Verified real estate experts in London

The London real estate market — Aug 2026

London is one of the largest cities in Ontario outside the Greater Toronto Area, home to roughly 422,000 residents, Western University and a diversified economy spanning health care, education, insurance and advanced manufacturing.

In August 2026, the MLS® benchmark price in London stood at $553,500, down 3.5% year over year. The average price, all property types combined, was $590,550. There were 526 sales during the month, 14.3% fewer than a year earlier. With 6.3 months of inventory, it is a buyer's market by the standard board convention (under 4 months: sellers; 4 to 6: balanced; over 6: buyers). Source: LSTAR / CREA, August 2026.

London remains far more affordable than the GTA, which is exactly why it keeps drawing buyers priced out of the GTA, remote workers and families seeking more space. Western University and Fanshawe College also sustain steady rental demand, which keeps investor interest alive. The city's economy — anchored by major hospitals, the university, insurance and a growing tech and manufacturing base — gives the market a stability that single-industry towns lack.

For a buyer, preparation is what wins: room to include a proper inspection condition, to negotiate the closing date and to avoid blind overbidding comes from being ready. The best-priced, move-in-ready homes attract attention, and the buyer who secures them is pre-approved, has financing arranged, and can act decisively when the right property appears — not the one still "checking with the bank."

Financing is where a local broker earns their keep. On a typical London home, the minimum down payment follows the federal tiers — 5% on the first $500,000, 10% on the portion between $500,000 and $1.5 million, and 20% from $1.5 million up — and any purchase under 20% down requires mortgage default insurance. Buyers must also clear the federal stress test, qualifying at a rate above the contract rate. One London advantage worth knowing: unlike a purchase in the City of Toronto, there is no municipal land transfer tax here, only the provincial one — and first-time buyers can claim the Ontario land transfer tax rebate of up to $4,000. Confirm current rates and thresholds with a licensed professional, as they change.

For a seller, realism pays. An optimistic asking price tends to sit and then cut, while a home priced to recent comparable sales — and well presented — still sells. Pricing to today's market, not a past peak, is the single biggest lever on your outcome, and a clear-eyed local valuation beats a flattering one that lingers.

London is also a city of distinct neighbourhoods, and a single citywide average says little about any one street. Old North and Wortley Village (Old South) hold sought-after character homes; Byron and Hyde Park offer family suburbs to the west; Masonville anchors the north near the university; and downtown is its own condo-and-rental market. Each follows its own price and inventory pattern, so local knowledge matters more than a headline figure — for pricing an offer, for spotting an over-improved listing, or for reading which streets hold value.

In Ontario, closing is handled by a real estate lawyer — not a notary as in Quebec — who manages the title search, the land transfer and the mortgage, under the Law Society of Ontario. Payotte lists one verified professional per profession for London — real estate broker, mortgage broker, home inspector, real estate lawyer and appraiser — each ranked on a transparent 100-point grid (Google reviews, experience, an active licence on the regulator's register with RECO, FSRA, the Law Society of Ontario or the Appraisal Institute of Canada, local presence and a small bonus). One verified reference per profession — free, ad-free and commission-free, never a paid placement.

How Payotte selects

For every sector, Payotte publishes a single professional per profession — the highest-scoring on its 100-point grid (Google reviews 35, experience 30, active provincial licence 15, local presence 15, bonus 5). No paid placement, no ads, no commissions.