How much cash do you need to buy a house in London?
On a $600,000 home with the minimum $35,000 down, closing costs come to about $13,483. So plan on about $48,483 in cash to close.
You might be worried about coming up short at the lawyer’s office. Every line is below, before you fall for a house.
The Bottom Line (Quick Answer)
- The Ken Small Real Estate Team counts cash to close in London, Ontario as down payment plus closing costs.
- Example only: on a $600,000 home with the minimum $35,000 down, you need about $48,483.
- That counts $8,475 of land transfer tax, $1,808 of PST and about $3,200 for legal, title and inspection.
The short version
- In London, Ontario, your cash to close is your down payment plus closing costs. That is how the Ken Small Real Estate Team runs the numbers.
- Take a $600,000 home with the minimum $35,000 down. It is an example price, not a real sale. You would need about $48,483.
- That counts $8,475 of Ontario land transfer tax and $1,808 of PST on mortgage insurance. It also counts about $3,200 for your lawyer, title insurance and inspection.
- London has no city land transfer tax. First-time buyers can get up to $4,000 of the provincial tax back, which brings it to about $44,483.
| Down payment (the minimum) | $35,000 |
| Ontario land transfer tax | $8,475 |
| PST on mortgage insurance | $1,808 |
| Legal, title and inspection (typical London bundle) | about $3,200 |
| Cash to close | about $48,483 |
Estimates for planning, current as of September 2026. The down payment starts at the legal minimum for this price. The mortgage rate is live, and the date it was pulled sits under the field. Rates move. Put your own quote in. Ontario land transfer tax and CMHC premium rates verified live; legal, title, and inspection costs are typical London figures. Confirm exact numbers with your lawyer, lender, and the Ken Small Team. London has no municipal land transfer tax.
What closing costs do buyers pay in Ontario?
Here is every piece, in plain English. No surprises at the lawyer’s office.
Ontario land transfer tax
It is a provincial tax on the price, paid once at closing. It steps up in bands. It is 0.5% on the first $55,000, then 1% to $250,000. Then 1.5% to $400,000, 2% to $2 million, and 2.5% above that. London has no second city tax on top. That is a Toronto-only cost.
First-time buyers get up to $4,000 back. That covers all the tax on a home up to about $368,000. The rule is strict. Ontario’s own words:
“The purchaser cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.”
Source: Ontario.ca, land transfer tax refunds for first-time homebuyers, opens in a new tab.
The federal home buyers’ amount, a tax credit, uses a different test. It looks back five years: this year and the four before it (source: Canada.ca, opens in a new tab). So someone who sold a condo years ago may get one and not the other.
Your down payment
The minimum is 5% on a home up to $500,000. Above that, it is 5% on the first $500,000 plus 10% on the rest, up to $1.5 million. At $1.5 million and up, it is 20%. Put down less than 20% and you carry mortgage default insurance. The calculator flags it.
Mortgage insurance, if you are under 20% down
The premium is 4.00%, 3.10% or 2.80% of the mortgage, set by your down payment. It is added to your mortgage, not paid in cash. But Ontario charges 8% PST on that premium. The PST is due in cash at closing, and the calculator adds it for you.
More from CMHC on mortgage loan insurance, opens in a new tab.
Legal, title and inspection
Budget about $1,800 for your lawyer and $400 for title insurance. Add $500 for a home inspection and a small buffer for closing adjustments. Plan on about $3,200 as a typical London bundle. Your lawyer confirms the exact figure.
What does a buyer’s agent cost with us?
It is $495 to start. Our commission is 3%, paid from the seller’s side of the deal. If a seller offers our brokerage less than 3%, you do not pay the difference.
You pay the $495 up front, not at closing. That is why the calculator leaves it out. See buyer pricing and fees, line by line.
What backs the home you buy?
Any home you buy with our team comes with two things. It does not have to be one of our listings.
- A 1-Year Canadian Home Shield SafeClose™ Warranty. Up to $15,000 of protection, with a $100 deductible. It is provided at no cost to you.
- Love Your New Home Guaranteed or I’ll Sell It For Free. If within 24 months it isn’t right, we list it for free: 0% listing-side commission. That applies when you buy your next home with us, one of equal or greater value. You remain responsible for the buyer’s agency fee. A certificate is required.
See every guarantee, with its conditions →
Who this is not for
- Buying a new build? The price can include HST and rebates this tool does not show. Ask your builder and your lawyer.
- Buying in Toronto? There is a city land transfer tax this tool does not add.
- Need a lender’s yes? This is an estimate, not a pre-approval. Get pre-approved first.
What do buyers say about working with us?
4.9 average from 14 Google reviews, as shown on our reviews page (October 2026). One buyer, word for word:
★★★★★All the way from the start of the house search, Ken was there to help at every step. From setting up search criteria that exactly met our needs, to getting viewings scheduled, to providing honest feedback about the properties (which is often rare for most agents); Ken went above and beyond our expectations. 10/10 experience with Ken.
J H · Buyer · Apr 2023 · via Google
The honest takeaway
The price is not the cash you need.
Common questions about closing costs in London
How much is land transfer tax in London, Ontario?
Is there a first-time home buyer rebate in Ontario?
How much do I need for a down payment?
What closing costs should I budget for besides the down payment?
Do I pay mortgage insurance, and is it a cash cost?
What does a buyer’s agent cost in London with your team?
Know your number. Then make it real.
Book a 15-minute call with Ken. Bring your numbers and your questions. No obligation.
About Ken Small
Ken Small, REALTOR®, has been a real estate agent in London since 2003. He leads the Ken Small Real Estate Team at Century 21 First Canadian Corp., Brokerage. The office is at 420 York Street, London, ON N6B 1R1. RECO #4727293. Meet the team →
Terms and conditions apply. Guarantees may not apply to all properties. Service provided by Ken Small Real Estate Team, Century 21 First Canadian Corp., Brokerage. Not intended to solicit currently listed properties.