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Southwestern Ontario · Ontario

London Mortgage Rates

Home to Western University, London Ontario offers affordability and a stable market driven by education, healthcare, and manufacturing sectors. Buyers from GTA increasingly relocate here for value.

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Region
Southwestern Ontario
Population
420K+
Avg Home Price
$590,000
Min Down Payment
$34,000

London's price point makes it one of the most accessible markets in Ontario. Many buyers qualify at the stress test rate with standard income levels.

Today's Best London Mortgage Rates

Representative rates from our lender panel. Your rate depends on down payment, income, and credit profile.

TermRate
1-Year Fixed5.09%Get this rate →
2-Year Fixed4.89%Get this rate →
3-Year FixedPopular4.64%Get this rate →
5-Year Fixed4.44%Get this rate →
5-Year Variable5.10%Get this rate →

Rates updated weekly. OAC — rates are not guaranteed until a formal commitment is issued.

Why London Buyers Choose RATECORE

Our brokers know the London market and have access to lenders that don't advertise publicly.

  • Access 30+ Ontario lenders in one application
  • Licensed mortgage professionals — no commission from you
  • Pre-approval decision in 24–48 hours
  • Rate holds up to 120 days
  • Provincial LTT rebates applied automatically
  • CMHC insurance structured to minimise premiums
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Run the Numbers for London

Our calculators are pre-set to London's average home price. See your monthly payment, affordability ceiling, and closing costs in seconds.

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London Mortgage FAQ

What is the average home price in London?
The average home price in London is approximately $590,000 as of 2025. London's price point makes it one of the most accessible markets in Ontario. Many buyers qualify at the stress test rate with standard income levels.
Do I need 20% down to buy in London?
No — as of December 15, 2024, CMHC-insured mortgages are available on homes up to $1.5M. For a $590,000 home in London, the minimum down payment is $34,000 (5% on the first $500K, 10% on the remainder). London's price point makes it one of the most accessible markets in Ontario. Many buyers qualify at the stress test rate with standard income levels.
Is there a municipal land transfer tax in London?
No — London is subject to Ontario's provincial land transfer tax only, not the City of Toronto municipal surcharge. First-time buyers may be eligible for up to $4,000 in provincial rebates.
How do I qualify for a mortgage in London?
To qualify for a mortgage in Ontario, lenders assess your income, credit score, down payment, and existing debts. All buyers through federally regulated lenders must pass the mortgage stress test (qualifying at 5.25% or your contract rate + 2%, whichever is higher). A mortgage professional who knows the London market can match you with the lender most likely to approve your specific file.
How fast can I get pre-approved for a London property?
RATECORE typically delivers a pre-approval decision within 24–48 hours of receiving your documents. Start your application online in under 5 minutes and a mortgage professional will reach out within 1 business day.
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Average response time: under 1 business day.