London and St. Thomas remain two of the more approachable markets in Ontario for a first-time buyer — but approachable still means going in with a plan. Here's what I walk every first-time buyer through before we even start looking at listings.
Get pre-approved before you fall in love with anything
A mortgage pre-approval (not just a pre-qualification, which is a rougher estimate) tells you your real budget, locks in an interest rate for 90–120 days, and signals to sellers that your offer is serious. Skipping this step is the single most common reason first-time buyers lose out on a home they actually could have afforded.
How much down payment do you actually need?
In Canada, minimum down payment is 5% on the first $500,000 of the purchase price and 10% on the portion above that, for homes up to $1.5 million (20% is required above $1.5 million). Anything under 20% down means you'll also pay CMHC mortgage default insurance, which gets rolled into your mortgage rather than paid up front.
Don't forget land transfer tax — and the rebate
Ontario charges land transfer tax on every purchase, but first-time buyers can claim a rebate of up to $4,000 against it. Unlike Toronto, neither London nor St. Thomas adds a municipal land transfer tax on top, which is one real cost advantage of buying here over the GTA.
Neighbourhoods that fit a first-time budget
In London, Old East Village and parts of north London offer the lowest entry point with strong ongoing revitalization behind them, while Byron and Old South carry more of a premium for character and walkability. In St. Thomas, newer subdivisions closer to the edge of town tend to offer more square footage for the same budget than a comparable London purchase — especially attractive given the area's growing Amazon and Volkswagen/PowerCo job base.
What "conditional offer" actually means
Most first-time buyer offers include conditions — typically financing and a home inspection — giving you a set number of days to confirm your mortgage and have the home professionally inspected before you're legally committed. Waiving conditions can make an offer more competitive in a hot market, but it also removes your safety net, so that's a decision to make deliberately, not by default.
Ready to start?
Every first-time buyer I work with gets the same thing: a straight answer on what you can actually afford, access to off-market opportunities before they're public, and my Buyer Protection Guarantee — if you're not satisfied with your home within 18 months, I'll sell it for free.* Reach out and let's map out your first purchase.
