London & St. Thomas Association of REALTORS®

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.”

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.

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1_Economic Benefits Generated by Home Sales and Purchases Over MLS® Systems Across Canada_, Altus Group, 2025.