September's board numbers are finally out for all five markets, and they tell two different stories. In Waterloo Region, fewer homes sold but prices mostly held, because sellers pulled back too. In London and St. Thomas, more homes sold than a year ago, yet buyers still had close to six months of inventory to choose from. Same month, very different leverage depending on where you're shopping.
Market Snapshot (September 2026)
| Region | Avg Sale Price (Sept) | YoY / Trend | Inventory Signal |
|---|---|---|---|
| Kitchener | $646,426 | Sales down 12.6% YoY; KW benchmark $630,200, down 5.6% | 3.8 months of supply (Waterloo Region) |
| Waterloo | $775,276 | Sales down only 8.2% YoY, the most resilient city | 3.8 months of supply (Waterloo Region) |
| Cambridge | $697,453 | Down 4.1% YoY; benchmark $662,700, down 4.1% | Sales down 34.8% YoY; 30 days on market |
| London | $591,927 | LSTAR sales up 5.3% YoY; composite benchmark down 0.2% from August | 5.9 months of inventory: buyers' market |
| St. Thomas | $544,865 | Benchmark $496,800; average down from $557,485 in August | 5.9 months of inventory (LSTAR region) |
Average Sale Price by City, September 2026
| City | Average sale price |
|---|---|
| Waterloo | $775,276 |
| Cambridge | $697,453 |
| Kitchener | $646,426 |
| London | $591,927 |
| St. Thomas | $544,865 |
Kitchener, Waterloo and Cambridge: Cornerstone Association of REALTORS® figures as reported by CTV Kitchener, Oct 6. London and St. Thomas: LSTAR's September 2026 release. LSTAR did not publish a citywide London year-over-year price change.
What This Means For You
Waterloo Region and London are moving in opposite directions. In the Region, sales fell sharply but supply stayed tight at 3.8 months, so a well-priced house still draws competition. In London and St. Thomas, sales rose year over year, but 5.9 months of inventory and a 34.7% sales-to-new-listings ratio mean buyers can still negotiate on price, conditions and closing dates.
Andy's Take
The number I'd put on the fridge this month is Cambridge's 34.8% drop in sales against only a 4.1% dip in price. Buyers stepped back, but sellers didn't cut, and that standoff usually breaks on the seller's side once the fall listings pile up. London is the opposite: sales are up year over year, but with 5.9 months of inventory the buyer still sets the pace. If you're buying this fall, shop London and St. Thomas on terms, and shop Waterloo Region on timing.
Explore Each Market
Each city has its own neighbourhood-by-neighbourhood page this issue, with a fresh set of pockets: Brigadoon and Laurentian West in Kitchener, Northland and Westvale in Waterloo, Popcorn House and Fiddlesticks in Cambridge, Westmount and Hamilton Road in London, and Pinafore Park and Harvest Run in St. Thomas.
Got a question about your street?
Neighbourhood-level figures in these guides come from public market-report aggregators, not MLS® sold data. Reach out and I'll pull the real comps for your street or building before you act on anything here.
