When GTA buyers start looking west for more house, three places come up again and again: Kitchener-Waterloo, London and St. Thomas. I work in all three, and they suit different people. Here's a straight comparison, using the same month's numbers for each.
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548 490 4577How do prices compare?
| September 2026 | Average sale price | Below the GTA average by about |
|---|---|---|
| GTA (TRREB area) | $1,006,409 | n/a |
| Waterloo | $775,276 | $231,000 |
| Cambridge | $697,453 | $309,000 |
| Kitchener | $646,426 | $360,000 |
| London | $591,927 | $414,000 |
| St. Thomas | $544,865 | $461,000 |
These are all-property averages. Each city sells a different mix of detached homes, townhouses and condos, so the gap isn't what you'd save on an equivalent home. To compare like for like, look at recent sales of the type of home you actually want.
Price sources: TRREB's September 2026 release for the GTA; Cornerstone Association of REALTORS® September 2026 figures for Kitchener, Waterloo and Cambridge; LSTAR's September 2026 release for London and St. Thomas. Each board measures prices its own way, so treat cross-board comparisons as broad, not exact.
How far is each one from Toronto?
| From | Drive to downtown Toronto, off-peak | Train |
|---|---|---|
| Kitchener-Waterloo | About 1 hour 30 minutes | GO trains and VIA from Kitchener station; trip times vary by train |
| Cambridge | About 1 hour 15 minutes | No passenger rail in Cambridge; most people drive to a GO station such as Kitchener, Guelph or Milton |
| London | About 2 hours 20 minutes | VIA Rail from London station: about 2 hours 10 minutes on the fastest train, closer to 2.5 hours on average |
| St. Thomas | About 2 hours 20 minutes | None in St. Thomas; nearest is VIA in London, a 25 to 35 minute drive |
Drive times are off-peak estimates, and weekday rush hour on the 401 can add an hour or more. Train times are station to station, so add the trip to the station and from Union Station to your office. From Waterloo, ION light rail runs to Kitchener's Central Station stop beside the GO station.
If you need to be in a Toronto office two or three days a week, Kitchener-Waterloo or Cambridge usually makes those days easier. If it's once a week or less, London and St. Thomas become more realistic and your money goes further. Either way, time a real door-to-door trip on a workday before you commit.
Which market favours buyers right now?
London and St. Thomas, more clearly, though LSTAR reports one set of figures for its whole region, which also covers the rest of Middlesex and Elgin. In September 2026 that region had about 5.9 months of inventory and a sales-to-new-listings ratio of 34.7%, below the 45% to 65% range LSTAR describes as balanced. Waterloo Region had 3.8 months of supply, which Cornerstone called relatively balanced, so a well-priced home there still draws competition.
Months of inventory tells you how long the homes for sale would last at the recent pace of sales, not how many homes there are to choose from. The boards also don't necessarily calculate it the same way: Cornerstone divides end-of-month listings by average monthly sales over the past year, and LSTAR's release doesn't spell out its method. Treat the gap as a direction, not an exact comparison.
Cambridge is worth a closer look. Sales there fell 34.8% from a year earlier in September, while the benchmark price slipped 0.6% from August and was 4.1% lower than a year before. Its 3.5 months of supply was a little tighter than the regional figure, so the room to negotiate is mostly on listings that have sat.
What about jobs?
- Kitchener-Waterloo: tech, insurance and finance, advanced manufacturing, and two universities plus Conestoga College.
- London: health care and education lead (London Health Sciences Centre, St. Joseph's, Western, Fanshawe), with manufacturing along the 401 and Hitachi Energy's new east-end plant on the way.
- St. Thomas: manufacturing and logistics today, plus Volkswagen's PowerCo battery plant, which is under construction. In September 2026 PowerCo moved its production start from 2027 to 2029; it expects about 3,000 jobs once the plant is fully running. South London's employers are about 20 to 25 minutes' drive, and downtown and north London more like 30 to 45 minutes.
Which one fits you?
| If this sounds like you | Look first at |
|---|---|
| Hybrid job in Toronto, in the office 2 or 3 days a week | Kitchener-Waterloo or Cambridge |
| Mostly remote, want the most house for the money | London or St. Thomas |
| Want a bigger city with hospitals, a university and a downtown | London or Kitchener-Waterloo |
| Want a smaller-town feel and close to Lake Erie | St. Thomas |
| First-time buyer priced out of the GTA | London East, St. Thomas, or Kitchener townhouses |
| Working at PowerCo or nearby | St. Thomas or south London |
Frequently asked questions
Is London or Kitchener better for GTA buyers?
It depends on how often you need to be in Toronto. Kitchener is close to an hour nearer by car off-peak and has GO trains, which suits people who still go in a few days a week. London's average sale price was about $54,000 below Kitchener's in September 2026, partly because of a different mix of homes, and buyers there had more negotiating room this fall, which suits people who are mostly remote or moving their job.
What is the cheapest city near the GTA with good jobs?
Of the three we compared, St. Thomas had the lowest average sale price in September 2026, at $544,865. Its biggest new employer, the PowerCo battery plant, is under construction, with production now planned for 2029. London was next at $591,927, with a much larger and more varied job base today.
Do I pay land transfer tax twice moving from Toronto?
No. When you sell, you don't pay land transfer tax. When you buy in London, St. Thomas or Kitchener-Waterloo, you pay only Ontario's land transfer tax. Toronto's municipal land transfer tax applies only to homes bought inside the City of Toronto.
