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Where is The London Ontario Real Estate Market Heading

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Where is The London Ontario Real Estate Market Heading

There are many opinions on where the London, Ontario real estate market is heading. There are the pessimists and the optimists, the fearmongers, the “the sky is falling” crowd, and the “I don’t care” crowd!

I have included below a few facts (the truth) about the London and area market as of April 30. Briefly explain the facts and how to respond to them. Predictions are for those with nothing valid to say; hence, verbal diarrhea.

Average home price

  • North London: $724,739

  • South London: $684,335

  • East London: $514,004

  • St. Thomas: $574,887

  • Central Elgin: $641,445

  • Strathroy-Caradoc: $682.149

April 2025

  • Sales: 653, down 14.3% from 2024

  • Dollar amount: $427 million, down 14.8%

  • New listings: 1,523, down 10.1% 

  • Active listings: 2,891, up 19.6%

  • Average price: $654,147, down 0.5% 

  • Months of Inventory: 4.4, up from 3.2

  • Days on the market: 21, up from 16

Year-to-date 2025

  • Sales: 2,107, down 19.2% from 2024

  • Dollar amount: $1.3 billion;, down 18.4%

  • New listings: 5,190, up 1.5%

  • Active listings: 2,417. up 22.5%

  • Average price: $645,593, up 1.1%

  • Months of inventory: 4.6, up from 3.0

  • Days on Market: 24, up from 18

The table below displays April’s benchmark prices for all housing types within LSTAR’s jurisdiction and compares them with those recorded in the previous month and three months ago.

MLS® Home Price Index Benchmark Prices
Benchmark TypeApril 2025Change Over 
March 2025		Change Over
January 2025
LSTAR Composite$589,200↓4.1%↓4.6%
LSTAR Single-Family$641,100↓3.8%↓3.6%
LSTAR One Storey$583,300↓4.9%↓2.5%
LSTAR Two Storey$688,600↓3.1%↓4.4%
LSTAR Townhouse$489,1000.0%↓0.6%
LSTAR Apartment$393,800↑4.0%↓4.2%

Meaning?

For Sellers:

  • With 2,891 properties for sale, buyers have choices. Most can read, listen to, or watch the news and feel they have an advantage in the price they are willing to pay.

  • It behooves a home seller to understand that other homes compete with yours. You may feel your place is a castle, but buyers won’t.

  • Buyers know prices. They view 6-10 homes, price, condition, and location matter.

  • There are buyers out there; attract the right buyer. How? My home seller guide has quite a few tips and ideas.

For Buyers:

  • Know what is out there and what you can expect for your budget.

  • Fully understand that over 60% of homes listed for sale are priced right, and the only loser in lowballing a seller is you.

  • Yes, there will be sellers who must sell, have to sell, but they are in a minority.

  • Remember, you are buying a home, a place you can come home to and live in; real estate property is not a commodity. A few home buyer ideas in this market.

The chart below shows the most recent HPI benchmark prices across Canada. Vancouver has now overtaken Oakville with the highest home price in Canada, with a MLS® Home Price Index Benchmark Price of $1,184,500.

MLS Home Price Index April 2025

According to a recent study1 by Altus Group,