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First-time buyer help in London → · First-time buyer help in St. Thomas →
First-Time Home Buyer Realtor in London & St. Thomas
Buying your first home in Ontario comes with a stack of rules nobody explains up front — what you actually need saved, which rebates you qualify for, and what happens at each step. Here's the whole process in plain language, plus a straight answer on whether you're ready yet.
Your first-home plan
From “can I afford it?” to keys, in order
Budget by the month
Start from what you can carry each month, not just the price. Every listing has a mortgage calculator using its listed tax and fees, and the compare page adds insurance, utilities and repairs with your own numbers.
Open any listing's calculator →Compare up to 3 homes →Down payment vs closing costs
Two different piles of money. See the table below: the deposit and down payment buy the home; closing costs are extra and are paid in cash at closing.
What you need, and when →Get ready
A short checklist so a lender, a lawyer and a seller can say yes quickly.
The checklist →Choose the area
Pocket by pocket: what each costs, what it suits, and what to check.
London neighbourhood guide →St. Thomas neighbourhood guide →Search what fits
Starting points for common first-home budgets. Adjust the filters, then save the search to come back to it.
London homes up to $500,000 →St. Thomas homes up to $500,000 →London townhomes up to $550,000 →Get my help
I'll review any home you find (including on HouseSigma or realtor.ca), give you an offer range before you view, and explain which protections apply to your purchase.
Help me assess a home →Buyer protections, and who qualifies →Request a 30-minute consultation →
What you need, and when
| Money | When it's due | Typical amount |
|---|---|---|
| Deposit | With your offer, usually within 24 hours of acceptance | Set in your offer; it counts toward your down payment |
| Rest of the down payment | At closing, through your lawyer | At least 5% of the first $500,000 and 10% of the rest, for homes under $1.5 million |
| Closing costs | At closing, in cash, on top of the down payment | Roughly 1.5% to 4% of the price: land transfer tax (less any first-time refund), legal fees, title insurance, adjustments, and the 8% PST on any mortgage insurance premium |
| Inspection and moving | Before closing / moving day | Get quotes; not included in the above |
Calculators and these figures are estimates for planning. They aren't a mortgage approval and don't confirm that you qualify for any program; your lender, lawyer and the program's administrator decide that.
Preparation checklist
- A lender pre-approval in writing (rate hold date noted)
- Down payment in an account you can show, with 90 days of statements
- If family is helping: a signed gift letter and the funds deposited
- FHSA and RRSP withdrawal timing confirmed with your bank
- Closing-cost money set aside separately from the down payment
- A real estate lawyer chosen and their fee quote
- A home insurance quote for the type of home you're targeting
- An inspection budget, and which conditions you won't waive
- Your must-haves vs nice-to-haves, and your daily travel times
Programs and their current status
| Program | Status and limits (checked October 9, 2026) |
|---|---|
| City of London Homeownership Down Payment Assistance (London & Middlesex) | Applications closed Friday, October 9, 2026 at 4:30 p.m.; the City's page says the program is expected to re-open April 1, 2027. Official source ↗ · More → |
| St. Thomas-Elgin Affordable Homeownership Program | The City's page says the application period for this year's program has closed, and it has an expression-of-interest form for future funding. Up to 5% of the price ($25,000 maximum) on homes up to $500,000, for renters already living in St. Thomas or Elgin County. Official source ↗ · More → |
| Federal First-Time Home Buyers' GST/HST rebate (new homes only) | Up to $50,000 for eligible first-time buyers of a newly built home, for purchase agreements made on or after March 20, 2025 (CRA, March 17, 2026). Resale homes don't qualify. Official source ↗ |
| First Home Savings Account (FHSA) | $8,000 a year, $40,000 lifetime contribution limit. Official source ↗ |
| RRSP Home Buyers' Plan | Withdraw up to $60,000 from your RRSPs toward a first home, repaid over 15 years. Official source ↗ |
| Ontario land transfer tax refund | Up to $4,000 for eligible first-time buyers. Official source ↗ |
Eligibility rules have edge cases. Confirm with your lender, lawyer, accountant or the program before counting on any of them.
Work through the next buying decision
The minimum is 5% on the first $500,000 of the purchase price and 10% on the portion above $500,000, for homes under $1.5 million. At $1.5 million or more the minimum is 20%. You do not need 20% — that threshold only matters because below it you also carry CMHC mortgage default insurance, which gets rolled into your mortgage payments rather than paid up front.
Yes. Ontario offers a land transfer tax rebate of up to $4,000 for eligible first-time buyers. In London and St. Thomas there's also no additional municipal land transfer tax — that second tax only applies in Toronto, which is why the same purchase price costs less to close here.
For the Ontario land transfer tax rebate, you generally must never have owned an eligible home anywhere in the world, and your spouse must not have owned one while being your spouse. The rules have real edge cases around inherited property and prior marriages, so confirm your specific situation with your real estate lawyer before counting on the rebate.
A pre-qualification is a rough estimate based on what you tell a lender. A pre-approval goes further: the lender checks your income, credit and down payment and usually holds a rate for 90 to 120 days. It gives you a working budget, but it isn't final approval. The lender still has to approve the home you choose and confirm your documents before the mortgage is final. Get the pre-approval before you tour anything — it's the single most common step first-time buyers skip, and it's why some of them fall for a home they can't finance.
There's no single number, because it depends on the purchase price, your down payment, your other debts, and the mortgage stress test — which qualifies you at a higher rate than the one you'll actually pay. That's exactly what a pre-approval settles. Rather than guessing from an online calculator, get pre-approved first and you'll have a lender-checked budget before you start looking.
Plan for roughly 1.5% to 4% of the purchase price on top of your down payment. That covers land transfer tax, legal fees, title insurance, a home inspection, and adjustments owed back to the seller for prepaid property taxes or utilities. This is the number that catches first-time buyers off guard most often.
The First Home Savings Account is a registered account built specifically for a first home — contributions reduce your taxable income and qualifying withdrawals come out tax-free. It can also be combined with the RRSP Home Buyers' Plan. Contribution and withdrawal limits change, so confirm the current year's numbers with your bank or financial advisor before you plan around them.
Most first-time buyer offers include financing and home inspection conditions — a set number of days to confirm your mortgage and have the home professionally inspected before you're legally committed. Waiving those conditions to win a bidding war is a real risk, and it's a decision worth making deliberately rather than in the moment.
Typically 4 to 8 weeks from an accepted offer to closing. The search itself runs anywhere from a few weeks to a few months, depending on how specific your must-haves are and how competitive that pocket of the market is right now.
Yes — a real estate lawyer is required to close in Ontario. They handle the title search, mortgage registration and the transfer of funds. If you don't already have one, I can recommend lawyers I work with regularly.
St. Thomas generally gets you more house for the money and has real momentum from the Volkswagen PowerCo and Amazon employment growth, while London gives you more inventory, more amenities and a shorter commute to most jobs. Which one wins depends on where you work and whether you'd rather buy more space now or more convenience. I cover both and I'll give you the honest comparison for your budget.
In Their Words
A first-time buyer on working with Andy
Looking to Buy Your First Home in London ON? Why This First-Time Buyer Chose Realtor Andy Nagpal
How your first purchase actually works
- 1. Get a real pre-approval. Not a calculator estimate: a lender reviews your income, credit and down payment, gives you a working budget and usually holds a rate. Final approval still depends on the home you pick.
- 2. Set your all-in number. Purchase price plus 1.5–4% in closing costs. Budgeting only for the down payment is the most common first-timer mistake.
- 3. Choose your area honestly. Commute, schools and future resale matter more than finishes. This is where knowing the specific pockets pays off.
- 4. Tour and shortlist. You'll recalibrate fast once you see what your budget really buys — that's normal, not a setback.
- 5. Offer with conditions. Financing and inspection conditions are your protection. We decide together what's worth including and what's worth risking.
- 6. Clear your conditions. Lender confirms financing, inspector confirms the house. This is where problems surface while you can still walk.
- 7. Close. Your lawyer handles title, registration and funds. You get keys.
What first-time buyers can claim in Ontario
- Ontario Land Transfer Tax rebate — up to $4,000 for eligible first-time buyers.
- No municipal land transfer tax in London, St. Thomas or the KWC triangle — that second tax is Toronto-only, and it's a real closing-cost advantage here.
- First Home Savings Account (FHSA) — tax-deductible contributions, tax-free qualifying withdrawals for a first home.
- RRSP Home Buyers' Plan — borrow from your own RRSP toward the down payment, repaid over time.
- City down payment help — London and Middlesex County, and St. Thomas and Elgin County, each run a program lending eligible renters up to 5% of the price (to $25,000), forgiven after 20 years. Intake opens and closes: see the current status above. The London program → The St. Thomas program → All programs in 2026 →
Program limits and eligibility rules change — confirm current figures with your lender, lawyer or accountant before planning around them.
Why first-time buyers work with me
- Over a decade of experience and a 5.0★ average on Google reviews.
- Buyer Protection Guarantee. Not satisfied with your home within 18 months? I'll sell it for you at no commission to me.*
- VIP Buyer Home Warranty. A one-year systems and appliance breakdown warranty with coverage up to $15,000, on me. See what's covered →
- I cover London and St. Thomas personally — and for Kitchener, Waterloo, Cambridge and the GTA, I refer you to a trusted agent at eXp Realty, Brokerage, who will represent you. Buying in St. Thomas →
*Terms apply — not intended to solicit buyers already under contract with another brokerage. Ask me for full written program details.
Go deeper
Buying Your First Home in St. Thomas →The Ultimate First-Time Home Buyer's Guide (2026) →First-Time Home Buyer's Guide to London & St. Thomas →Down Payment Assistance Programs in Ontario →Understanding Closing Costs: A Buyer's Checklist →10 Common Homebuyer Mistakes to Avoid →London vs. St. Thomas: Prices, Commute and Taxes →