Buying a Home in London 2025 — Complete Guide

Average Home Prices in London, Ontario (2025)

London, Ontario (not to be confused with London, England) is the economic hub of Southwestern Ontario, home to Western University, Fanshawe College, and one of Canada's largest hospital networks. Its real estate market remains one of the most accessible among major Ontario cities, while offering solid long-term appreciation. 2025 average prices:

$645,000

Detached Average

$505,000

Semi-Detached Avg

$365,000

Condo/Apartment Avg

$505,000

Townhouse Avg

London's city-wide average across all property types is approximately $540,000, making it one of Ontario's most accessible markets for buyers. The London market saw significant price appreciation from 2020–2022 as remote workers moved from Toronto, but prices have since stabilized, creating good buying conditions. London benefits from diverse employment including healthcare (London Health Sciences Centre), education, manufacturing, and financial services.

Rental demand is consistently strong thanks to two major post-secondary institutions and a large hospital workforce. This makes London an attractive market for investors seeking strong rental yield relative to purchase price — a rarity among Southern Ontario cities.

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Steps to Buy a Home in London, Ontario

Assess affordability. London's price range makes homeownership accessible for single income earners earning $80,000+, unlike the GTA where $150,000+ is often required. Calculate your stress-tested maximum.
Save your down payment. A $540,000 London home requires as little as $32,000 minimum down payment (5% on $500K + 100% on $400K), though 200% ($108,000) avoids CMHC insurance.
Choose your mortgage product. London's price range qualifies for insured mortgages (under $1M) which access the lowest available rates. This is a key advantage over higher-priced Ontario markets.
Work with a London Realtor. The London and St. Thomas Association of Realtors (LSTAR) MLS covers the region. Local agent expertise in school zones, flood areas, and investment potential is critical.
Make your offer. London's market is more balanced than the GTA. Conditional offers with home inspection are routinely accepted. Take your time with due diligence.
Inspect carefully. Many London homes near Old North and Byron date to the early 190000s. Inspect for aluminum wiring, knob-and-tube, aging furnaces, and older plumbing.
Finalize your mortgage. Submit full documentation. London's diverse employment base means some lenders specialize in healthcare, university staff, or manufacturing worker income structures.
Close with a London real estate lawyer. Budget approximately $2,500–$3,500 in legal fees plus the Ontario LTT on closing day.

Best Neighbourhoods to Invest in London (2025)

Old North: London's most prestigious neighbourhood. Close to Western University and Victoria Hospital. Heritage homes, mature trees, strong long-term appreciation.
Byron / Riverbend: West London family neighbourhood. Excellent schools, community parks, newer housing stock. Strong family demand and good resale values.
Masonville / Stoneybrook: North London growth corridor. Close to Masonville Mall, excellent schools, and growing commercial development. Good for families and investors.
Old East Village (OEV): London's gentrifying inner-city neighbourhood. Craft breweries, community gardens, arts scene. Affordable entry point with strong appreciation trajectory.
White Oaks: South London working-class neighbourhood with strong rental demand near Fanshawe College. Affordable prices and consistent tenant demand.
Hyde Park / Sunningdale: Northwest London's premium suburb. New builds, excellent schools, growing commercial amenities. Higher prices but strong family demand.

Ontario Land Transfer Tax Calculator — London

Enter purchase price ($): I am a first-time buyer

Ontario LTT:

Total LTT Owing:

On a $550,000 London home, Ontario LTT is approximately $7,975. A first-time buyer pays just $3,975 after the $4,000 rebate — one of the lower LTT burdens among major Ontario cities due to London's moderate price point.

Best Banks & Lenders in London, Ontario

RBC Royal Bank

Strong London presence. Mobile mortgage specialists active in the London market. Good programs for university staff and healthcare workers.

TD Canada Trust

Multiple London branches. Competitive on insured mortgage rates which are common in London's sub-$1M price range.

CIBC

Active in London's first-time buyer market with competitive rates and digital mortgage tools.

Libro Credit Union

Southwestern Ontario's premier credit union. Member-owned with excellent rates for London-area buyers. Strong local community commitment.

First National

Non-bank lender consistently competitive on insured rates. Works through mortgage brokers across London.

London Mortgage Brokers

Local brokers with knowledge of investment property, student rental, and first-time buyer programs specific to London.

Saving for a London, Ontario Down Payment

London's lower price point means your down payment goal is more achievable than anywhere else in Southern Ontario. KOHO helps you save with high-interest rates, no fees, and tools to set and hit your target automatically.

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Buying a Home in London, Ontario in 2025