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 table below displays February’s average prices and MLS® HPI Benchmark Prices in LSTAR’s main regions.
| Area | February 2026 MLS® HPI Benchmark Price | February 2026 Average Price |
|---|---|---|
| Central Elgin | $658,700 | $586,250 |
| London East | $435,800 | $471,655 |
| London North | $620,600 | $748,716 |
| London South | $560,500 | $617,817 |
| Middlesex Centre | $759,700 | $947,278 |
| St. Thomas | $526,800 | $545,876 |
| Strathroy-Caradoc | $739,200 | $716,384 |
| LSTAR | $561,600 | $622,414 |
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 February’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 | February 2026 | Change Over January 2026 | Change Over November 2025 |
| LSTAR Composite | $561,600 | ↑0.6% | ↑0.3% |
| LSTAR Single-Family | $617,000 | ↑0.5% | ↑0.6% |
| LSTAR One Storey | $553,400 | ↑1.3% | ↑1.6% |
| LSTAR Two Storey | $669,000 | ↓0.1% | ↓0.1% |
| LSTAR Townhouse | $450,400 | ↑0.5% | ↓1.9% |
| LSTAR Apartment | $327,500 | ↑1.6% | ↓0.7% |
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.
“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.
1Economic Benefits Generated by Home Sales and Purchases Over MLS® Systems Across Canada, Altus Group, 2025.
SOURCE, LSTAR
To learn more, visit LSTAR LONDON ST. THOMAS ASSOCIATION OF REALTORS®
