London Housing Market Outlook 2026
London Sales Rise 5.3% Even as Prices Keep Easing
According to the London and St. Thomas Association of Realtors (LSTAR), 561 homes sold across the London and St. Thomas region in September 2026, up 5.3% from September 2025, even as the MLS HPI composite benchmark price slipped 2.6% year over year to $552,500.
- The single-family benchmark was $600,700, down 3% YoY, while townhouses fell 10% YoY to $421,500 and apartments fell 9.6% YoY to $317,100. The average price was $611,509, down 1.9%, and the median was $560,000, down 4.3%.
- The sales-to-new-listings ratio (SNLR) rose to 34.7% from 31.3% a year earlier, and the median time to sell lengthened to 34 days from 29.
- New listings fell 5.1% YoY to 1,615, while active listings rose 3.1% YoY to 3,335, leaving 5.9 months of inventory against 6.1 months a year earlier.
Start by comparing mortgage rates in London, then speak with our nesto mortgage experts about buying after buyers returned to a market with softer prices.
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London Housing Market Highlights
- The average selling price of a home in London decreased by 2.57% year-over-year to $552,500 in September 2026.
- The average selling price of a single-family home in London decreased by 3.03% year-over-year to $600,700 in September 2026.
- The average selling price of a townhouse/multiplex in London decreased by 9.99% year-over-year to $421,500 in September 2026.
- The average selling price of a condo in London decreased by 9.63% year-over-year to $317,100 in September 2026.
- October 29, 2026: Today’s lowest mortgage rate in London is 4.59% for a 5-year fixed.
Data from the London and St. Thomas Association of Realtors (LSTAR) indicates that the average price of resale residential homes sold across London in September 2026 was $552,500, and it decreased by 2.57% compared to a year ago.
LSTAR also reported a sales-to-new-listings ratio (SNLR) of 34.7%, indicating buyers market conditions in London for September 2026.
| London | Composite Price September 2026 | Composite Price August 2026 | YoY Change (%) | MoM Change (%) |
|---|---|---|---|---|
| Single Family Home | $600,700 | $601,900 | decreased by 3.03% | decreased by 0.20% |
| Townhouse/Multiplex | $421,500 | $430,400 | decreased by 9.99% | decreased by 2.07% |
| Condo / Apartments | $317,100 | $315,900 | decreased by 9.63% | increased by 0.38% |
| Composite | $552,500 | $553,500 | decreased by 2.57% | decreased by 0.18% |
London Home Price Changes Over The Last Decade
Composite Home Prices
The average selling price of a home in London was $552,500 for the month of September 2026, that’s decreased by 0.18% month-over-month. On a year-over-year basis, London home prices have decreased by 2.57%.
Composite Home Prices in London
Monthly changes to London’s composite home prices over the last 10 years.
Single-Family Home Prices
The average selling price of a single-family home in London was $600,700 for the month of September 2026; that’s decreased by 0.20% month-over-month. On a year-over-year basis, single-family home prices in London have decreased by 3.03%.
Single-Family Home Prices in London
Monthly changes to London’s single-family home prices over the last 10 years.
Townhouse and Multiplex Prices
The average selling price of a townhouse in London was $421,500 for the month of September 2026; that’s decreased by 2.07% month-over-month. On a year-over-year basis, the price of a townhouse in London has decreased by 9.99%.
Townhouse and Multiplex Prices in London
Monthly changes to London’s townhouse and multiplex home prices over the last 10 years.
Condo Prices
The average selling price of a condo in London was $317,100 for the month of September 2026; that’s increased by 0.38% month-over-month. On a year-over-year basis, the price of a condo in London has decreased by 9.63%.
Condo Prices in London
Monthly changes to London’s condominium apartment home prices over the last 10 years.
London Housing Market Conditions
Number of Home Sales
London home sales were 561 during September 2026, that’s increased by 6.65% month-over-month. On a year-over-year basis, home sale transactions in London have increased by 5.06%.
Home Sales Volume in London
London’s MLS home sale volume over the past 12 months.
New Listings
New listings in London totalled 1,615 during September 2026, and that’s increased by 15.11% month-over-month. On a year-over-year basis, new listings in London have decreased by 5.06%.
New Listings in London
London’s MLS new listings over the past 12 months.
Sales-to-New-Listings Ratio (SNLR)
The sales-to-new-listings ratio (SNLR) in London was 34.7% during September 2026, indicating a buyers market. On a monthly basis, that’s decreased by 7.47% month-over-month. London’s yearly sales-to-new-listings ratio has increased by 10.51%.
SNLR in London
Monthly change in London’s sales-to-new-listings ratio (SNLR) over the past 12 months.
The sales-to-new-listings ratio (SNLR) measures home sales relative to new listings. An SNLR below 40% indicates a buyer’s market, where buyers hold the upper hand and greater negotiating power. An SNLR between 40% and 60% indicates a balanced market, while an SNLR over 60% indicates a seller’s market.
Market Conditions in London
| Oct 2025 | balanced market |
| Nov 2025 | balanced market |
| Dec 2025 | sellers market |
| Jan 2026 | buyers market |
| Feb 2026 | buyers market |
| Mar 2026 | buyers market |
| Apr 2026 | buyers market |
| May 2026 | balanced market |
| Jun 2026 | balanced market |
| Jul 2026 | balanced market |
| Aug 2026 | buyers market |
| Sep 2026 | buyers market |
SNLR — last 12 months
Monthly change in London’s market conditions over the past 12 months.
Short-Term Composite Home Price Trends in London
Monthly changes to London’s composite home price over the last 12 months.
London Market Rents Snapshot
The average rent in London was $1,897 in September 2026 and has decreased by 3.71% year over year.
The average rent for a 1-bedroom apartment in London was $1,628 for September 2026 and has decreased by 4.68% year over year.
The average rent for a 2-bedroom apartment in London was $1,998 for September 2026 and has decreased by 4.58% year over year.
Average Rents for Cities Across Canada
| Rank | City | Total Avg | 1 Bed | 2 Bed |
|---|---|---|---|---|
| 1 | North Vancouver | $3,028 | $2,466 | $3,477 |
| 2 | Vancouver | $2,754 | $2,373 | $3,271 |
| 3 | Burnaby | $2,564 | $2,111 | $2,785 |
| 4 | Toronto | $2,556 | $2,220 | $2,937 |
| 5 | North York | $2,528 | $2,093 | $2,692 |
| 6 | Kanata | $2,501 | $2,265 | $2,691 |
| 7 | Coquitlam | $2,482 | $2,053 | $2,608 |
| 8 | Oakville | $2,460 | $2,165 | $2,703 |
| 9 | Etobicoke | $2,431 | $2,099 | $2,644 |
| 10 | Barrie | $2,397 | $2,148 | $2,552 |
| 11 | Burlington | $2,379 | $2,074 | $2,389 |
| 12 | Vaughan | $2,363 | $2,114 | $2,569 |
| 13 | Mississauga | $2,337 | $2,036 | $2,423 |
| 14 | Halifax | $2,324 | $2,002 | $2,508 |
| 15 | Brampton | $2,261 | $1,990 | $2,334 |
| 16 | Victoria | $2,253 | $1,987 | $2,632 |
| 17 | New Westminster | $2,241 | $1,881 | $2,734 |
| 18 | Langley | $2,239 | $1,868 | $2,426 |
| 19 | Surrey | $2,227 | $1,807 | $2,251 |
| 20 | Guelph | $2,225 | $1,961 | $2,292 |
| 21 | Ajax | $2,214 | $1,927 | $2,294 |
| 22 | Ottawa | $2,200 | $1,969 | $2,445 |
| 23 | Scarborough | $2,178 | $1,855 | $2,315 |
| 24 | Waterloo | $2,158 | $1,884 | $2,302 |
| 25 | Nanaimo | $2,157 | $1,897 | $2,261 |
| 26 | Kingston | $2,150 | $1,930 | $2,308 |
| 27 | Laval | $2,131 | $1,712 | $2,364 |
| 28 | Kelowna | $2,111 | $1,834 | $2,270 |
| 29 | Brossard | $2,083 | $1,790 | $2,190 |
| 30 | Cambridge | $2,055 | $1,863 | $2,143 |
| 31 | East York | $2,044 | $1,800 | $2,355 |
| 32 | Airdrie | $2,013 | $1,466 | $1,750 |
| 33 | Oshawa | $1,993 | $1,724 | $2,006 |
| 34 | Niagara Falls | $1,988 | $1,714 | $1,960 |
| 35 | Greater Sudbury | $1,982 | $1,745 | $2,076 |
| 36 | Montreal | $1,961 | $1,746 | $2,261 |
| 37 | Kamloops | $1,957 | $1,701 | $2,023 |
| 38 | Kitchener | $1,935 | $1,709 | $2,063 |
| 39 | Peterborough | $1,926 | $1,692 | $1,964 |
| 40 | Brantford | $1,923 | $1,780 | $2,033 |
| 41 | Hamilton | $1,910 | $1,657 | $2,130 |
| 42 | London | $1,897 | $1,628 | $1,998 |
| 43 | Calgary | $1,883 | $1,508 | $1,834 |
| 44 | St. Catharines | $1,830 | $1,518 | $1,959 |
| 45 | Welland | $1,792 | $1,540 | $1,920 |
| 46 | Gatineau | $1,769 | $1,625 | $1,810 |
| 47 | Côte Saint-Luc | $1,655 | $1,410 | $1,875 |
| 48 | Winnipeg | $1,653 | $1,435 | $1,764 |
| 49 | Windsor | $1,638 | $1,467 | $1,843 |
| 50 | Edmonton | $1,633 | $1,281 | $1,643 |
| 51 | Quebec City | $1,620 | $1,308 | $1,642 |
| 52 | Red Deer | $1,614 | $1,338 | $1,503 |
| 53 | Sarnia | $1,583 | $1,408 | $1,642 |
| 54 | Lethbridge | $1,573 | $1,355 | $1,558 |
| 55 | Saskatoon | $1,559 | $1,305 | $1,536 |
| 56 | Regina | $1,468 | $1,305 | $1,521 |
| 57 | Lloydminster | $1,392 | $1,108 | $1,422 |
| 58 | Fort McMurray | $1,386 | $1,147 | $1,372 |
| 59 | St. John's | $1,362 | $1,167 | $1,328 |
| 60 | Medicine Hat | $1,360 | $1,232 | $1,391 |
Source: Rentals.ca Network Data & Urbanation Inc.
Average Rent by Province
| LOCATION | Total | 1B | 2B | 3B |
|---|---|---|---|---|
| AB | $1,780 | $1,409 | $1,745 | $2,177 |
| BC | $2,231 | $1,904 | $2,355 | $2,850 |
| MB | $2,403 | $2,045 | $2,649 | $3,313 |
| ON | $1,649 | $1,428 | $1,751 | $2,008 |
| QC | $2,240 | $1,963 | $2,410 | $2,902 |
| SK | $1,933 | $1,694 | $2,144 | $2,558 |
| Atlantic Canada | $1,490 | $1,284 | $1,504 | $1,993 |
| Canada | $2,034 | $1,756 | $2,138 | $2,489 |
Average Rent by Property Type Across Canada
| TYPE | Total | 1B | 2B | 3B |
|---|---|---|---|---|
| Apartment | $2,036 | $1,799 | $2,221 | $2,715 |
| Condominium | $2,052 | $1,844 | $2,161 | $2,769 |
| House/Townhouse | $2,016 | $1,311 | $1,732 | $2,299 |
| All | $2,034 | $1,756 | $2,138 | $2,489 |
How Does Renting Compare With Homeownership in London?
Each $100,000 in mortgage balance costs an average of $564 per month on nesto’s lowest fixed 5-year rate at 4.59%, and $517 per month on nesto’s lowest adjustable 5-year rate at 3.66%.
On the variable side, a 0.25% change in the Bank of Canada’s policy rate moves that payment by roughly $13.47 per $100,000 if rates rise, or $13.27 if they fall. Fixed payments aren’t affected the same way mid-term—a fixed rate is locked for the term and tracks bond yields, not the policy rate directly, so this sensitivity applies only to the variable side.
The interest rates used for the calculation are those offered on insured purchases with less than a 20% down payment, on a 25-year amortization, as of October 29, 2026 and are subject to change. Canada’s policy rate is 2.50%, and nesto’s prime rate is 4.70%.
We're curious…
Frequently Asked Questions (FAQ) About the London Housing Market in 2026
Are London Housing Market Conditions Favouring Buyers or Sellers in 2026?
London housing market conditions are favouring buyers in 2026. The sales-to-new-listings ratio (SNLR) was 34.7% in September, below the 40% line that marks a buyers’ market and up from 31.3% a year earlier. Inventory stood at 5.9 months, down from 6.1 months a year earlier, and the median time to sell lengthened to 34 days from 29.
Are Home Prices in London Going Up or Down in 2026?
Home prices in London are down in 2026. The MLS HPI composite benchmark was $552,500 in September, down 2.6% year over year and 0.2% from August. The decline is not even across property types, with townhouses down 10% to $421,500, apartments down 9.6% to $317,100 and single-family homes down 3% to $600,700. The average sale price was $611,509, down 1.9%, and the median sale price was $560,000, down 4.3%.
Why Is London in Buyers’ Territory This Month?
London is in buyers’ territory this month because new listings are well ahead of sales. LSTAR counted 561 sales against 1,615 new listings in September, a sales-to-new-listings ratio of 34.7% and below the 40% line that defines a buyers’ market. Active listings rose 3.1% year over year to 3,335, equal to 5.9 months of inventory. Sales were up 5.3% from September 2025 while new listings were down 5.1%, so conditions are less lopsided than a year ago, when the ratio was 31.3%.
What Type of Property Is Falling Fastest in London?
Townhouses are falling fastest in London over the past year, with the benchmark down 10% to $421,500 in September, narrowly ahead of apartments, down 9.6% to $317,100. Single-family homes have held up better, down 3% to $600,700. Month over month, townhouses fell 2.1% from August while apartments edged up 0.4%. Anyone weighing a townhouse or condo here should consider how long they plan to hold it, since both segments are down nearly 10% year over year.
What’s Happening With Prices in London East and St. Thomas?
Prices in London East and St. Thomas, two areas within the LSTAR region, move with the mix of homes sold in a given month, so their averages can swing more than the benchmark does. This outlook uses regionwide figures for September 2026, when the LSTAR average sale price was $611,509, down 1.9% year over year, and the median sale price was $560,000, down 4.3%. The composite benchmark, which controls for the mix of homes sold, was $552,500, down 2.6%.
Is It Cheaper to Rent or Buy in London in 2026?
Whether renting or buying is cheaper in London in 2026 depends on your timeline and finances, and both costs have eased over the past year. The MLS HPI composite benchmark was $552,500 in September, down 2.6% year over year, while the average rent was $1,897, down 3.7% year over year. The Bank of Canada’s policy rate has been 2.25% since October 2025, and its next decision is October 28, 2026. Over time, the cheaper option depends on how long it takes to save the down payment, how long you plan to stay and the mortgage rate you qualify for.
Why Choose nesto
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