Every month the London and St. Thomas Association of REALTORS® (LSTAR) reports what sold through the MLS® System across London, St. Thomas and the towns of Elgin and Middlesex. The September 2026 numbers came out on October 1. Here's what they say, and what they mean if you're buying or selling this fall.
The short version
- More sales than a year ago. 561 homes sold in September, up 5.3% from September 2025 and up from 526 in August.
- Prices a little lower than last year. The average price was $611,509, down 1.9% from a year earlier.
- Plenty of choice. There were 5.9 months of inventory, down slightly from the 6.3 months in August, which LSTAR called a new peak.
LSTAR's 2026 chair, Robin Tiller, said in the September release that the market "continued to show signs of a buyers' market."
The whole LSTAR region, September 2026
These figures come from LSTAR's full September report, which CREA prepares from MLS® data.
| September 2026 | vs. September 2025 | |
|---|---|---|
| Homes sold | 561 | up 5.3% |
| New listings | 1,615 | down 5.1% |
| Homes for sale at month end | 3,335 | up 3.1% |
| Months of inventory | 5.9 | was 6.1 |
| Average price | $611,509 | down 1.9% |
| Median price | $560,000 | down 4.3% |
| Benchmark price | $552,500 | down 2.6% |
| Median days on market | 34 | was 29 |
| Sale price as a share of list price | 96.9% | was 97.0% |
Why two different prices? The average moves around with whichever homes happen to sell that month. The benchmark price (the MLS® Home Price Index) tracks the value of a typical home, so it's the better guide to the trend. The composite benchmark was down 0.2% from August, 1.5% from June and 2.6% from a year earlier.
It differs by type of home:
| Home type | Benchmark price | Change over 12 months |
|---|---|---|
| Single family | $600,700 | down 3.0% |
| Townhouse | $421,500 | down 10.0% |
| Apartment | $317,100 | down 9.6% |
For the year so far, 5,256 homes sold from January to September, down 3.6% from the same months of 2025, at an average price of $619,705, down 3.9%.
London and St. Thomas side by side
| September 2026 | London | St. Thomas |
|---|---|---|
| Homes sold | 381 (up 8.9%) | 41 (down 28.1%) |
| Average price | $591,927 (down 3.8%) | $544,865 (down 2.5%) |
| Median price | $537,000 | $506,300 |
| Months of inventory | 5.7 (was 6.0) | 5.9 (was 3.8) |
| Median days on market | 33 | 28 |
| Sales, January to September | 3,545 (down 2.0%) | 466 (down 16.6%) |
Changes are against September 2025.
St. Thomas had a benchmark price of $496,800, down 6.5% from a year earlier. Keep in mind that 41 sales is a small number, so one month can swing a lot. The year-to-date figures are steadier, and they point the same way: fewer sales than last year (466, down 16.6%) and more homes to choose from, with 4.2 months of inventory on average this year against 3.1 in the same months of 2025.
London doesn't get a single citywide benchmark in the report, but LSTAR gives one for each part of the city: $613,000 in London North, $550,400 in London South and $432,300 in London East.
Just south of St. Thomas, Central Elgin (Port Stanley, Belmont and the area around them) had a benchmark of $623,100. You can search Port Stanley listings here.
What "buyers' market" means here
CREA treats a sales-to-new-listings ratio between 45% and 65% as a balanced market. In September the ratio was 34.7%, down from 37.5% in August. In plain English: for every 100 homes that came on the market, about 35 sold. When the ratio sits below the balanced range, buyers usually have more choice and more room to negotiate.
If you're buying
- You have time. The median home took 34 days to sell, and 3,335 homes were for sale at the end of September. Most buyers aren't being pushed into a decision over a weekend.
- Conditions are a reasonable ask. With this much choice, an offer conditional on your financing and a home inspection is normal again.
- Negotiate from the sales, not the average. On average, homes sold for 96.9% of their asking price in September. Some sold over, some well under. What matters is what similar homes on that street actually sold for.
- Know your number first. The Bank of Canada held its policy rate at 2.25% on September 2, and its next decision is October 28. A pre-approval with a rate hold tells you what you can spend before you fall for a house. My first-time buyer checklist walks through the money side.
If you're selling
- Price from what sold, not what's listed. Benchmark prices are lower than a year ago, so last spring's asking prices on your street may not be today's value.
- Plan for weeks, not days. The median time to sell was 34 days, up from 29 a year earlier.
- Presentation matters more when buyers have options. Here are nine things to do before the listing photos.
The bottom line
Nobody knows where prices go from here, and I won't pretend to. What the numbers do show for fall 2026 is more homes for sale, a steady policy rate and prices a little below last year. That's a good setup for buyers who are ready, and a market that rewards sellers who price from recent sales.
You can browse every St. Thomas and London listing here, or if you're thinking of selling, ask me for a free home value and I'll show you the sales behind the number.
Figures from LSTAR's September 2026 release and report (MLS® System data prepared by CREA). General information, not advice. As of October 2026.