Buyers vs Sellers in September — Where the 5 Markets Stand
KW, Cambridge and London board data is still July's — but a Cambridge pocket's price rose while it fell to dead last on its own growth leaderboard.
5 min read
The official board numbers for Kitchener-Waterloo, Cambridge, and London are still sitting on July's figures — Cornerstone and LSTAR haven't published August yet, so this table barely moved from last issue. That's normal lag, not a stalled market. What actually did move in the last two weeks is visible at the neighbourhood level, where daily-updated pricing tools show real shifts the board stats won't confirm for another week or two. This issue leans harder into that layer — including one Cambridge neighbourhood whose price ticked up while it dropped to dead last on its own city's growth leaderboard, which tells you more than the average ever will.
Market Snapshot (Latest Published Data)
| Region | Avg / Benchmark Price | YoY Change | Inventory Signal |
|---|---|---|---|
| Kitchener-Waterloo-Cambridge (blended) | $706,240 | -3.9% | 3.9 months of supply — balanced market |
| Kitchener-Waterloo (benchmark) | $633,300 | -5.5% | Down 1.3% month-over-month |
| Cambridge (benchmark) | $662,100 | -6.3% | Down 1.3% month-over-month |
| London | $603,006 | -7.0% | 4.9 months of inventory (benchmark $557,000, -4.0% YoY) |
| St. Thomas | $539,189 avg listing (Aug 17 snapshot) | — | 634 active listings |
Price by Region — Latest Available
- KW-Cambridge (blended): $706,240
- Cambridge (benchmark): $662,100
- Kitchener-Waterloo (benchmark): $633,300
- London (avg.): $603,006
- St. Thomas (avg. listing): $539,189
Board data for KW, Cambridge, and London is still July 2026's release (published Aug 11) — August figures haven't come out yet. St. Thomas figure is a fresher active-listing snapshot, not a board benchmark, so don't compare it directly to the other four rows.
What This Means For You
City-wide, this is a quiet stretch — the board numbers for three of five markets haven't even updated yet. The real signal is underneath: neighbourhood-level tools that refresh in real time are already showing where individual pockets are gaining or losing ground relative to their own peers, which is a different question than whether the raw price went up or down. A rising price at the bottom of a neighbourhood leaderboard is a weaker position than a flat price near the top, and the city-wide average can't tell you which one you're looking at.
Andy's Take
The headline I keep coming back to this issue isn't a city-wide number at all — it's that Cambridge's East Galt saw its price tick up 0.20% in the last month and still fell to dead last, 14th out of 14, on the city's own neighbourhood growth leaderboard. That's not a contradiction, it's the whole lesson: a rising price and a weakening position aren't the same thing, and only neighbourhood-level data shows you the difference. On the flip side, Rosemount in Kitchener had both its houses and condos climb in the same month, which almost never happens, and Argyle in London has a condo market ranked 5th out of 39 for growth that most buyers have never heard mentioned. Boards will catch up on the city-wide numbers eventually. I'd rather my clients be acting on the neighbourhood signal now.
Go Deeper: Neighbourhood-by-Neighbourhood
This issue swaps in a fresh set of neighbourhoods across all five markets, with a few genuine surprises — including a demand score downgrade in Cambridge and a sleeper condo market in London.
Andy Nagpal · 380 Wellington Street, Tower B, 6th Floor, Suite A, London, ON N6A 5B5 · 548 490 4577
Andy Nagpal is a Real Estate Broker registered with the Real Estate Council of Ontario (RECO) under the Trust in Real Estate Services Act, 2002, trading as eXp Realty, Brokerage. Pre-construction pricing, incentives, deposit structures and availability are set by the builder and are subject to change or withdrawal without notice. E. & O.E. This is not an offer for sale; any such offer can only be made with a builder's disclosure statement and agreement of purchase and sale. Not intended to solicit buyers or sellers currently under contract with another brokerage.