London Real Estate Market Report
Executive Summary
Tania MenicucciLocal expert · LondonThe London, Ontario real estate market is currently classified as a balanced market. The MLS® composite benchmark price is $561K, down 3.5% year-over-year.
There are currently 80 active listings, representing 4.6 months of inventory. Inventory has increased 63.3% compared to last month.
Currently, the average price per square foot is $324.
Board Data vs Our Listings
| Metric | London and St. Thomas Association of REALTORS | Our Listings |
|---|---|---|
| Benchmark / Median Price | $561K | $590K |
| Active Listings | 80 | 80 |
| Detached Benchmark | $614K | $805K |
| Townhouse Benchmark | $433K | $427K |
| Apartment Benchmark | $324K | $427K |
Detached properties make up the largest share of the London market at 74% of active listings with an average price of $805K. Condo listings follow at 26% (avg $427K).
Sales Activity & Absorption
Volume
Market Signals
31 new listings appeared in the past month.
London and St. Thomas Association of REALTORS Monthly Report
In June, 753 homes changed hands via the Multiple Listing Service® (MLS®) of the London and St. Thomas Association of REALTORS® (LSTAR). That was up 1.6%, compared to June 2025, and on par with June sales over the past four years.
“The June sales-to-new listings ratio was 41.6%, on par with May which came in at 42.8%,” said Robin Tiller, LSTAR’s 2026 Chair. “According to the Canadian Real Estate Association (CREA), a ratio between 45% and 65% indicates conditions of a balanced market. Historically, we’ve seen slower activity during the summer season, but the June data has given us a steady start.”
Average sales price saw some fluctuation last month. It was $606,614, down 6.7% from the same month a year ago. By comparison, the May average sales price was $662,292, while it was $618,665 in April. Inventory remained stable, with 4.6 months of inventory recorded in June.
“With the changing nature of real estate, your local REALTOR® is a great resource if you’re considering buying or selling a home,” Tiller said. “Every home is unique, and they can share their local expertise and help guide you through what’s happening in the marketplace.”
The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain area based on various housing attributes, while the average sales price is calculated by adding all the sale prices for homes sold and dividing that total by the number of homes sold. The HPI benchmark price is helpful to gauge trends over time since averages may fluctuate by changes in the mix of sales activity from one month to the next.
According to a 2025 study1 by Altus Group, the average housing transaction in Ontario generated approximately $124,200 in spin-off spending per transaction, between 2022 to 2024. These include such expenses as legal fees, appraisers, moving costs, new appliances, and home renovation expenses.
“That would translate into more than $93 million being generated into the local economy,” Tiller said. “That impacts activity throughout the entire housing continuum.”
Employment resulting from home sales is also significant, according to the Altus study. Resale housing activity created an estimated 117,610 jobs annually in Ontario from 2022 to 2024. Jobs include manufacturing, construction, skilled trades, finance, and insurance.
1_Economic Benefits Generated by Home Sales and Purchases Over MLS® Systems Across Canada_, Altus Group, 2025.
Source: London and St. Thomas Association of REALTORS, June 2026
Market Balance
Months of Inventory
Demand moderately exceeds supply — conditions favor sellers.
At 4.6 months of inventory, the market is balanced. Neither buyers nor sellers have a decisive advantage — a good time for realistic pricing and considered offers.
Interest Rates & Affordability
Current Rates
Lower rates increase purchasing power. The Bank of Canada sets the policy rate which influences prime rates across lenders.
Estimated Monthly Payment
This is an estimate only. Actual rates and payments will vary based on your credit profile, lender, and mortgage terms.
Market Outlook
The market is relatively balanced between buyers and sellers. The London market currently has 80 active listings with a median price of $590K and 4.6 months of inventory.
According to London and St. Thomas Association of REALTORS, the composite benchmark price is $561K (-3.5% year-over-year).
- Prices declining (-4.8% in 30 days)
- Low price reduction rate (0% of listings)
- Low sell-through rate (42%)
- Average price per square foot is $324
Data sourced from CREA DDF® active listings. Metrics computed from listing data updated daily, with benchmark statistics from London and St. Thomas Association of REALTORS. Prepared by Tania Menicucci with AI assistance, reviewed by our team.
Market data is calculated from active and recently sold MLS® listings as of August 2026. Past performance does not guarantee future results. Consult a real estate professional for specific advice.
Data provided by CREA DDF. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA). Information deemed reliable but not guaranteed.