A mid-year review
The real estate market hits the mid-year point pretty much the way it started — with falling prices and rising supply. And it’s not likely to change for the foreseeable future
WE’VE JUST PASSED the mid point of 2025, the kids are out of school and we’re all headed to the local beaches to bury our collective heads in the sand. When you pop up for air, here are the stats you’ll want to consider.
Real estate pricing in the London area is steadily falling. The benchmark price has fallen about $40,000 over the last year. The average price has fallen about $23,000 since June 2024. The median price is down about $50,000 in that same period. So, benchmark price down $40K, average down $23K and median down $50K ― all in the last year.
Price decreases of two to five per cent are common in the market this summer, as dramatic price drops are often necessary to attract buyers. Given the market is skewed to the advantage of buyers, it’s not surprising that prices are falling.
“Despite the slow and steady declines in pricing over the last year, borrowing costs may be moving up”
What about the supply side of the real estate market? Inventory is near record highs. Active listings are sitting right near 2,100 in London. Every month for the last two years significantly more homes are listing than are selling.
What about affordability? Despite the slow and steady declines in pricing over the last year, borrowing costs may be moving up. Tariff induced inflation is just starting to show in the market, and the bond market is spiking to its highest levels this year. Consequently, fixed mortgage rates are being pushed up. Housing costs are falling but mortgage rates may not be holding.
It’s a volatile time in real estate, with no one able to predict the outcome of trade talks, future immigration policy, whether unemployment will continue to grow, etc. Purchases conditional on the sale of another property are the predominant transactions these days. A sure thing ― a firm deal ― is the unicorn with all the power.
Market analysis provided by Marcus Plowright, Sales Representative, A Team London. Marcus can be reached at 519-872-8326 or marcus@ateamlondon.ca.
High- and low-priced real estate listings around town this week
London East
Low
Address: 79 Glass Avenue
MLS number: X12281104
List price: $499,900
Days on market: 10
Size: 3+2 bedroom, 3 bathroom, 700-1,100 square feet
Listing agent: Sandeep Sharma, Salesperson, StreetCity Realty Inc., Brokerage
High
Address: 1839 Parkhurst Avenue
MLS number: X12250574
List price: $1,599,900
Days on market: 25
Size: 4 bedrooms, 4 bathrooms, 2,000-2,500 square feet
Listing agent: Carol Turnbull, Salesperson, Re/Max Centre City Realty Inc.
London North
Low
Address: 353 Cheapside Street
MLS number: X12186516
List price: $475,000
Days on market: 52
Size: 2 bedroom, 1 bathroom, 700-1,100 square feet
Listing agent: Susan Tanton, Broker, Century 21 First Canadian Corp.
High
Address: 1577 Gloucester Road
MLS number: 40745787
List price: $3,485,000
Days on market: 25
Size: 5 bedrooms, 3 bathrooms, 6,837 square feet
Listing agent: Steve Bailey, Broker, The Agency
London South & West
Low
Address: 239 Commissioners Road West
MLS number: X12235263
List price: $499,900
Days on market: 32
Size: 3 bedroom, 2 bathroom, 700-1,100 square feet
Listing agent: Myra Hueniken, Salesperson, Re/Max Advantage Realty Ltd. Brokerage
High
Address: 9385 Elviage Drive
MLS number: X12002246
List price: $3,490,000
Days on market: 139
Size: 5 bedrooms, 7 bathrooms, 3,500-5,000 square feet
Listing agent: Ashley Winder, Salesperson, Sutton Group – Select Realty
Disclaimer: London Inc. does not guarantee the accuracy of the statistical data on this page. The data does not represent the listings of any one agent or agency but represents the activity of the real estate community in the area. Any real estate agent’s ad appearing is separate from the statistical data provided, which is in no way a part of their advertisement.