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Find the best mortgage rate in London

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Best London mortgage rates

The rate table shows 5-year fixed mortgage rates in London. To compare other rate types and terms, click on the filters icon beside the down payment percentage.

As of:

RateProviderPayment

Big 6 Bank

$2,109

Canadian Lender

$2,109

Desjardins

$2,141

Canwise

A Ratehub Company

$2,141

Meridian Credit Union

$2,163

Alterna Savings

$2,185

London mortgage rates: Common questions

How much can I save by comparing London mortgage rates?


Why compare London mortgage rates with Ratehub.ca?


Are London mortgage rates higher than other cities?


What’s the difference between variable and fixed rates?


Is it worth getting a mortgage pre-approval?


Which bank has the best mortgage rates in London?


Should I use a mortgage broker in London?


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See today's best mortgage rates

Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.

4.14%

Best fixed rate in Canada

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Getting the best mortgage rates in London

As one of Ontario's largest cities outside of Toronto, London has a strong real estate and mortgage market. This is good news for London homebuyers because it gives you access to a wide range of mortgage products and mortgage rates, while still reaping the benefit of lower home prices than Downtown Toronto.

Below we've laid out some of the things you should consider before looking for a mortgage in London. When you're ready, you can compare personalized quotes for mortgage rates in London with the tools at the top of this page.

Best mortgage rates in London +

Comparing the best mortgage rates in London

The comparison tables at the top of this page list the best mortgage rates available in London, up to the minute. Comparing rates between multiple providers and mortgage brokers is the best thing you can do to get the lowest rate possible.

Of course, your personal rate may be different from the rates listed above. The rate you're eligible for can change based on things like your down payment, the price of the house, your credit score, which lender you choose, as well as what the property is being used for.

Luckily, you can get personalized quotes for mortgage rates without filling in a full mortgage application. Use the tools at the top of this page and we’ll provide you with personalized mortgage quotes from London lenders in under two minutes.

 

London closing costs

When applying for a new mortgage in London, you'll need to consider the closing costs associated with all property purchases. Most of these costs will need to be paid upfront, so you’ll need to save the cash to pay for them (in addition to your down payment).

Ontario Land Transfer Tax

When buying a home in London, you'll be subject to the Ontario Land Transfer Tax. This tax applies to most property purchases in the province. It's a marginal tax rate, based on the purchase price of the property. This tax will need to be paid in cash, and cannot be added to your mortgage.

Ontario land transfer tax rates are relatively high compared to other provinces, but not the highest in the country. Ontario land transfer tax rates are as follows:

Purchase Price of Home Marginal Tax Rate
First $55,000 0.5%
$55,000.01 to $250,000.00 1.0%
$250,000.01 to $400,000.00 1.5%
$400,000.01 to $2,000,000.00 2.0%
Over $2,000,000 2.5%

City of Toronto Land Transfer Tax

In addition to paying the Ontario land transfer tax, residents of the Greater Toronto Area may also be subject to an additional land transfer tax from the City of Toronto. While you won't need to pay this tax in London it's worth knowing about anyway.

Toronto land transfer tax rates are listed in the table below.

Purchase Price of Home Marginal Tax Rate
First $55,000 0.5%
$55,000.01 to $250,000.00 1.0%
$250,000.01 to $400,000.00 1.5%
$400,000.01 to $2,000,000.00 2.0%
Over $2,000,000 2.5%

CMHC Insurance

If your mortgage is an insured mortgage, you'll need to pay for mortgage default insurance. This will normally be included as part of your mortgage, so you won't need to provide it in cash.

Non-Resident Speculation Tax

Another Ontario tax that may or may not affect you is the Non-Resident Speculation Tax. This is a 15% tax on all property purchases by non-Canadian residents in the Golden Horseshoe area, which includes the GTA and Hamilton, stretching to the US border at Niagara. This does not include London, but it could be important if you aren't a Canadian resident considering where to purchase a home.

These are just some of the closing costs you’ll have to pay in London. Learn more on our closing costs education center page.

 

London first-time homebuyer rebates

Most of the first-time homebuyer programs in Canada are administered at the provincial level, and typically involve a full or partial rebate of the province's land transfer tax. In Ontario, a rebate of the provincial land transfer tax is available, as well as a rebate for the Toronto land transfer tax. This should come as a relief to London's first-time homebuyers, as land transfer taxes can significantly add to the cost of purchasing a home in Ontario.

Ontario first-time homebuyer rebate

The Ontario land transfer tax refund is equal to the full value of the land transfer tax up to a maximum of $4,000. Based on Ontario land transfer tax rates, the refund will fully cover the tax levied on houses of up to $368,000 in value.

To be eligible, you'll need to be a citizen or permanent resident of Canada, over 18 years old, have never owned a home before (this includes your spouse), and live in the home within 9 months of purchase.

Toronto first-time homebuyer rebate

First-time homebuyers in Toronto of new and resale homes are eligible to receive a rebate of the Toronto Land Transfer Tax, up to a maximum of $4,475. Eligibility for this program is similar to the provincial program outlined above.

Federal first-time homebuyer programs

In addition to land transfer tax rebates, new homebuyers in London may also be eligible for first-time homebuyer programs at the federal level, including:

  • RRSP Home Buyer’s Plan: This allows you to borrow up to $35,000 from your RRSP for your down payment. The money must be paid back within 15 years.
  • First-Time Home Buyer’s Tax Credit: This is a tax credit of up to $750, available when you file your taxes for the year in which you bought your first home.
  • GST/HST New Housing Rebate: If your home is newly built, it may be subject to GST or HST. This rebate gives you some or all of that tax back.

Each of these schemes has eligibility criteria and additional rules that apply, which you'll need to investigate further before you apply for them.

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio

Want to learn more? Check out our comprehensive education centre

About Ratehub.ca

Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.

When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.

Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada. 

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Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.

How are CanWise Financial and Ratehub.ca connected?

We own and operate a mortgage brokerage, Ratehub.ca (formerly known as CanWise Financial), and are compensated for mortgages funded through our brokerage. Ratehub Inc. o/a Ratehub.ca & CanWise is a licensed mortgage brokerage and CMHC-approved lender. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders, including CanWise. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us. Both Ratehub.ca and CanWise are owned and operated by Ratehub Inc.

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