Buying a Condo in London, Ontario: What Rising Condo Fees Mean in 2026

Apartment-style condos have had a rough year in London, and rising condo fees are the biggest reason. From January to September 2026, the median apartment-style condo sold for $285,000, down 12% from a year earlier, while the median monthly fee on those sales went up. For buyers, that combination is an opportunity and a warning at the same time.

How much have condo prices dropped in London in 2026?

Apartment-style condos dropped the most of any home type. The table compares firm sales from January 1 to September 30 in each year, counted on the date each deal went firm, from MLS® data. "Apartment-style condo" means a unit in a condo building, and condo townhouses are counted separately. Monthly market reports that group every kind of condo together will show different numbers.

Jan to Sept firm sales	2025	2026	Change
Apartment-style condo, median sold price	$323,700	$285,000	Down 12.0%
Apartment-style condo, sales	344	314	Down 8.7%
Apartment-style condo, median days to sell	29	40	Slower
Condo townhouse, median sold price	$490,000	$445,000	Down 9.2%
Detached home, median sold price	$660,000	$628,500	Down 4.8%

Apartment-style condos also took longer to sell, about 40 days at the median compared with 29 a year earlier. For the latest month-by-month numbers across London, see the September 2026 market update on liveinoakridge.ca.

Are condo fees going up in London?

Yes. On apartment-style condos that sold from January to September, the median monthly fee rose from $529 in 2025 to $556 in 2026, about 5%. Measured per square foot, which takes unit size out of the picture, fees rose about 11%.

Median monthly condo fee, Jan to Sept sales	2025	2026
Apartment-style condo	$529	$556
Apartment-style condo, per square foot	$0.52	$0.58
Condo townhouse	$355	$370

In my experience, fees are the first thing that makes an apartment-style condo buyer hesitate this year. A price can look like a bargain until you add $550 or $600 a month on top of the mortgage.

Why are condo fees rising?

Condo fees pay for running the building and saving for future repairs, and most of those costs have gone up. The usual drivers are building insurance, repair and maintenance costs, utilities and staff, and contributions to the reserve fund, the building's savings account for big repairs like roofs, windows and elevators.

Older buildings feel this most. Ontario condos must update their reserve fund study regularly, and when a study shows the fund is short, the board raises fees or charges a special assessment, a one-time bill to every owner.

How do condo fees change what you can afford?

Condo fees affect your budget twice: once in your monthly costs, and again when a lender works out how much you can borrow. Lenders count half of your condo fee in your debt ratios, and they qualify you at a higher rate than you're quoted (see how the stress test works).

Here's a typical London apartment-style condo at the 2026 median price of $285,000, with 10% down, mortgage insurance added, and a 4.5% rate over 25 years. The mortgage payment works out to about $1,464 a month before fees.

Monthly condo fee	Mortgage payment	Mortgage plus fee
$400	$1,464	$1,864
$556 (2026 median)	$1,464	$2,020
$800	$1,464	$2,264

On the borrowing side, every extra $100 a month in fees reduces what you can qualify for by roughly $7,500, when your housing costs are what limits your mortgage. Two condos at the same price can fit very different budgets.

Higher monthly fee by	Counted in your debt ratio	Roughly less you can borrow
$100	$50	$7,500
$200	$100	$15,000
$400	$200	$30,000

These are rounded examples, not a pre-approval. Property taxes, heating and your other debts all change the result, so talk to a mortgage professional with your own numbers.

How do you check a condo building before you buy?

The status certificate is the most important document in a condo purchase. Under Ontario's Condominium Act, the condo corporation must provide it within 10 days of a request, and it shows the building's budget, reserve fund, any planned fee increases or special assessments, insurance and legal issues. Make your offer conditional on your lawyer reviewing it. For what the certificate and the lawyer's review cost, see the closing costs guide on liveinoakridge.ca.

• Fee history. Ask how much fees went up in each of the last three to five years. Steady small increases are healthier than a flat fee followed by a big jump.
• Reserve fund. Compare the balance with what the latest reserve fund study says it should be. A fund that's behind usually means higher fees or a special assessment later.
• Upcoming work. Look for big projects in the next few years, like a roof, windows, elevators or parking garage repairs.
• Special assessments. Check whether any are planned or under discussion.
• What the fee covers. Some fees include heat, water or hydro and some don't, which changes how two fees compare.

Your real estate lawyer reviews the status certificate, but it's worth reading the budget and reserve fund pages yourself too.

Is now a good time to buy a condo in London?

For the right building, yes. I think this is a generational window for buyers getting into the market. Apartment-style condo prices are down about 12% from a year ago, homes are taking longer to sell, and buyers have room to negotiate in a way they haven't for years.

The catch is the fee. A lower price only helps if the building is well run and its fees are on a steady path. Buy the building as much as the unit: check the status certificate, the reserve fund and the fee history, and the savings on price will hold up. For the full first-time buyer process in London, see the first-time home buyer guide on liveinoakridge.ca.

Ready to look? Browse condos for sale in London, or reach out to Justin to go over a building's status certificate with you.