Should I buy a house now or wait until 2026 in Ontario

If you’ve been scrolling listings at midnight asking yourself “Should I buy now or wait?”, you’re in good company. Buyers across London are weighing the same question. Rates, prices, and headlines all seem to pull in different directions — so let’s cut through the noise and look at what the 2025 data and local experience actually say.

Rates vs. Reality

Mortgage rates are still the elephant in the room. As of October 2025, five-year fixed rates hover around 5.4 to 5.8 percent according to major lenders. That’s higher than the rock-bottom pandemic rates, but CREA economists and several banks expect a gradual easing into late 2026.Waiting for a massive rate drop might sound appealing, but London’s prices tend to rise quickly when rates fall. A better approach is to buy when you find a home that fits your budget and needs — you can always refinance later when rates soften.

What the Market Data Shows

According to LSTAR, the average home price in London sits around $622,805 as of September 2025, down just under 3 percent year-over-year. That means the market has stabilized after the early-year dip. OREA notes that buyer confidence is slowly returning, especially among first-time buyers taking advantage of increased inventory and reduced competition.CREA’s provincial forecast expects Ontario’s average price to edge up slightly through mid-2026 as demand catches up with supply.

Why Buying Now Can Make Sense

• Less Competition: Multiple-offer scenarios have dropped by over 50 percent compared to 2021.

• More Choice: Active listings in London are up over 20 percent year-over-year, meaning you can shop without rush.

• Negotiating Power: Sellers are more open to conditional offers and price flexibility than they’ve been in years.If you plan to own for five years or longer, locking in now often beats trying to perfectly time the bottom.

When Waiting May Be Wiser

If you’re still building your down payment or expect to move again within a couple of years, patience can help. A bigger down payment or slightly lower rate later could offset short-term market changes. The key is to have a clear budget and get pre-approved so you’re ready when the right home appears.

Bottom Line

For most London buyers, waiting for the “perfect” moment is riskier than acting when the right home appears within your budget. The data shows a stable, sustainable market — and that stability is exactly what savvy buyers look for.

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Thinking about buying in London? Let’s sit down and map out what makes sense for your goals and timeline — no pressure, just straight answers.

Justin Skrypnyk 

Real Estate Broker 

519-639-5176