What does a first-time buyer mortgage work out to on London's August 2026 average price?
Middlesex & Elgin average residential price, London and St. Thomas Association of REALTORS® (via CREA) put the London average at $590,550 for August 2026. For a first-time buyer mortgage that makes the legal minimum down about $34,055 (5% to $500,000, 10% above, 20% over $1.5M). The same board counted 526 London sales in August 2026. Your own property and balance replace these numbers on the file.
How does London compare with Brantford, Windsor and Sarnia for a first-time buyer mortgage?
On each market's own cited figure, the legal minimum down is $34,055 in London against Brantford $44,210 (average $692,096); Windsor $29,102 (average $541,019); Sarnia $28,582 (average $535,819). The comparison is the same arithmetic on a different price, which is why moving the search one municipality over changes the file before it changes the rate — lenders price the same product the same way across Ontario.
What transfer tax applies to a $590,550 purchase in London?
About
$8,286 at the average. It is paid in cash on closing (or, in Quebec, billed by the municipality afterwards) and cannot be added to the mortgage. An eligible first-time buyer recovers about $4,000 of it through the Ontario relief that applies here. Our
land transfer tax calculator runs your own price.
What's the average first-time buyer file size in London?
London's average price is approximately $590,550, so the typical first-time buyer file we see here sits in the $501,968–$679,133 band. Your specific neighbourhood and property type can move that materially.
What does a first-time buyer mortgage cost on a typical London home?
On London's $590,550 average price, a representative first-time buyer file at minimum down works out to about $34,055 down and roughly $2,782/mo (principal + interest at 4.09% over a 30-year amortization), plus about $8,286 in Ontario land transfer tax. Your exact numbers depend on the property and your file — we run them precisely before you commit.
Why use a London mortgage broker for a first-time buyer mortgage?
A local broker knows Southwest ON's property types and which of our 100+ lenders price first-time buyer files best in London — from Old North and Westmount condos to detached stock — and there's no fee to you on A-lender files. The regional lenders on that panel are listed under the neighbourhood table above.
How much do I need for a down payment in London?
On the $590,550 London average, the legal minimum is $34,055 — 5.8%. That is not 5%: Canada's minimum is tiered at 5% on the first $500,000 and 10% on everything above it, so $25,000 plus $9,055. A flat 5% would suggest $29,528, which is $4,527 short of what a lender will actually accept. Anything under 20% down also means a default-insurance premium — 4.00% on this file, or $22,260, financed into the mortgage. We model the insured and conventional paths side by side so the choice is yours rather than the lender's.
What are the closing costs for a first-time buyer in London?
Budget roughly $9,308 beyond the $34,055 down payment on a $590,550 purchase: $4,286 in land transfer tax after the $4,000 rebate, about $1,800 in legal fees, $350 for title insurance, $500 for an inspection, $1,781 of provincial sales tax on the insurance premium, and around $591 in adjustments for prepaid property tax and utilities. Add $300-$500 if the lender orders an appraisal. All of it is cash at closing — the insurance premium itself is the one item that gets financed, and in Ontario, Quebec and Saskatchewan the tax on that premium specifically cannot be.
Who regulates a first-time buyer mortgage in Ontario?
Mortgage Squad Advisors is a licensed Ontario mortgage brokerage — FSRA (Financial Services Regulatory Authority of Ontario) Brokerage Licence #13737. All advisors are licensed and FINTRAC-trained, and every recommendation follows FSRA's conduct and disclosure rules.
