Inventory Level Reaches New Peak in September
In September, 1,701 new listings were recorded via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), up 13.7% compared to the same month a year ago. With listings outpacing the number of sales, the sales-to-new listings ratio also eased to 31.4% compared to 45.7% in August.
“When the sales-to-new listings ratio falls below 45%, it’s consistent with the conditions of a buyers’ market,” said Dale Marsh, 2025 LSTAR Chair. “According to the Canadian Real Estate Association (CREA), a sales-to-new listing ratio between 45% and 65% shows signs of a balanced market. September saw six months of inventory, which is up from August, which recorded five months of inventory.”
“We’re encouraged by the recent interest rate cut by the Bank of Canada, the first one since March,” Marsh said. “That may influence some buyers who have been waiting on the sidelines.” There were 534 sales in September, down 6.0% from the same time a year ago, but on par with sales activity seen in the last four years.
“We saw a shift in average sales price, month over month,” Marsh said. “It was $622,805, down 2.7% from September 2024, while August saw an average sales price of $651,329. For those looking to buy or sell a home, your local REALTOR® can provide professional expertise to help you manage through this marketplace.”
The table below displays September’s average prices and MLS® HPI Benchmark Prices in LSTAR’s main regions.
| Central Elgin | $609,300 | $723,723 |
| London East | $433,400 | $503,296 |
| London North | $642,200 | $685,943 |
| London South | $561,100 | $634,874 |
| Middlesex Centre | $782,300 | $937,538 |
| St. Thomas | $527,400 | $558,707 |
| Strathroy-Caradoc | $777,000 | $600,984 |
| LSTAR | $562,300 | $622,805 |
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 September’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.
| Benchmark Type | September 2025 | Change Over August 2025 | Change Over June 2025 |
| LSTAR Composite | $562,300 | ↓1.8% | ↓3.2% |
| LSTAR Single-Family | $611,400 | ↓2.2% | ↓3.7% |
| LSTAR One Storey | $548,900 | ↓3.3% | ↓5.1% |
| LSTAR Two Storey | $662,600 | ↓1.3% | ↓2.7% |
| LSTAR Townhouse | $467,300 | 0.0% | ↓2.1% |
| LSTAR Apartment | $357,000 | ↓2.3% | ↓2.0% |
The chart below shows the most recent HPI benchmark prices across the country, courtesy of CREA.
