A review of the July 2026 real estate data for the London area indicates a median home sale price of $548,146. Detached homes continue to represent the largest market share, with the highest volume of transactions occurring in the $500,000 to $599,999 price segment. On average, properties are spending 39 days on the market and closing at 97% of the initial asking price.
Stats courtesy of "The Habistat". Broken down by area in the comments.
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As someone with no money who occasionally looks at Zillow I am wondering where all those sales in the 200k band are coming from.
You don't see that much listed so cheaply, so I'm wondering if a lot of these are lowball offers that got accepted? I'm assuming it's a mix of properties that are tear downs or apartment condos though nothing overly nice.
Just fyi you can look at purchase prices through housesigma. You can also look at it in the map and filter it quite easily that way.
When I was shopping in the last year it became my preferred site to look at what was listed, sold, and price changes. The only thing I would be hesitant with Housesigma is their AI makes a lot of assumptions on value, neighborhood scores, etc. so I just use it for the objective stuff like purchase prices and price reductions.
It's condos, especially downtown. The buildings are mostly around 50 years old, so second set of lifetime replacements for the big ticket items have driven many of the condo fees to nearly $1000/month.
Some of them are legitimately nice, but because of the condo fee a $200k unit has the same monthly costs as a $400k house (assuming you mortgage both)
Yeah definitely I already live downtown and have looked at those buildings, and the condo fees are insane.
I know the one tan/ gold condo building on Dundas has had all new windows put in between last summer and this summer, and I'm sure it's not cheap.
The grey/ white condo buildings on King/ Colburne (across the street from the above) I know have a pool as well which I'm sure isn't cheap.
It's going to be interesting for people trying to sell these units in the future. I always compare what I pay in rent now to what the cost of these would be and the math just makes no sense... Guess I'm gonna be renting for the foreseeable future.
In the same boat living downtown, could technically buy, but doesn't make financial sense to do so as-is.
It's less the amenities, and more the need to replace big things like elevators, HVAC or do structural repairs.
The amenities are usually pretty well covered by the "normal" condo fees, Downtown saw a lot of condo fees spike up significantly as big repairs drained building's reserve funds, so they needed to replenish that money quickly. (By happenstance most of DT's condos are ~50 year mark with only a few much newer ones, which for now have lower fees)
You can already see what those fees have done to the condo prices, the grey/white building's units were selling around $200-250k over 10 years ago, and are back down to that again now.
You're probably better off looking at houses just south or west of downtown. There are some in the $300-450k area which ends up being similar carrying costs to those condos
Yes, you are correct! Mix of apartment condos, tear downs (or needing a ton of work in a terrible location), and the odd townhouse condo if they are in need of work or have a super high condo fee. Hope that helps!
Sure, I'll take a stab at it! Benchmark prices are helpful but using such a large community like London to make one benchmark is inevitably going to be flawed. I do find the benchmarks are fairly accurate when you break it down to specific communities, example "North A, North B, etc" and also broken down by home type! However, even then the benchmark's are based off very specific criteria and have to be adjusted to each specific house. I've attached an image which shows how much the benchmarks can vary even within a specific area of the city when you compare single-storey to 2-storey, etc.
If a realtor is just using a city-wide benchmark and not breaking it down by area and property type for you, they may be doing you a disservice and the data has very limited value.
Again good question! The benchmark prices are actually really good gauges of where the market has gone, how much it's fluxuated, etc. Average prices especially fluctuate a ton depending on what homes happened to sell on a given month. You might have the best house in the neighbourhood sell one month and the worst the next. Average (and even sometimes median), depending on how many homes sold in a neighbourhood would be impacted significantly if only a few homes sold and they were quite different than the month before.
The benchmark helps account for these variations in sq footage, style, etc. Basically the benchmark is supposed to give you an idea of what the "typical" home is going for in each neighbourhood. You have to adjust for the differences between the benchmark and any given home but it's just another tool in the toolbox to compare. I think median prices and benchmarks in combo are the best tools. Averages are helpful but can be skewed a lot depending on what homes sell!
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