Best mortgage rates in London.
Today’s best rate in London is 3.44%. We compare London mortgage rates across 100+ Canadian lenders and lock your best on one application — no bureau pull to start.
The lowest rate on today’s board for London is 3.44%. On the average price of $590,550, 20% down and the best 5-year fixed come to about $2,521/month; the smallest legal down payment is $34,055, plus $8,286 of Ontario land transfer tax at closing. Affordability-driven market. Strong newcomer flow.
Meridian Credit Union Best5-year variable3.44%Apply Meridian Credit Union5-year variable3.44%Apply 
Radius Financial3-year variable3.55%Apply Radius Financial3-year variable3.55%Apply 
Marathon Mortgage Corp0.5-year fixed3.64%Apply Marathon Mortgage Corp0.5-year fixed3.64%Apply 
Desjardins5-year variable3.70%Apply 
TD Canada Trust3-year variable3.97%Apply Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See all Ontario rates →
Financing a $590,550 home in London
At this price London buyers can take the insured route: only the slice above $500,000 needs 10% down, which keeps the minimum near 6% of the price. Saving to 20% would take another $84,055 and removes the $22,260 premium.
On the 20%-down loan, variable is $177 a month cheaper than fixed today.
| At $590,550 | Minimum down | 20% down |
|---|---|---|
| Down payment | $34,055 | $118,110 |
| CMHC premium | $22,260 | None |
| Mortgage | $578,755 | $472,440 |
| Monthly, 5-yr fixed 4.14% | $3,088 | $2,521 |
| Monthly, 5-yr variable 3.44% | $2,871 | $2,344 |
| Stress-test payment at 6.14% | $3,751 | $3,062 |
25-year amortization, Canadian semi-annual compounding, best rates on today’s board. The stress test qualifies you at the greater of the contract rate plus 2 points or 5.25%. Illustrative, O.A.C. Model your own numbers in the payment calculator.
Land transfer tax on a London purchase
London is outside the City of Toronto, so only Ontario's land transfer tax applies — $8,286 on a $590,550 purchase.
At this price the first-time-buyer refund of up to $4,000 covers 48% of it, leaving $4,286 to pay.
All told, the minimum cash to close at this price — before legal fees, title insurance and adjustments — is about $42,341. Check other prices in the land transfer tax calculator.
The London market behind your rate
The $590,550 figure is London’s average price for August 2026 (the latest we have sourced), from Middlesex & Elgin average residential price, London and St. Thomas Association of REALTORS® (via CREA).
Our London guide works through the 3 questions that decide most files here:
- London's student-rental market is a rental-income underwriting question. A large share of London's investor activity clusters around the university and college catchments, and buying a property to rent by the room is not underwritten the way a single-tenant rental is.
- Older stock, insurability, and what closing actually costs in London. London's character housing — Old North, Wortley Village, the streets around the university — is part of the city's appeal and a recurring source of financing friction.
- An illustrative London file: the rent was real, the classification wasn't. This is an illustrative composite assembled from the rules above — not a specific client, and not a promised outcome.
How London neighbourhoods change the file
The 7 pockets below mix freehold and condo stock, and each one triggers a different underwriting rule.
Old North
Century detached near the universityStudent rental demand makes a meaningful share of purchases investment files — 20% minimum down, qualified on a rental offset rather than an add-back. Century stock brings knob-and-tube and plumbing conditions with it.
Westmount
1960s–80s detached subdivisionBroad established suburban stock, comfortably insurable, so 5% on the first $500,000 plus 10% on the balance applies. Basement suites are common and need to be legal before their rent counts.
Hyde Park
Newer detached and townhouse subdivisionThe city's most active recent build-out. On a builder purchase the deposit structure and the final closing date — not the offer date — define the rate hold you actually need.
Byron
Established detached beside the river valleyValley-adjacent lots can carry conservation-authority constraints that surface in the appraisal and limit future additions. Prices sit inside the insurable band.
Masonville
Detached and condo near the university and hospitalA mix of family detached and investor-held condo. Condo files bring the corporation's reserve fund and rental share into the underwriting, and buildings with a heavy student share are read conservatively.
Wortley Village
Century detached and semi, heritage characterHeritage character restricts alterations in parts of the pocket and narrows the comparable set, which raises the cost of waiving a financing condition on a competitive offer.
Oakridge
Post-war and 1970s detachedAffordable, reliably insurable stock with long owner tenure — renewals and equity take-outs outnumber purchases, and each take-out stops at 80% loan-to-value.
This page is the rate-shopping side. For pre-approval strategy, document help and a dedicated advisor, see our London mortgage broker page.
