The minimum is 5% of the first $500,000 and 10% of the portion from $500,000 up to $1.5 million. At $1.5 million or more it is 20%. On a $450,000 condo that is $22,500; on a $600,000 house it is $35,000. Below 20% down, the mortgage must be insured and the premium is added to your loan (CMHC calculator).
Up to $4,000, which covers all of the tax on a home up to $368,000. To qualify you must be at least 18, a Canadian citizen or permanent resident, never have owned a home or an interest in one anywhere in the world, and move in within nine months. If your spouse owned a home while you were together, neither of you qualifies. You apply within 18 months of registration; usually your lawyer claims it at closing.
London has no municipal land transfer tax, so the provincial refund is the whole story here. Check your own number in the land transfer tax calculator.
Yes, and you can use both. A First Home Savings Account takes up to $8,000 a year to a lifetime $40,000, and qualifying withdrawals for a first home are tax-free. The Home Buyers' Plan lets you withdraw up to $60,000 from your RRSP, which you repay over time. Your bank or financial adviser confirms your own eligibility.
Yes. First-time buyers can take a 30-year amortization on an insured mortgage, which lowers the payment. It adds 0.20% to the insurance premium rate and more interest over the life of the loan. The mortgage calculator shows both.
Start with the map in What your budget buys, then narrow down. Condo apartments and condo townhouses are often the first step in: see condos for sale in London and townhouses for sale in London. You can also see every home listed under $500K.
Natalia Bessegato
Read more of Natalia Bessegato's reviewRob guided me through every step of buying my first home 5 years ago and has since been my go to realtor. Most recently he helped find our forever home then sold our current house for above asking within hours of hitting the market- a remarkable result in a market that isn't favouring sellers as of late! He's knowledgable and very accessible, often replying to messages within minutes. From the first meeting you can tell he's passionate about his job and cares about the clients he is representing. He cares about more than just closing a deal which makes all the difference in today's market.
Viran Fernando
Read more of Viran Fernando's reviewRobert was absolutely amazing! As first-time homebuyers, we had so many questions, and he guided us through every step with patience and care. His professionalism, honesty, and dedication made the whole process smooth and stress-free. We couldn’t have asked for a better realtor!
Shayne Hendry
Read more of Shayne Hendry's reviewWhether you’re in the market to buy or sell, Rob is the best realtor in London to get the job done. We had the pleasure of working with Rob during the purchase of our 1st home in 2020. We couldn’t be more grateful for his expertise, guidance, and dedication during this exciting time. Purchasing a home during the beginning of the COVID-19 lockdowns was a strange experience, but Rob did everything in his power to put us at ease and make the whole experience as seamless as possible. Rob went to great lengths to understand our personal needs in our first home and worked tirelessly until we found the one. When it came time to negotiate, Rob went above and beyond to get us the best deal possible. His attention to detail and commitment to our best interests made all the difference. Rob was truly in our corner every step of the way. I cannot recommend Rob enough to anyone looking for a trustworthy, knowledgeable, and hardworking real estate agent. He turned what can often be a stressful process into an exciting and seamless journey. Thank you, Rob! We can’t wait to work with you again in the future!!
Ontario land transfer tax is $4,475. A qualifying first-time buyer gets $4,000 refunded, so pays $475. London adds nothing on top.
For the Ontario refund, not if your spouse owned a home while you were spouses. If they owned it before you were together, you may still qualify. Your lawyer confirms it.
It can be. Ask for the status certificate before you firm up: it shows the reserve fund, any special assessments and whether the unit owes fees. Condo corporations must supply it within 10 days for up to $100.
Yes. It sets your ceiling, often holds a rate and makes your offer credible to a seller.
A 20-minute call with Rob covers the numbers, the programs and the neighbourhoods that fit your budget.
