London · Middlesex County area
Mortgages in London, compared across lenders
We compare banks, credit unions and monoline lenders for your London purchase, renewal or refinance, and explain the trade-offs in plain English.
We help London households buy, renew and refinance by comparing banks, credit unions, trust companies and monoline lenders. In September 2026 the median London sale was $537,000, across 381 sales (London and St. Thomas Association of REALTORS, checked October 2026). Every mortgage is subject to lender approval; we arrange mortgages for properties in Ontario only.
London in numbers
These are the latest published figures we could check for London, each with its source and date. They describe the market, not your mortgage.
Home sales, September 2026
- Median sale price
- $537,000
- Average sale price
- $591,927
- Sales
- 381
- Months of inventory
- 5.7
Months of inventory is how long the homes listed for sale would take to sell at the recent pace of sales.
Residential property tax rate, 2026
- Total rate
- 1.727111%
Made up of City 1.574111% + education 0.153000%. The rate applies to the assessed value set by MPAC (the Municipal Property Assessment Corporation), not to the price you pay.
Renting, October 2025
- Average two-bedroom rent
- $1,651 a month
- Vacancy rate
- 4.0%
A year earlier the rent was $1,548 and vacancy 2.9%. The survey covers purpose-built rental apartments in private buildings of three or more units.
Households, 2021 Census
- Households that own
- 58.1%
- Median household income (2020)
- $76,500
City of London (census subdivision 3539036): 174,655 households, population 422,324. Income is for 2020, the year before the census.
What's different about borrowing in London
- London is outside the City of Toronto, so a purchase pays Ontario's land transfer tax only. Our land transfer tax calculator and closing costs guide show what to set aside.
- London's 2026 residential property tax rate is 1.727111% of the home's assessed value, counting the City and education parts (City of London, 2026 Property Tax Rates, checked October 2026). MPAC sets the assessed value, and it is not the price you pay, so ask for the seller's current tax bill. Lenders count property tax in the housing costs they qualify you on (CMHC debt-service rules, checked October 2026).
- A two-bedroom apartment in the London census metropolitan area (CMA), which includes London, rented for $1,651 a month on average in October 2025, up from $1,548 a year earlier (CMHC, checked October 2026). Vacancy was 4.0%. If you rent now, set that rent against a mortgage payment plus property tax, heat and upkeep.
- In the 2021 Census, 58.1% of households in the City of London owned their home, and the median household income in 2020 was $76,500 (Statistics Canada, checked October 2026).
Outside Toronto you pay Ontario's land transfer tax only — work it out with the land transfer tax calculator. Also useful: Ontario closing costs · down payment rules.
Who we help in London
We help London households buy a first home, move up, renew or refinance. We compare banks, credit unions and monoline lenders (lenders that only do mortgages and work through brokers) first.
If you are buying a home for a child to live in while studying, some lenders treat it differently from a pure rental. Alternative lenders are the next step when a bank's rules don't fit, at a higher cost. Private money is a short bridge only, and we explain its cost first.
Questions from London borrowers
Can I buy a home for my child to live in while they study at Western?
Yes. Some lenders treat a home bought for a family member to live in differently from a pure rental. The down payment depends on how the home will be used. We set out the options before you make an offer, subject to lender approval.
What closing costs should I plan for in London?
Ontario's land transfer tax (not Toronto's), legal fees, title insurance and adjustments for property tax and utilities. First-time buyers may qualify for a refund of part of the land transfer tax. Our closing costs guide covers each item.
Illustrative, not a quote: on the September 2026 median London sale of $537,000, Ontario's tax is $7,215, or $3,215 if you qualify for the full $4,000 first-time buyer refund (London and St. Thomas Association of REALTORS median and ontario.ca brackets, checked October 2026).
This is our arithmetic. 0.5% of the first $55,000 is $275, and 1% of the next $195,000 is $1,950. Then 1.5% of the next $150,000 is $2,250, and 2% of the last $137,000 is $2,740.
Your lawyer works out the exact amount at closing.
Is there down-payment help in London?
Not until spring 2027. The City of London's Homeownership Down Payment Assistance Program stopped taking applications on 9 October 2026 and expects to re-open on 1 April 2027 (City of London, checked October 2026).
It lends up to 5% of the price, to a maximum of $25,000, as an interest-free loan forgivable over 20 years. Its limits are a price of $500,000 or less, household income of $113,700 or less and liquid assets of $100,000 or less.
You must rent in London or Middlesex now and own no residential property. If you sell or default, you repay the loan plus 5% of any gain.
The federal and Ontario first-time buyer measures still apply: the FHSA, the RRSP Home Buyers' Plan and the land transfer tax refund.
Can I work with you if I live in London?
Yes. We work with borrowers across Ontario by phone and online; our office is in Richmond Hill.
Nearby: Kitchener-Waterloo · Hamilton · Woodstock · Sarnia · Windsor
General information for Ontario borrowers, not advice. Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722.
Sources
- London and St. Thomas Association of REALTORS, September Member Activity Report, September 2026, checked October 2026.
- City of London, 2026 Property Tax Rates, 2026 tax year, checked October 2026.
- CMHC Rental Market Survey, Table 1.0, published 11 December 2025, October 2025, checked October 2026.
- Statistics Canada, 2021 Census of Population, Census Profile, City of London (census subdivision 3539036), 2021 Census, checked October 2026.
- City of London, Homeownership Down Payment Assistance Program, page last modified 8 October 2026, checked October 2026.
- Ontario, Calculating land transfer tax, page updated 22 April 2026, checked October 2026.
- Ontario, Land transfer tax refunds for first-time homebuyers, page updated 10 February 2026, checked October 2026.
- CMHC, Calculating GDS and TDS, debt-service rules for insured mortgages, checked October 2026.
- Land transfer tax example: our arithmetic, Ontario's brackets applied to the London and St. Thomas Association of REALTORS September 2026 median, less the $4,000 first-time buyer refund, checked October 2026.
No cost to talk
Talk to a broker about your London mortgage
Tell us what you're planning for a home in Ontario and a good number to reach you. We call back within one business day, usually sooner. We ask for documents only once we know which ones your mortgage needs.
You can also call us at (416) 371-2077.