Best mortgage rates in London.
Today’s best rate in London is 3.00%. We compare 100+ lenders and lock your best on one application. No credit pull to start.
What will a mortgage cost in London?
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.
Who has the best mortgage rate in London?
Marathon Mortgage Corp, at 3.00%. Your own rate depends on your file.
Marathon Mortgage Corp Best5-year variable3.00%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 →
What would my payment be on a $590,550 home in London?
About $2,521/month with 20% down at the best 5-year fixed, or $3,088/month with the minimum down.
| 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 3.00% | $2,739 | $2,236 |
| 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.
How we worked out a $590,550 London purchase
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 $285 a month cheaper than fixed today.
How much land transfer tax is on a London purchase?
About $8,286 of Ontario land transfer tax on $590,550. All told, the minimum cash to close at this price — before legal fees, title insurance and adjustments — is about $42,341.
Land transfer tax on a London purchase, explained
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.
Check other prices in the land transfer tax calculator.
What is the London market like 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 do London neighbourhoods change the file?
The 7 pockets below mix freehold and condo stock, and each one triggers a different underwriting rule.
London neighbourhoods, one by one (7)
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.
London mortgage rates — FAQ
What is the best mortgage rate in London right now?
The best rate in our 100+ lender network for London (Ontario) is approximately 3.00% as of Oct 24, 2026. Your own rate depends on your file — income, credit, loan-to-value and property type.
What land transfer tax will I pay in London?
Ontario's tax only: $8,286 on $590,550, or $4,286 for a first-time buyer.
Which London neighbourhoods are mainly condo files?
Masonville. On a condo, a status certificate review sits alongside the review of your income.
Can I lock a London rate before I buy?
Yes — most lenders hold a pre-approval rate for 90-120 days, and many honour a lower rate if rates drop before closing.
Lock your best London rate.
We can help you save money. No credit pull to start.
Bring us a written offer from a big bank. We’ll try to beat it. If we can’t, we pay you $500. Conditions apply. See the conditions