With about six months of inventory and prices below last year, homeowners in Thorndale, Komoka, Lucan, Exeter and across Southwestern Ontario should ask five questions: what is my home worth, how much power do buyers have, how has my price gap changed, what could rates mean, and what is best for me.
What is my home actually worth, and how much negotiating power does a buyer have?
Across Southwestern Ontario, including small towns like Thorndale, Komoka, Lucan and Exeter, we are seeing more inventory, fewer sales and more choice for buyers. Locally we have roughly six months of inventory, and prices are lower than they were a year ago. But not every property is experiencing the same market. A detached family home, a townhouse, a condominium and a property in one of our smaller communities can each be living through something very different.
The first question is what your home is worth today. Not what it was worth two years ago, not what your neighbour's home sold for six months ago and certainly not what an online estimate says. The real question is what a qualified buyer would realistically pay for your specific property right now.
The second question is how much negotiating power today's buyer has. Buyers can compare properties, take their time and write offers with conditions that protect them. They do not have the same urgency we saw a few years ago. If you are selling, it is not enough to know what your home is worth. You need to understand how it compares to everything else a buyer could choose.
If I am moving up, how has the price gap changed?
This question gets overlooked all the time. If your home has declined in value, that does not automatically mean you have lost purchasing power. If the home you want has also declined, perhaps by an even greater dollar amount, the gap between the two may be more favourable than it was before.
We had clients whose home was down roughly $125,000 from where it had been a couple of years earlier. That was not exciting news. But the home they wanted, because their family was growing, was down almost $250,000. What looked like a $125,000 loss became part of a much bigger opportunity. So instead of asking how much your house has lost, ask what it will actually cost you to make your next move.
Should interest rates and the next six months change my decision?
The Bank of Canada held its overnight rate in September while acknowledging increased inflation risks, including energy prices and trade uncertainty. The next scheduled rate announcement is October 28th. Rates could move, but nobody knows exactly what will happen, which is why we would not make a major real estate decision based on a prediction.
Look at your own situation instead. What happens if rates are higher or lower? What if spring brings more buyers or fewer homes for sale? What if there is more competition for the home you want? Spring 2027 could look very different from today, and none of us knows what that market will bring.
What is actually best for my family?
The first four questions have numbers behind them. We can look at your home's value, study the competition, review interest rates and calculate the cost of your next move. But those numbers alone do not tell you what to do, because your finances, your family, your timeline and your reasons for moving are different from your neighbour's.
Selling now might make sense. Waiting might make sense. Moving up, downsizing or not moving at all might be the smartest choice. The important thing is that the answer fits you. Your home is not just an investment. It is where your family lives, and it may represent years of memories, years of payments and a significant part of your financial future.
Frequently Asked Questions
Are home prices going up or down in Thorndale, Lucan and nearby towns right now?
Locally we have roughly six months of inventory, and prices are lower than they were a year ago. But a detached home, a townhouse, a condominium and a property in a smaller community like Komoka can each be experiencing a different market. Nobody knows exactly what spring 2027 will bring.
Does a drop in my home's value mean I cannot afford to move up?
Not necessarily. If the home you want has dropped by a greater dollar amount than yours, the price gap between the two may be more favourable than before. We worked with clients whose home was down roughly $125,000 while the home they wanted was down almost $250,000.
Should I wait for the next Bank of Canada rate announcement before selling my home?
The Bank of Canada held its overnight rate in September, and its next scheduled announcement is October 28th. Nobody knows what will happen, so we would not base a major decision on a prediction. Look at what happens in your own situation if rates are higher or lower.
If your answer to Question Five turns out to be downsizing, our Downsizing page is a good place to start.
If you are wondering what your home is worth and what your next move could cost, we will sit down and look at your numbers together. Call Shawn and Angela Westerik at 226-796-5651 or email [email protected] and let's get started.
Check out this article next
