The Multiple Listing Service® (MLS®) of the London and St. Thomas Association of REALTORS® saw 341 homes change hands in January, down 10.3% compared to the same month a year ago. The average sale price was $624,550 which represents an increase of over $10,000 from December and is down just 0.6 % from January of 2025.
“The sales-to-new listings ratio dropped substantially in January, to 32.2,” said Robin Tiller, LSTAR’s 2026 Chair. “That is noticeably lower than December’s ratio of 71.6. This would indicate conditions of a buyers’ market, according to the Canadian Real Estate Association (CREA), but aligns with expected numbers for a typical January market.”
“Inventory continues to remain at a historically high level,” Tiller continued, “with 6.6 months of inventory in January, up from the 5.3 months recorded in January of 2025. This represents the most active listings we have seen in the last ten years. This is another indication of a buyer's market and another good reason to reach out to your local REALTOR® for advice on buying or selling.”
The table below displays January’s average prices and MLS® HPI Benchmark Prices in LSTAR's main regions.
Area | January 2026 | January 2026 |
|---|---|---|
| Central Elgin | $646,400 | $793,545 |
| London East | $434,900 | $443,978 |
| London North | $617,400 | $692,174 |
| London South | $558,100 | $625,802 |
| Middlesex Centre | $762,600 | $861,600 |
| St. Thomas | $520,500 | $592,994 |
| Strathroy-Caradoc | $721,000 | $720,806 |
| LSTAR | $558,000 | $624,550 |
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 January'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 | January 2026 | Change Over | Change Over |
| LSTAR Composite | $558,000 | ↑0.9% | ↓1.3% |
| LSTAR Single-Family | $614,000 | ↑0.5% | ↓0.7% |
| LSTAR One Storey | $546,200 | ↑1.4% | ↓1.3% |
| LSTAR Two Storey | $669,400 | ↓0.1% | ↓0.3% |
| LSTAR Townhouse | $448,300 | ↑3.1% | ↓3.5% |
| LSTAR Apartment | $322,300 | ↓0.5% | ↓5.4% |
The chart below shows the most recent HPI benchmark prices across the country, courtesy of CREA.
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.
“Based on January’s sales, that means more than $49 million was potentially generated in spin-off spending,” Tiller said.
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.
1Economic Benefits Generated by Home Sales and Purchases Over MLS® Systems Across Canada, Altus Group, 2025.
