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Compare mortgage rates in London.

You’ve probably heard the news: mortgage rates throughout Canada are at record lows right now, and London, Ontario is certainly no exception. In fact, London mortgage rates are generally slightly lower than in most other parts of the country due to intense competition among lenders in the city. That’s why it’s so important to compare rates at LowestRates.ca — we let you see the best offers from over 30 brokers and banks, together and all in one place.

Variable Rates

As low as

1.50%

Fixed Rates

As low as

1.59%

Cha-ching! Our rates are always lower than the posted bank rates.

Current lowest posted bank rate

1.94%

Focus On

London housing.

In accordance with London's long-term growth strategy, developers are focusing on single-detached construction in north and south west London and on high-density residential development downtown. Higher carrying costs (thanks to new mortgage rules) are expected to reduce demand in the market, which will keep price growth gradual.

However, now may be the time to pull the trigger in London. With mortgage rates going down over 2020, you’ll get a great deal whether you choose a fixed or variable rate mortgage.

5-year fixed vs. 5-year variable rates in London

5-year fixed vs. 5-year variable mortgage rates in Ontario

Month	Fixed	Variable
04/20	2.32%	2.71%
05/20	2.07%	2.37%
06/20	2.03%	2.25%
07/20	1.82%	2.03%
08/20	1.78%	1.91%
09/20	1.74%	1.84%
10/20	1.77%	1.84%
11/20	1.74%	1.77%
12/20	1.68%	1.73%

Last Updated: January 1, 2021

Home Prices in London, Single-Detached

Date	Price
Q1/20	$472,990
Q2/20	$482,160
Q3/20	$517,406

Last Updated: October 15th, 2020

Source: Zolo, Realtor.ca and CREA

About London.

London is a medium-sized city in Southwestern Ontario, located about halfway between Windsor and Toronto. Like its British namesake, a river runs through the centre of town, winding through leafy parks and beautiful neighbourhoods. The University of Western Ontario and Fanshawe College draw thousands of students to London each year, boosting the local economy and adding a youthful energy to the community.

Right now London residents are enjoying a thriving local job market, with many high-paying positions available in education, medical research, insurance, and information technology. Combine lots of good jobs with a housing market that’s still quite reasonably priced and it’s little wonder that London made MoneySense Magazine’s Best Deals in Real Estate 2015 list. Housing in the city seems like a real bargain — although it may not stay that way for long.

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