Average Home Price Remains Steady
In February, 410 homes changed hands via the Multiple Listing Service® (MLS®) of the London and St. Thomas Association of REALTORS® (LSTAR). Although down 18.7% compared to the same month a year ago, the home sales jumped up from January, which saw 341 homes sold.
“We’re encouraged by the uptick in sales,” said Robin Tiller, LSTAR’s 2026 Chair. “There is a lot of pent-up demand, and we’ll be closely watching the Bank of Canada’s next interest rate announcement scheduled for March 18.”
Average sales price in February was $622,414, down 3.5% from February 2025 and on par with the $624,550 average price recorded in January.
“LSTAR continues to advocate to all three levels of government on policy recommendations that address affordability challenges,” Tiller said. “No matter where individuals are on their housing journey, your local REALTOR® can help guide you through an ever-evolving 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 the latest study1 by Altus Group, an average housing transaction in Ontario generated an average of $124,200 in spin-off spending per transaction from 2022 to 2024. These expenses include legal fees, appraisers, moving costs, new appliances, and home renovation expenses.
“This means that February home sales potentially generated more than $50 million back into our community,” Tiller said. “It reinforces how integral the business of real estate is the local economy and beyond.”
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.
Board & Association Information
The London and St. Thomas Association of REALTORS® (LSTAR) is one of Canada’s largest real estate associations, representing over 2,300 REALTORS® from London, St. Thomas, Strathroy, Middlesex County, & Elgin County. Guided by a ten-member Board of Directors and administered by a team of professional staff specialists, LSTAR strives to deliver excellent service to its Members, including not only its core service, the MLS® system, but also Arbitration, Education, Professional Standards, Communications, and Government and Community Relations. It is nationally recognized as a leader in technological innovation, political action and community service. As members of the Canadian Real Estate Association, LSTAR members may use the REALTOR® trademark, which identifies them as real estate professionals governed by a high standard of professional service and a strict Code of Ethics, committed to providing the best possible service to their clients and customers. The Association operates the local Multiple Listing Service® (MLS®), a co-operative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties for sale. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about LSTAR is available at www.lstar.ca
LONDON & ST. THOMAS ASSOCIATION OF REALTORS®
For more information,
please contact:
(519) 641-1400
info@lstar.ca
Dale Marsh
