In March, 586 homes changed hands via the Multiple Listing Service® (MLS®) of the London and St. Thomas Association of REALTORS® (LSTAR). That was up 4.1% compared to the same month a year ago and 186 more units sold over the previous month.
“Activity has certainly been picking up, which is a positive sign,” said Robin Tiller, LSTAR’s 2026 Chair. “With the change in weather, we’re very encouraged that this is just the beginning of a healthy spring market.”
Month over month, average sales price rose slightly in March at $627,112, from $622,414 in February. Noticeable month over month gains in average sales price happened in London South, with average price at $636,946, up from $617,817 the previous month, as well as St. Thomas, coming in at $562,191, up from $545,876 in February.
“Our members work with buyers and sellers every day who are feeling the weight of housing affordability,” Tiller said. “The announcements by federal and provincial governments this week are encouraging steps to help boost supply across the housing continuum and create more meaningful paths to home ownership.”
The table below displays March’s average prices and MLS® HPI Benchmark Prices in LSTAR’s main regions.
| Area | March 2026 MLS® HPI Benchmark Price | March 2026 Average Price |
|---|---|---|
| Central Elgin | $649,700 | $717,867 |
| London East | $435,000 | $480,516 |
| London North | $625,200 | $731,902 |
| London South | $561,800 | $636,946 |
| Middlesex Centre | $770,800 | $903,375 |
| St. Thomas | $523,500 | $562,191 |
| Strathroy-Caradoc | $738,800 | $590,848 |
| LSTAR | $563,000 | $627,112 |
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 March’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 | March 2026 | Change Over February 2026 | Change Over December 2025 |
| LSTAR Composite | $563,000 | ↑0.2% | ↑1.8% |
| LSTAR Single-Family | $617,200 | 0.0% | ↑1.1% |
| LSTAR One Storey | $553,200 | 0.0% | ↑2.7% |
| LSTAR Two Storey | $669,300 | 0.0% | ↓0.1% |
| LSTAR Townhouse | $453,000 | ↑0.6% | ↑4.1% |
| LSTAR Apartment | $322,000 | ↓1.7% | ↓0.6% |
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.
“That translates into more than $72 million being potentially generated back into the local economy,” 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.
SOURCE, LSTAR
To learn more, visit LSTAR, LONDON ST. THOMAS ASSOCIATION OF REALTORS®
