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.
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.
The London Mortgage Market
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. With an average home price of $590,000, London buyers across Southwestern Ontario benefit from comparing offers from multiple lenders rather than accepting a single posted rate — the gap between the best and the average rate on the same mortgage often adds up to thousands of dollars over a term. 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.
What a Typical London Mortgage Looks Like
At London's average home price of $590,000, the minimum down payment is $34,000 (5.8%). Because that is less than 20% down, the mortgage is insured and a CMHC premium of about $22,240 is added, bringing the mortgage to roughly $578,240. At a representative 4.89% 5-year fixed rate amortized over 25 years, that works out to about $3,327 per month.
Figures are illustrative. Actual rates, premiums, and payments depend on your specific financial profile and current lender pricing.
London Land Transfer Tax
A $590,000 home in London attracts Ontario land transfer tax of about $8,275. London charges no municipal land transfer tax. First-time buyers can claim a provincial rebate of up to $4,000.
First-Time Buyers in London
First-time buyers in London can combine several programs to reach the $34,000 minimum down payment faster: the First Home Savings Account (FHSA) shelters up to $8,000/year ($40,000 lifetime) in tax-deductible savings, the RRSP Home Buyers' Plan allows a $60,000 withdrawal ($120,000 per couple), and the Ontario land transfer tax rebate returns up to $4,000. A licensed mortgage agent can help you stack these against a $590,000 budget.
Today's Best London Mortgage Rates
Live rates from our lender network. Your rate depends on down payment, income, and credit profile.
| Term | Rate | |
|---|---|---|
| 5 Years Fixed RatePopular | 4.04% | Get this rate → |
| 3 Years Fixed Rate | 3.89% | Get this rate → |
| 5 Years Variable Rate | 3.45% | Get this rate → |
Updated daily. Compare all Ontario rates. OAC — rates are not guaranteed until a formal commitment is issued.
Why London Buyers Choose RATECORE
Our partner agents 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
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.
London Mortgage FAQ
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