London Housing Market Report
- Average home prices in London, Ontario, have decreased by 0.9% over the past month to $650,501 for June 2025, which is 4.2% lower than in June 2024.
- The benchmark price of a home in London for June 2025 was $580,700, 6.0% lower than last June and 2.2% lower than last month.
- Single-family average price decreased by 5.5% year-over-year to $696k.
- Townhouse average price decreased by 5.8% year-over-year to $508k.
- Apartment average price decreased by 10.1% year-over-year to $353k.
- July 22, 2025 Update: Today’s Lowest mortgage rates in London is 3.94% for 3-Year Fixed.
London-St. Thomas Housing Market Overview
London-St. Thomas Housing Market: Price Movements for June 2025
Benchmark Home Price | $580,700 | -2.2% 1-Month Change | -6% 1-Year Change |
Average Home Price | $650,501 | -0.9% 1-Month Change | -4.2% 1-Year Change |
Median Home Price | $595,000 | -2.5% 1-Month Change | -3.48% 1-Year Change |
In May 2025, the average home price in the London-St. Thomas's housing market was $650,501, reflecting a 0.9% month-over-month decrease and a 4.2% year-over-year decline.
The London area's housing market is still in a bear market, with the average home price being over 20% lower than the peak of February 2022, when it reached $825,221. In fact, based on the average price, London’s housing market has been a bear market for 27 of the last 34 months.
Meanwhile, the benchmark home price, which is the price of a typical home in London-St. Thomas, was $580,700, decreasing by 6% year over year and by 2.2% month-over-month.
There were 745 sales in the month of June 2025, a 3.2% increase from the previous month and a minor 0.3% decline from June last year.
There were 1,814 new listings in June 2025 and 3,294 active listings on the market at the end of the month. The market had 4.4 months of inventory at the end of June. The sales-to-list-price ratio was 97.9%, indicating that, on average, homes sold for 2.1% below asking. Homes remained on the market for a median duration of 23 days.
Home Prices in London
London-St. Thomas Area Housing Market Statistics for All Property Types in June 2025
Average Sold Price and MLS HPI Benchmark Price
Transactions and New Listings
Market Overview for Detached Homes in June 2025
Average Sold Price
New Listings
Market Overview for Townhouses in June 2025
Average Sold Price
New Listings
Market Overview for Condo Apartments in June 2025
Average Sold Price
New Listings
London-St. Thomas Breakdown by Region for June 2025
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the LSTAR and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.