01

The August Snapshot: A Market Firmly in Buyer's Territory

The MLS® HPI Composite Benchmark Price for London and St. Thomas landed at $553,500 in August, down 3.5% from a year ago. That benchmark — not the average sale price — is the number that best reflects what a typical home in this market is actually worth, because it strips out the swings caused by a handful of high-end sales.

The average price told a steeper story at $590,550, down 9.3% year-over-year, and the median came in at $553,950, down 6.7%. Home sales volume dropped 14.3%, with 526 units changing hands across the region.

02

Buyer Leverage Unleashed

Six-point-three months of inventory is the clearest signal in this report. Anything above roughly five to six months tips a market toward buyers, and London-St. Thomas is now solidly there. New listings reached 1,403 for the month, active listings climbed to 3,332, and the sales-to-new-listings ratio slipped to 37.5%.

For buyers, that means more homes to choose from, more room to negotiate on price and conditions, and far less pressure to waive protections just to compete.

03

Seller Strategy: Why Sharper Pricing Wins Now

With inventory building and buyers doing more comparison shopping, overpricing has real consequences: listings sit, momentum fades, and price drops end up costing more than starting right does. A data-driven list price — anchored to the HPI benchmark and recent comparable closings, not last spring's numbers — is what keeps a listing competitive from day one.

The 97.1% sale-to-list ratio is worth noting here: homes priced correctly are still closing close to asking. The gap isn't in what buyers will pay for a well-priced home — it's in how long an overpriced one sits before that correction happens anyway.

04

Regional Nuances: Not Every Pocket Is Moving the Same Way

Regional data shows London East and St. Thomas bucking the broader downward trend with local price gains even as the overall market cooled. That's the kind of detail a region-wide average can hide entirely — property type, neighbourhood, and price band all move at their own pace right now, from one-storey and two-storey homes to townhomes and apartment-style condos, which are seeing the softest month-over-month pricing of the group.

05

Heading Into Fall: What to Watch

With the Bank of Canada signalling a prolonged hold rather than near-term cuts, borrowing costs are unlikely to be the variable that moves this market before year-end. That puts pricing strategy and inventory levels back in the driver's seat heading into the fall and Labour Day adjustment period — typically the window where sellers who've been sitting reassess and buyers who've been waiting start moving.

Whether you're buying your first home, selling your current property, relocating to London, or investing in the region, the read for the next few months is the same: know the real numbers for your specific neighbourhood and property type before you set a price or make an offer.