If you turn on the news or talk to half the people in the real estate industry right now, you’re going to hear the exact same script: “Sales are slow, interest rates are high, the sky is falling, blah, blah, blah.” It’s April 1st, but the state of the market isn't a joke—and frankly, the doom-and-gloom narrative isn't helping anyone. If you are serious about buying or selling in London, Ontario, and the surrounding area right now, national headlines won't help you. Local data will.
Making a great move in today’s market doesn't require blind faith; it requires looking at the right numbers and knowing how to leverage them. Here are the four actual metrics you should be monitoring, and what they mean for your strategy.
1. Months of Inventory (MOI)
What it is: How long it would take to sell every home currently on the market if no new listings were added.
The London Reality: Right now, London has 5.9 months of inventory. To put that in perspective, anything over 5 months is firmly a buyer’s market. We saw over 1,050 new listings hit the market last month alone.
The Strategic Move:
Buyers: You finally have the luxury of time. You can view a home twice, get an inspection, and sleep on it without a 20-offer bidding war breathing down your neck.
Sellers: You are competing in a crowded room. Your property’s presentation and pricing strategy must be razor-sharp from day one to stand out.
2. Sale-to-List Price Ratio
What it is: The percentage of the asking price that homes are actually selling for.
The London Reality: The current ratio in the London-St. Thomas area is 97.4%.
The Strategic Move:
Buyers: Homes are selling, on average, for 2.6% below the asking price. This means there is room to negotiate. You don't necessarily have to go in at full ask to secure the property.
Sellers: Bake this reality into your expectations. Pricing a home artificially high to "leave room for negotiations" is a dangerous game when buyers have plenty of other options. Price it accurately to current comparables.
3. Days on Market (DOM)
What it is: How long a home sits active before a firm offer is accepted.
The London Reality: The median time it takes to sell a home in London right now is 28 days.
The Strategic Move:
Buyers: Keep an eye on the calendar. If a home crosses that 30-to-40-day threshold, you are likely dealing with a seller who is feeling fatigued and might be highly motivated to make a deal.
Sellers: Patience is mandatory. A home sitting for three weeks isn't "failing"—it is simply riding the new, normalized market timeline. Don't panic and slash your price on day 14.
4. The Rate Spread (Fixed vs. Variable)
What it is: The gap between the current fixed mortgage rates and variable mortgage rates.
The London Reality: While everyone complains about the Bank of Canada, the smart money is looking at the spread. With 5-year fixed rates hovering in the mid-to-high 4% range and variables trailing nearby, the gap between the two is tight.
The Strategic Move: Don't just look at the monthly payment. Look at the penalty clauses, the flexibility to break the mortgage if rates drop, and your personal risk tolerance over the next 3 to 5 years. A slightly higher rate with better terms can save you tens of thousands in penalties later.
The Bottom Line
Anyone can read a headline about a "sluggish market," but making a successful real estate move requires interpreting the data beneath it. My goal is never to sell you on the market being "good" or "bad"—my job is to build a concrete, stress-free strategy based on the numbers that exist today.
If you are serious about navigating the London market, let’s ignore the noise, look at the facts, and make a plan that puts you in the strongest possible position. Choose your path below to get started.
For Buyers:
The Context: Ready to take advantage of the inventory? Let's figure out exactly how much leverage you have in today's market.
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For Sellers:
The Context: Don't let your home become a stale listing. Let's build a pricing and marketing plan designed to beat the competition.
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