The Truth About London Ontario Home Prices: Why Waiting Could Cost You the Move You Want

The London Ontario housing market has shifted  and if you have been watching the headlines, you have probably felt that familiar pull to hold off. Prices in the London-St. Thomas area have come down significantly from the peak of 2022 and the instinct to wait for a recovery is completely understandable. But what if waiting is actually working against you?

That question matters most to the people we talk to every day: homeowners who want to downsize, families thinking about a quieter life in a community like Exeter or Komoka and locals who are simply wondering whether now is the right time to make a move. The answer, more often than not, surprises them.

How Is the London Ontario Housing Market Performing Right Now?

At its peak in early 2022, the average home price in the London-St. Thomas area climbed above $825,000. Today that number sits closer to the low $600,000s, with over four and a half months of inventory on the market. That shift has created a true buyer's market  one with more choices, more negotiating room and more time to make a thoughtful decision.

For sellers, those numbers can feel discouraging. You remember what your neighbour got for their home two years ago and you start doing the math in your head. The result is often a kind of psychological freeze where you decide to stay put and wait for prices to recover before making your move.

The problem with that thinking is what it leaves out.

Why Trying to Time the Market Is the Wrong Strategy

Here is what most people do not consider when they decide to wait: unless you are cashing out entirely and moving into a rental or leaving the area altogether, you are buying and selling in the exact same market. Whatever discount your current home takes, the home you want to buy is also discounted.

Think about it this way. Suppose your four-bedroom London home was worth $900,000 at the peak but is worth $800,000 today. That feels like a $100,000 loss. But the single-story bungalow you have been eyeing in Thorndale or the newer build near St. Marys that was priced at $750,000 at the peak is now sitting at $650,000. The difference between what you sell and what you buy is exactly the same  and it was never really lost.

In a buyer's market your negotiating position actually improves. You can request a home inspection, ask for a flexible closing date and take your time without competing against multiple offers. Those conditions matter, especially for downsizers who need a clean and low-stress transition.

What Is the Real Cost of Waiting?

With 30 years of experience helping clients across London Ontario and the surrounding communities, Shawn and Angela Westerik have seen this pattern play out more times than they can count. A couple decides to hold off listing until the market feels stronger. While they wait, the perfect single-level home on a quiet street in Exeter comes available. Because they are not ready, they cannot act. Six months later the market has shifted slightly and their home sells for a fraction more  but that ideal property is long gone and they end up settling for something they do not love.

Nobody can time the absolute bottom of any market. Real estate professionals, economists and analysts have been trying for decades and the data consistently shows that people who wait for the perfect moment almost always miss the window they were hoping for.

The homes for sale in Exeter Ontario, Komoka and Thorndale do not sit forever. Well-priced and well-located properties in the smaller communities around London move even in a softer market.

Should You Downsize Now or Wait for the Market to Recover?

This is the question we hear most often from homeowners in London Ontario who are ready to simplify their lives. The honest answer is: it depends on your goals, not the market.

If you are moving for lifestyle reasons  less maintenance, a smaller footprint, a quieter community or proximity to family  then market conditions are largely relative to your situation. You are trading one asset for another in the same environment. Waiting for prices to recover in your favour on the sell side also means paying more on the buy side. The math rarely improves as much as people expect.

Where the analysis becomes more nuanced is if you are carrying a significant mortgage, have a specific price target in mind or are planning to use equity to fund a major life change. In those situations we always encourage clients to consult with a licensed financial advisor or mortgage professional before making any major decision. We are real estate professionals and not financial planners  and getting the right guidance from the right people matters.

What we can offer is a clear, ground-level view of what the local market actually looks like. Right now it looks like an opportunity for buyers and a fair environment for sellers who price strategically.

Is It a Good Time to Move to a Small Town Around London Ontario?

Communities like Exeter, Komoka, Thorndale and St. Marys continue to attract people who are ready to leave the pace of the city behind without sacrificing quality of life. These are towns with strong schools, tight-knit neighbourhoods and relatively easy access to London for those who still need the city a few days a week.

In a buyer's market, making a lateral move or a downsize to one of these communities carries less risk than it might feel like from the outside. Inventory is higher, competition is lower and the lifestyle you are moving toward does not have to wait for a number on a market report to feel right.

The real estate market will always move in cycles. The community you want to live in the street, the yard, the quieter pace  does not follow a cycle. It is either available or it is not.

What London Ontario Home Prices Actually Mean for Your Next Move

Falling home prices in the London Ontario market are not the threat they appear to be for most homeowners considering a move. They are a market condition  one that affects both sides of your transaction in roughly equal measure. The real risk is not selling in a down market. The real risk is waiting so long that the home and lifestyle you want are no longer available when you finally decide you are ready.

If you are thinking about a downsize, a lateral move or a fresh start in one of the communities around London Ontario, we would love to help you think it through clearly and without pressure. Shawn and Angela Westerik bring over 30 years of trusted local expertise to every conversation and that experience is always on your side.

👉 Explore homes for sale in London, Exeter and small-town Ontario here: https://www.communityrealestategroup.ca/communities/