I'm seeing the same thing.

From what I see in the Google Blog, that sends you to here: https://support.google.com/adwords/answer/3141229

Local monthly searches and global monthly searches: These two columns have been replaced by the "Average monthly searches" column, simplifying the search volume data you can get. The average monthly search volume is specific to your targeting settings, and you can get data for an entire country or individual cities and regions within a country. Note that you can still get global monthly search data by targeting all locations.

But based on past numbers, this is not an average at all. "Flooring London Ontario" should have the same local and global searches... Yet, it went from 1300 (Keyword Tool) to 210 (Keyword Planner) local monthly searches.

Keep us updated on anything you find! This would make a great Blog Post for someone who has the time to do a proper investigation