Canada's Fall Housing Market Shows Mixed Signals: What London Buyers and Sellers Should Know

September's national housing data is in, and the results paint a picture of a market still finding its footing. Across Canada's major centres, home resales fell, prices softened, and higher long-term interest rates pushed buyers back into a wait-and-see mode.

But as any seasoned real estate professional will tell you, Canadian housing is not a monolith. What happens in Toronto or Vancouver doesn't always mirror what we experience here in London, Ontario.

The National Picture: A Market Under Pressure

According to recent RBC tracking data, home resales dropped in most major markets last month. Toronto saw sales fall 5.2% month over month, with benchmark prices declining another 0.5%. Vancouver wasn't spared either, with sales dropping nearly 8% from August and composite prices down 5.5% year over year.

The condo market is feeling particular strain. Toronto condo prices have fallen 6.7% year over year, while Calgary—often viewed as a more stable market—has seen condo resales drop 14.3% and prices decline 8.3%.

Montréal offers an interesting case study: inventory there is up 20% from a year ago, which is helping cool price growth as supply and demand rebalance.

What This Means for London, Ontario

Here in London, we operate in a different context than the country's largest metropolitan areas. Our market has historically offered more attainable price points—typically ranging from $400,000 to $1.2 million depending on property type and neighbourhood—while still providing excellent quality of life and strong long-term appreciation.

Neighbourhoods like Byron, Old North, and Wortley Village continue to attract families seeking walkable communities with character. Masonville remains popular with buyers who want proximity to Western University and Masonville Place, while areas like Oakridge and Lambeth offer newer builds and family-friendly streets.

For Buyers: Opportunity Knocks

If you've been sitting on the sidelines, this softer market environment may present opportunities. With sales activity cooling nationally and inventory improving in many markets, buyers have more negotiating power than they've had in years.

In London, this might mean less competition for that semi-detached in Westmount you've been eyeing, or more time to make a considered decision on a property in Talbot Village without the pressure of multiple offers.

That said, interest rates remain a factor. Long-term rates have crept higher, which affects monthly carrying costs. Working with a knowledgeable mortgage professional to understand your true buying power is essential.

For Sellers: Strategy Matters More Than Ever

In a softer market, preparation and pricing become critical. Homes that are well-presented, competitively priced, and professionally marketed will still sell—but the days of simply listing and waiting for offers are behind us for now.

If you're considering selling your London home, now is the time to have an honest conversation about market conditions, realistic pricing, and what it takes to stand out.

The Bottom Line

Canada's housing recovery isn't moving in a straight line, and that's okay. Markets are cyclical, and periods of adjustment create opportunities for those who are prepared.

Whether you're buying your first home near Fanshawe College, upsizing to accommodate a growing family, or considering selling your property in a more balanced market, having expert guidance makes all the difference.

Ready to navigate London's real estate market with confidence? Reach out to Nickey Calford and the Calford & Co. Real Estate Team for a no-pressure conversation about your goals.