This page has been updated with CREA HPI Tool data for July 2026 (benchmark prices), and LSTAR data released April 2, 2026 for the March 2026 period (average price and sales).
- MLS HPI composite benchmark: $554,900 (-4.1% year-over-year, July 2026, source CREA)
- Single-family benchmark: $605,900 (-4.8% YoY, July 2026)
- Townhouse benchmark: $426,700 (-9.4% YoY, July 2026)
- Apartment benchmark: $330,000 (-7.6% YoY, July 2026)
- Average home price in London-St. Thomas (most recent available, March 2026): $627,112
- Total sales (March 2026): 586 (4.1% year-over-year increase)
- Lowest mortgage rate in London
Home prices by property type in London
These are the MLS HPI benchmark home prices and overall average in London-St. Thomas, updated with CREA HPI Tool data for July 2026 (benchmark) and LSTAR data released April 2, 2026 for the March 2026 period (average).
| Home Type | Price | Year-over-Year Change |
|---|---|---|
| All Home Types (average, March 2026) | $627,112 | — |
| LSTAR Composite (benchmark, July 2026) | $554,900 | -4.1% |
| Single-Family (benchmark, July 2026) | $605,900 | -4.8% |
| Townhouse (benchmark, July 2026) | $426,700 | -9.4% |
| Apartment (benchmark, July 2026) | $330,000 | -7.6% |
London market metrics
Key market indicators for London-St. Thomas as of March 2026:
| Metric | Value | Year-over-Year Change |
|---|---|---|
| Total Sales | 586 | +4.1% |
| Average Price | $627,112 | — |
| HPI Composite Benchmark (June 2026) | $556,900 | -3.6% YoY |
| SF Benchmark (March 2026) | $617,200 | +1.1% (3-month) |
| Townhouse Benchmark (March 2026) | $453,000 | +4.1% (3-month) |
| Apartment Benchmark (March 2026) | $322,000 | -0.6% (3-month) |
March marked a positive turn for London’s market, with sales up 4.1% year-over-year — the first meaningful year-over-year sales increase in several months. Benchmark prices have been slowly stabilizing, with the composite up 1.8% over the past three months. While conditions remain buyer-friendly, the trend suggests the correction may be bottoming out.
How much income would it take to afford a home in London?
The income it would take to purchase a home in London varies based on the home type. This table shows how much household income it would take to afford a home based on March 2026 prices.
| Home Type | Price | Mortgage | Income Required |
|---|---|---|---|
| All Home Types (average) | $627,112 | $501,690 | $139,800 |
| Single-Family (benchmark) | $617,200 | $493,760 | $137,888 |
| Townhouse (benchmark) | $453,000 | $362,400 | $106,200 |
| Apartment (benchmark) | $322,000 | $257,600 | $80,963 |
To purchase the typical single-family home in London (benchmark $617,200), a household would need an income of approximately $137,888 — well below the roughly $214,919 required in Toronto and competitive with many other mid-sized Ontario cities.
The income to afford calculation uses the following inputs:
- Down payment of 20% to avoid mortgage default insurance
- Mortgage rate of 4.04%
- Amortization period of 25 years
- Gross debt service (GDS) ratio of 32%
- Property tax of $354 per month
- Heating costs of $150 per month
Key trends in the London housing market
Market stabilization
London’s housing market has been one of the most affected by the post-pandemic correction in Ontario. The average home price peaked at $825,221 in February 2022 and has since fallen roughly 24%. However, March 2026 signalled a potential turning point: sales rose 4.1% year-over-year, the first notable increase in recent months, and benchmark prices have ticked up slightly over the past three months. While the correction has been deep, the market appears to be finding a floor.
Improving buyer conditions
While London has favoured buyers for much of the past two years, March’s pickup in sales activity suggests buyers are starting to move off the sidelines. The spring market is building momentum, and benchmark prices have stabilized after their extended decline. Buyers still have good selection and negotiating power, but the balance is gradually shifting.
Economic diversification
London’s economy is anchored by healthcare (London Health Sciences Centre is a major employer), education (Western University and Fanshawe College), insurance, manufacturing, and a growing technology sector. This diversified base provides some stability to the housing market, though London’s employment growth has not been as robust as in the Waterloo Region or Ottawa.
GTA spillover continues
Despite the market correction, London continues to attract buyers from the Greater Toronto Area seeking more affordable housing. The roughly 2-hour drive to Toronto, combined with prices approximately 40% below the GTA average, makes London attractive for remote workers and retirees in particular.
Notable areas in London
- Old North / Masonville — Established neighbourhoods near Western University with tree-lined streets and mature homes. Detached homes range from $500,000 to $900,000.
- Byron / Westmount — Popular family-friendly areas in the southwest with a mix of housing types. Detached homes $450,000–$750,000.
- Wortley Village / Old South — Charming walkable neighbourhood with heritage homes, independent shops, and restaurants. Prices range $450,000–$800,000.
- Kilworth / Komoka — Rural-suburban communities west of the city offering larger lots and newer homes. Detached homes $500,000–$800,000.
- Downtown London — Undergoing revitalization with new residential developments. Condos range from $200,000 to $400,000.
- Hyde Park — Newer suburban development in the northwest with a range of housing options. Detached homes $500,000–$750,000.
Affordability comparison: London vs. other Ontario markets
| City | Average Home Price | Income Required |
|---|---|---|
| Toronto (GTA) | $1,017,796 | $214,919 |
| Hamilton | $734,639 | $163,356 |
| Waterloo Region | $753,316 | $163,611 |
| Ottawa | $692,584 | $152,325 |
| London | $627,112 | $139,800 |
London offers some of the most affordable housing among major Ontario cities. Paired with its buyer’s market conditions, the city presents strong opportunities for first-time buyers and those looking to maximize their purchasing power compared to the GTA.
Ontario land transfer tax in London
Buyers in London pay only the Ontario provincial land transfer tax — there is no additional municipal transfer tax (unlike Toronto).
Ontario Provincial Land Transfer Tax:
| Purchase Price Bracket | Rate |
|---|---|
| First $55,000 | 0.5% |
| $55,001 to $250,000 | 1.0% |
| $250,001 to $400,000 | 1.5% |
| $400,001 to $2,000,000 | 2.0% |
| Over $2,000,000 | 2.5% |
On a London home purchased at the average price of $627,112, the total land transfer tax would be approximately $9,017. First-time home buyers in Ontario receive a rebate of up to $4,000 on the provincial LTT.
Use our land transfer tax calculator to estimate the exact amount you would owe.
Related London housing calculators
If you are buying a home in the London area, these calculators can help you plan:
- Mortgage Calculator — Estimate monthly payments on a London home
- Mortgage Affordability Calculator — How much home can you afford?
- Income to Afford Home Calculator — Salary needed at London price points
- Mortgage Insurance Calculator — Calculate CMHC premiums for down payments under 20%
- Land Transfer Tax Calculator — Calculate Ontario LTT
- Closing Costs Calculator — Budget for all costs beyond the purchase price
- Mortgage Stress Test Calculator — Qualify under the stress test
- Mortgage Rates — Compare current mortgage rates
More housing market reports
- Ontario Housing Market — Provincial overview including all Ontario regions
- Toronto Housing Market — Ontario’s largest market, 190 km east
- Hamilton Housing Market — Golden Horseshoe market
- Waterloo Region Housing Market — Tech hub 120 km east of London
- Ottawa Housing Market — Ontario’s capital city market
- Canada Housing Market Overview — National trends, prices, and provincial comparisons
- First-Time Home Buyer Guide — Programs, incentives, and step-by-step buying process
Data Sources
The housing market data in this report is sourced from:
- London and St. Thomas Association of REALTORS (LSTAR) — Market Statistics
- Canadian Real Estate Association (CREA) — National MLS® Statistics
- Data period: July 1-31, 2026 (HPI benchmark)