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Best Variable Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Variable Closed
Rate 2.64%
Best Fixed Rate
Dash Mortgage

Dash Mortgage

Term 5 Year
Type Fixed Closed
Rate 2.42%
CanWise Financial

CanWise Financial

Term 5 Year
Type Fixed Closed
Rate 2.44%
Hatch Online Mortgages

Hatch Online Mortgages

Term 3 Year
Type Fixed Closed
Rate 2.64%
Hatch Online Mortgages

Hatch Online Mortgages

Term 5 Year
Type Variable Closed
Rate 2.65%
Dash Mortgage

Dash Mortgage

Term 2 Year
Type Fixed Closed
Rate 2.69%
BMO Bank of Montreal

BMO Bank of Montreal

Term 5 Year
Type Fixed Closed
Rate 2.87%
First National

First National

Term 5 Year
Type Fixed Closed
Rate 2.89%
CMLS

CMLS

Term 5 Year
Type Fixed Closed
Rate 3.19%

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.

Focus On

London housing.

In accordance with London's long-term growth strategy, developers are focusing on single-detached construction in north and southwest London and on high-density residential development downtown. In the past year, home sales have increased slightly. However, prices started to plateau in the third quarter of 2016.

Higher carrying costs (thanks to new mortgage rules) are expected to reduce demand in the market, which will keep price growth gradual.

Average Home Prices in London.

DateHome Prices
Jan-14$253,035
Mar-14$250,991
May-14$250,759
Jul-14$251,329
Sep-14$271,542
Nov-14$260,105
Jan-15$257,675
Mar-15$262,812
May-15$265,471
Jul-15$267,786
Sep-15$265,637
Nov-15$267,547
Jan-16$275,724
Mar-16$272,085
May-16$280,000
Jul-16$275,000
Sep-16$280,000

New construction in London has no shortage of buyers, something that’s reflected in the steadily rising year-over-year home price gains in this category. New single-detached homes now average about $400,000.

New Home Prices in London, Single-Detached

YearPrice
2011$347,430
2012$357,513
2013$367,684
2014$392,558
2015$397,500
2016 (F)$405,000

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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