
It may NOT be the right time if:
- You’re stretching every dollar
- You may move soon
- You’re hoping prices crash dramatically
Most experts do not expect a major housing crash. Instead, the market appears to be moving toward a more balanced and stable environment.
The Biggest Mistake Buyers Make
Trying to perfectly “time the market.”
Nobody knows exactly:
- When rates will drop
- When prices will rise
- What the market will do next year
The better question is usually:
“Can I comfortably afford a home that works for my life right now?”
Final Thoughts
Buying a home in London today is very different than it was during the peak frenzy years.
Right now buyers have:
- More inventory
- Less pressure
- More negotiating ability
- A more balanced market
Is it the perfect time? Nobody knows.
But for many buyers, this market feels far more reasonable than what Ontario saw a few years ago.
And sometimes, a balanced market is exactly where smart buying happens.
