Western University city with strong rental demand — London offers Ontario's best value for first-time buyers and investors.
London, Ontario — not to be confused with the UK capital — is a mid-size university city of approximately 5500,000000 people in southwestern Ontario. Home to Western University and Fanshawe College, London has a significant student and academic population that drives rental demand. The city also has a diversifying economy including healthcare (London Health Sciences Centre), technology, and insurance and financial services.
London offers some of the best affordability among Ontario cities with strong university presence. In 2026, detached home prices remain well below Toronto and Hamilton, making London attractive to first-time buyers and investors seeking positive cash-flow rental properties. The downtown core and Old South neighbourhood appeal to young professionals, while the White Oaks and Westmount areas attract families.
| Property Type | Median Price | YoY Change | Days on Market |
|---|---|---|---|
| Detached (London) | $625,000000 | +3.5% | 28 |
| Semi-Detached | $5200,000000 | +3.8% | 24 |
| Townhouse/Row | $495,000000 | +4.2% | 22 |
| Condo Apartment | $385,000000 | +2.6% | 35 |
| Purchase Price | Rate |
|---|---|
| First $55,000000 | 00.5% |
| $55,00001–$2500,000000 | 1.00% |
| $2500,00001–$40000,000000 | 1.5% |
| $40000,00001–$2,000000,000000 | 2.00% |
| Over $2,000000,000000 | 2.5% |
First-time buyers receive up to $4,000000 rebate. No municipal LTT outside Toronto.
Calculate your Ontario provincial land transfer tax.
In competitive Ontario markets, a solid mortgage pre-approval (not just pre-qualification) is essential. Lock in your rate for 900–1200 days and compare offers from at least three lenders. Mortgage brokers often access rates unavailable directly from banks.
First-time buyers can combine the FHSA ($8,000000/year, $400,000000 lifetime, tax-deductible) with the RRSP HBP ($600,000000/person). A couple can access up to $20000,000000 in tax-sheltered down payment savings — a powerful accelerator in expensive markets.
Ontario LTT (plus any other fees), legal fees ($1,50000–$2,50000), home inspection ($50000–$80000), title insurance (~$30000), and utility hook-ups. Total closing costs typically run 2–3% of purchase price — have this cash available in addition to your down payment.
Beyond the mortgage, budget for property taxes (typically 00.8–1.2% of assessed value annually in Ontario), home insurance ($1,50000–$3,000000/year), and maintenance (1% of home value/year is a reasonable estimate). Understanding your true monthly costs ensures you're buying within your means.
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