Weekly Regional Business Intelligence
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Written by Kieran Delamont, Associate Editor, London Inc.
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“It’s about uncertainty.” London’s real estate professionals strap in for a pivotal year
According to the London and St. Thomas Association of Realtors (LSTAR), which released data for home sales in the month of December this week, a total of 398 homes exchanged hands in the region (the LSTAR catchment area also takes in Strathroy, St. Thomas and portions of Middlesex and Elgin counties), about on par (0.8 per cent gain) when compared to sales in December of 2024. On the supply side, a total of 556 new properties entered the market in December, a 9.3 per cent increase from the same period a year ago. Active listings (a total of all listing) for the month sat at 2,167, a 20.3 per cent hike from the same period a year prior. “Inventory continues to remain at a historical high level,” noted Dale Marsh, 2025 LSTAR chair. Indeed, as a challenging year wrapped up for the city’s residential real estate sector, bright spots remained elusive. “London and area real estate sales in 2025 saw further reductions in pricing and volume,” observed A Team London partner Marcus Plowright. “The average price was down 3.4 per cent to $614,000 and the median price fell 6.2 per cent to $553,000. Total sales for the year were 6,938 homes — a reduction of five per cent over 2024 despite affordability improving to match pre-pandemic 2021 levels.”
The upshot: With 2025 in the books and attentions turning to what the year ahead will bring, it’s a good bet the industry will continue to navigate a period of profound transformation, marked by both significant challenges and emerging opportunities. “Taking into account mortgage rates and average prices, the monthly cost of owning a home today is about the same as it was through 2020, but in that year 42 per cent more homes sold tha n in 2025,” noted Plowright. “London’s low sales volume isn’t related to a lack of affordability — it’s about uncertainty. Unemployment rates are up compared to five years ago and confidence continues to lag. With demand continuing to be soft, new construction sales at record low numbers and new listings always exceeding sales, 2026 will continue to be a buyer’s market. There are plenty of downside risks, and few reasons to expect any value or volume increases.”
Read more: LSTAR
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Union floats using CAMI Assembly for Ontario-made military vehicle
The chair of the union representing workers at CAMI said the idea of using the factory to produce military vehicles is among the considerations on the table, as discussions between GM and the federal government continue. “I know they’re looking at a potential military vehicle that could come into our plant,” said Unifor Local 88 chair Mike Van Boekel, on CBC’s London Morning this week, adding that “it wouldn’t get everybody back to work, but it would get a couple hundred people working at least.” Everybody else involved is remaining pretty tight-lipped, however. GM spokesperson Ariana Pereira told CBC only that they were looking at various options, while a spokesperson for the federal industry ministry said that the negotiations were “subject to commercial confidentiality.”
The upshot: Military production would be a fairly clean and tidy solution for all parties here. The Canadian Army launched a Light Utility Vehicle (LUV) program to replace its aging fleet back in 2017, but the pandemic and the usual delays mean that the project still hasn’t gotten off the ground yet (the CBC did a good job of recapping of the delays in 2024.) GM Defense Canada, a subsidiary of GM, has also been one of the potential suppliers pitching the government on a plan to retool its Oshawa plant to produce the LUVs, which are based on the Chevy Silverado chassis. So, while nothing is committed yet, it does look like the pieces are on the board to make it possible, at least. Whether GM would be able (or willing) to make use of the CAMI plant to produce such a vehicle is perhaps a different story, but there’s a desire among both the federal government and the manufacturing sector to see a made-in-Canada vehicle, so we’ll wait and see what materializes here.
Read more: CBC News London
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2026 20 Under 40 recipients unveiled
The list of 2026 20 Under 40 award recipients was released by London Inc. this week. An initiative of London Inc., and presented by Lexus of London, the annual 20 Under 40 awards recognizes rising leaders under the age of 40 in London, and this year’s class includes entrepreneurs and investors, scientists and researchers, lawyers and developers, athletes, frontline social workers and more. “As a group, the 20 Under 40 Class of 2026 shows the range of endeavours taking place in London,” said Gord Delamont, London Inc. founder and creative director. “This group of accomplished women and men are in the Top 20 because they lead busy lives and achieve a lot, both in their careers and our community. They will have a significant impact on the advancement of our city, and it is our great pleasure to recognize them.”
The upshot: Since 2013, the 20 Under 40 program has celebrated dynamic young Londoners who are moving our city forward, and the 20 Under 40 Class of 2026 is, by all measures, doing just that. The Class of 2026 will be profiled in the upcoming February-March issue of London Inc. As well, the recipients will be celebrated at the 2026 20 Under 40 Cocktail Gala on Thursday, March 12 at 100 Kellogg Lane. Mark your calendar and join the recipients, 20 Under 40 alumni and a who’s who of our business community for an evening of social networking and celebration of the city’s finest young contributors. Tickets go on sale on January 12.eate value for customers, and support London’s energy transition.”
Read more: London Inc.
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Does London need a night mayor?
Graham Henderson, CEO of the London Chamber of Commerce, is pushing the city to consider the idea of a London night mayor — a municipal official who tasked with growing the city’s nightlife economy. “Cities are judged by their downtowns, whether you like it or not,” Henderson told CBC News London. “We know that we’ve got a problem in our downtown, so how do we harness culture to make it happen?” The night mayor concept is one that other cities have explored in recent years: taking its cue from European cities like London and Amsterdam, Ottawa appointed a night mayor in 2024. Not all municipal officials are convinced, though. Mayor Josh Morgan (who you might consider the night mayor by default) isn’t sure that “replicating someone’s structure is the way to go,” while Deputy Mayor Shawn Lewis said that the city has “got all the pieces” already.
The upshot: Whether or not the city moves ahead with the night mayor concept — and the lukewarm reception suggests this might be as far as it goes — Henderson floating the idea will at least start a conversation about the city’s nightlife economy. Mid-sized cities everywhere are dealing with a decline in the nighttime economy, a confluence of many factors: tight economic conditions on the one hand, plus a culture shift away from alcohol and shifting consumer preferences on the other. “The slowdown we’re seeing in Canada’s nighttime spending is really a sign of changing times,” said Ming-Tai Huh, head of food and beverage at Square Canada, which says its data shows Canadian cities are seeing a multi-year decline in nighttime spending. One of Canada’s few night mayors, Ottawa’s Mathieu Grondin, told the CBC that a night mayor position can help cities navigate these changing conditions, and improve relationships between nightlife businesses and the city. “Bigger cities will sometimes look into this, because they want to manage their nightlife — especially some of the negatives of nightlife,” he said.
Read more: CBC News London
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Private industrial development pitched for east end
City staff are looking at a private proposal to build a new industrial park across the street from municipally owned Innovation Park, hoping to take some of the pressure off the city’s industrial park. Kreative Development, working with MHBC Planning, has proposed a plan that would see four parcels of land, comprising around 7.6 hectares, developed for light industrial uses. “This is where we need development,” said Ward 14 Councillor Steve Hillier, speaking with The London Free Press. “It’s good for the city. We need people working.” Documents submitted by MHBC show they have been working with the city on this proposal since 2023 (there were also environmental assessments completed dating back to 2021), but city staff told the Free Press there still aren’t many details to go along with the proposal in terms of what kinds of development Kreative is eyeing.
The upshot: Innovation Park, the city’s main industrial land inventory, is getting crowded — according to the London Economic Development Corp.’s website, there’s around 96 acres of land available. Kreative Development’s proposal would expand the amount of industrial land available in that immediate area by about 20 per cent. The city will likely be keen to see private developers stepping in to grow the amount of industrial land available — against the backdrop of a broader economic desire to bring manufacturing jobs to the area, the tight market for industrial land is something the city has been focused on, and in a 2025 review of its industrial land policy the it noted a need for smaller parcels for smaller operations.
Read more: London Free Press
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London’s downtown office vacancy edges up once again
The city’s core office vacancy rate rose again in Q4 of last year, according to the latest data from commercial realty firm CBRE. After two quarters of vacancy rate declines, the final quarter of the year saw the vacancy rate hit 31.5 per cent. Officials are pointing to the official opening of the WSIB’s new HQ at 300 Tartan Drive (the former 3M Canada head office) as part of the cause — 400-some-odd workers moved from downtown out to the new campus. That sparked a renewed round of grumbling from city officials, none of whom have been all that pleased that the WSIB didn’t set up shop downtown. “I’m not happy with the move that WSIB made, but it’s out of our control,” said downtown Councillor David Ferreira. “WSIB is a provincial agency. It does what it wants to do.”
The upshot: Always keen put a positive spin on things, CBRE’s associate vice president Greg Harris said the vacancy rate didn’t move much from Q3 to Q4 — it went from 31.4 per cent to 31.5. So, if you leave aside the WSIB move, it doesn’t look quite as bad. “At this moment in time, that’s the positive and that should lead to better things in the future,” he told CTV News London. “We shouldn’t see any large shocks to the market, and shouldn’t see any large groups vacating.” The provincial government is bringing its workers back into the office full-time this year, as are some private sector employers, so the first quarter of 2026 might look better by comparison.
Read more: London Free Press | CTV News London
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Dispatch: January 9, 2026
A summary of recent business appointments and announcements, plus event listings for the upcoming week.
View listings here
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