In July, 686 homes changed hands via the Multiple Listing Service® (MLS®) of the London and St. Thomas Association of REALTORS® (LSTAR). Although down 4.9% from July 2025, the sales activity is on par with activity recorded in the past four years.
“The marketplace is starting to see a little more certainty around interest rates, with the Bank of Canada maintaining its policy rate at 2.25% last month, which has remained the same since last October,” said Robin Tiller, LSTAR’s 2026 Chair. “With historically high inventory, it’s setting the stage for a busier fall market. July saw 4.9 months of inventory, with 3,367 active listings across the LSTAR region.”
The July sales-to-new listings ratio was 44.5%, up from June which came in at 41.6%.
“According to the Canadian Real Estate Association (CREA), a ratio between 45% and 65% indicates conditions of a balanced market,” Tiller said. “Average sales price was $603,006, on par with June, which was $606,614.”
The table below displays July’s average prices and MLS® HPI Benchmark Prices in LSTAR's main regions.
Area | July 2026 | July 2026 |
|---|---|---|
| Central Elgin | $640,200 | $645,374 |
| London East | $430,000 | $456,416 |
| London North | $621,000 | $701,759 |
| London South | $556,300 | $607,101 |
| Middlesex Centre | $775,700 | $844,452 |
| St. Thomas | $506,500 | $500,819 |
| Strathroy-Caradoc | $726,700 | $548,041 |
| LSTAR | $557,000 | $603,006 |
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.
The following table displays July’s benchmark prices for all housing types within LSTAR's jurisdiction and shows how they compare with those recorded in the previous month and three months ago.
MLS® Home Price Index Benchmark Prices | |||
|---|---|---|---|
Benchmark Type | July 2026 | Change Over | Change Over |
| LSTAR Composite | $557,000 | ↓0.7% | ↓1.8% |
| LSTAR Single-Family | $606,800 | ↓1.1% | ↓2.4% |
| LSTAR One Storey | $536,300 | ↓2.2% | ↓4.7% |
| LSTAR Two Storey | $663,300 | ↓0.5% | ↓0.9% |
| LSTAR Townhouse | $428,400 | ↓1.0% | ↓4.6% |
| LSTAR Apartment | $330,000 | ↑1.8% | ↑0.5% |
The chart below shows the most recent HPI benchmark prices across the country, courtesy of CREA.
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.
“We cannot underestimate how important housing is to the financial well-being of our region,” Tiller said. “With July home sales, we’re talking about generating potentially more than $85 million back into the local economy.”
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.
Posted by Brian VanBart on
Leave A Comment