Sales Down, Inventory Up — Is This the Best Time to Buy in Years?
With a sales-to-new-listings ratio of just 36.0% — one of the lowest on record — and 3,175 active listings, April 2026 may be the deepest buyer's market London Ontario has seen in a decade. Here's what the data means for you.
April 2026 at a Glance
April 2026 tells a clear story: after March's brief sales uptick, demand softened again with 638 homes sold — down 6.6% year-over-year. Meanwhile, new listings surged 10.2% to 1,772, pushing active listings to 3,175 and months of inventory back up to 5.0. The result is a sales-to-new-listings ratio of just 36.0% — one of the lowest readings on record for this market and a definitive signal of deep buyer's market conditions.
The one bright spot: median days on market tightened to 24 days — the lowest reading in this cycle — confirming that well-priced, well-presented homes are still moving efficiently even in a soft market.
"A 36.0% sales-to-new-listings ratio is one of the lowest on record for this market. 3,175 active listings. 5.0 months of inventory. April 2026 may be the deepest buyer's market London Ontario has seen in a decade."
Ryan Hodge & Sandra Tavares · The Realty Firm Inc. BrokerageHPI Benchmark Prices — Declines Are Moderating
The HPI (Home Price Index) benchmark is the most reliable pricing measure — it tracks the price of a typical home without distortion from outlier transactions. In April 2026, composite and single-family HPI declines have moderated significantly compared to earlier in the year, even as market conditions remain firmly in buyer's territory. Townhouses, however, continue to show steeper year-over-year pressure.
| Property Type | HPI Benchmark | Year-Over-Year |
|---|---|---|
| Composite (All Types) | $567,400 | ▼ 4.0% |
| Single-Family Detached | $621,700 | ▼ 3.7% |
| Townhouse / Row | $449,100 | ▼ 8.1% |
The single-family HPI decline of just 3.7% is the smallest in this cycle — a noteworthy moderation from the 8.8–9.5% drops recorded in January and February. The composite HPI at $567,400 (-4.0%) tells a similar story. Average sale price came in at $618,665 (-4.9% YoY) and the median at $574,950 (-4.2%). The sale-to-list ratio holds steady at 97.4% — buyers are negotiating approximately 2.6% below asking on average.
The divergence is worth noting: market conditions (SNLR, inventory) are signalling a deep buyer's market, yet HPI declines are actually getting smaller. This suggests prices may be finding a floor even as buyer leverage remains high.
3,175 Active Listings — Spring Inventory Has Arrived
New listings surged to 1,772 in April — up 10.2% year-over-year — as spring brought sellers to market in volume. With sales unable to keep pace, active listings climbed to 3,175, up 11.8% from April 2025. Months of inventory moved back up to 5.0 from March's 4.7 — a reversal of last month's improvement.
The 36.0% sales-to-new-listings ratio is one of the lowest readings on record for the London market. For context, a balanced market requires an SNLR of 40–60%. At 36%, buyers hold significant negotiating power across virtually all price points and property types.
Median days on market tightened further to 24 days — the sharpest reading in this cycle. This seemingly contradictory signal — deep buyer's market yet fast-selling — reflects the reality that correctly priced homes are transacting efficiently, while overpriced listings are the ones dragging the broader averages.
Buyers and Sellers: Navigating April's Deep Buyer's Market
Maximum Leverage — But Act with Purpose
- 36.0% SNLR — one of the lowest on record — buyer leverage doesn't get much stronger
- 3,175 active listings — the most selection this market has offered in years
- Single-family HPI down 3.7% YoY — prices below year-ago levels across all types
- Townhouses down 8.1% YoY — strong value opportunity in that segment specifically
- 97.4% sale-to-list — negotiation is standard; build your offer strategy accordingly
- 24-day median DOM — even in a buyer's market, the right home at the right price moves fast
638 Sales Happened — Priced Right Sells
- 638 buyers transacted in April — motivated, well-priced sellers are closing deals
- 24-day median DOM — the market moves quickly for listings that are priced to the data
- 3,175 active listings is your competition — differentiation is non-negotiable
- New listings up 10.2% — more competition arriving every week through spring
- HPI declines moderating — prices are not in freefall, but buyers know the market
- Condition, presentation, and sharp pricing are the three levers you control
What the April 2026 Data Is Telling Us
April 2026 reinforces what the data has been showing throughout this cycle: London Ontario is in a deep buyer's market. With a 36.0% SNLR — one of the lowest on record — and 3,175 active listings, buyers have more selection and negotiating power than at virtually any point in the past decade.
The most interesting signal in the April data is the divergence between market conditions and price behaviour. The SNLR and inventory numbers are at buyer's market extremes, yet HPI year-over-year declines are actually moderating — single-family down just 3.7%, composite down 4.0%. Prices appear to be finding a floor even as conditions remain heavily buyer-favourable.
For buyers, the combination of elevated inventory, moderating prices, and a 24-day median DOM creates a clear window: leverage is high, but the right properties are still moving. For sellers, the data demands precision — 638 transactions happened in April, and every one of those sellers had a strategy that matched the market. Preparation and pricing are the difference between sold and sitting in a field of 3,175 active listings.
Ryan and Sandra give you straight data, no spin — and a strategy built for the market as it actually is, not as it was.
Book a Consultation
Ryan Hodge & Sandra Tavares · The Realty Firm Inc. Brokerage
📞 519-601-1160 ·
✉ ryan@therealtyfirm.ca ·
🌐 www.ryanhodge.ca
734 Wellington Street, London, Ontario N6A 3S4
All market data sourced from LSTAR (London and St. Thomas Association of REALTORS®). Not intended as financial or investment advice.
