Know what the house is worth before you fall for it.Know what the house is worth before you fall for it.

Most of our buyers spend one to three months touring before they firm up a deal. After that, closing usually takes 30 to 90 days, depending on what you and the seller agree to. Getting pre-approved before you start touring is the single biggest thing that speeds up the process.

Nobody can time the market, but we can show you what it's doing. In August 2026, the London–St. Thomas area had 6.3 months of inventory and roughly 37 sales for every 100 new listings. That's a market where buyers have choice and room to negotiate.

The better question is whether now is right for you. Stable income, a down payment you won't miss and a plan to stay at least five years usually point to yes.

You can browse without one, but get it before you tour seriously. A pre-approval checks your credit, income and down payment, tells you your real budget, and usually holds a rate for 90 to 120 days. Sellers also take your offer more seriously when your financing is lined up.

We can introduce you to mortgage brokers and bank specialists we trust. You're never obligated to use them.

A pre-qualification is a quick estimate based on what you tell a lender. A pre-approval means the lender has pulled your credit and reviewed documents like pay stubs, T4s or Notices of Assessment and proof of your down payment. Only a pre-approval gives you a number you can shop with confidently.

Yes. Lenders usually want two years of income history, your Notices of Assessment and tax returns, and business financial statements. Some lenders have programs built for self-employed borrowers, so talk to a mortgage broker early.

In Canada, the minimum down payment is:

• 5% of the first $500,000 of the price
• 10% of the portion between $500,000 and $1.5 million
• 20% of the full price if it's $1.5 million or more

On a $590,000 home, that works out to $34,000. With less than 20% down, you'll also pay mortgage default insurance.

If your down payment is under 20%, your lender requires mortgage default insurance from CMHC, Sagen or Canada Guaranty. It protects the lender, and it's what makes buying with as little as 5% down possible.

The premium is 2.80% to 4.00% of your mortgage, depending on your down payment, and it's added to your mortgage. In Ontario you also pay 8% provincial sales tax on the premium, in cash, at closing. A 30-year amortization adds 0.20% to the premium.

Plan for roughly 1.5% to 4% of the purchase price on top of your down payment. The main items are:

• Ontario land transfer tax, with up to $4,000 back for first-time buyers
• Legal fees and disbursements, including title insurance
• Home inspection
• PST on your CMHC premium, if you're putting less than 20% down
• Adjustments that repay the seller for property tax or utilities they prepaid
• Moving costs and utility hook-ups

London doesn't charge a municipal land transfer tax. In Ontario, that's only in Toronto.

To qualify, lenders check whether you could afford your payments at a higher rate: the greater of 5.25% or your contract rate plus 2%. You still pay your actual rate. The stress test only limits how much you can borrow.

Yes. Most lenders accept a gift from an immediate family member. You'll need a signed gift letter confirming it doesn't have to be repaid, and the money usually needs to be in your account before closing. Check the exact requirements with your lender early.

A fixed rate keeps your payment the same for the whole term. A variable rate moves with the Bank of Canada's rate, which can save money or cost more. The right choice depends on how much room your budget has and how comfortable you are with change. A mortgage broker can model both for you, and we're happy to make the introduction.

We pull recent sold prices for comparable homes nearby, not asking prices. Then we factor in days on market, condition, the seller's situation and whether there's an offer date. You decide the number. Our job is to make sure you decide with real data.

In Ontario, the deposit is usually due within 24 hours of your offer being accepted, by bank draft or wire transfer. It's held in trust by the listing brokerage and counts toward your down payment at closing. The amount is negotiable. It's commonly a few percent of the price, and we'll recommend an amount that makes your offer strong without tying up too much of your cash.

When there are competing offers, the seller's brokerage must tell every buyer who submitted a written offer how many offers there are. The seller decides whether to share anything else, so don't expect to see other buyers' prices.

We'll help you decide how high to go, which conditions to keep and when to walk away. Getting outbid beats overpaying for the wrong house.

While your conditions are open, you can walk away if a condition isn't met, for example if your financing falls through or the inspection finds a serious problem. Once the deal is firm, backing out usually means losing your deposit and possibly being sued for the seller's losses.

There's no cooling-off period for resale homes in Ontario. The 10-day cooling-off period only applies to new condos bought from a builder.

Fixtures, meaning anything attached to the home like light fixtures and built-in shelving, normally stay. Chattels, meaning movable items like appliances, are only included if they're written into the offer. Also check for rental items. Water heaters, furnaces and air conditioners are often rented in Ontario, and the contract would pass to you.

We strongly recommend one. A general inspection usually costs $400 to $700 in the London area and covers the structure, roof, electrical, plumbing, heating and signs of water. For older homes, a sewer camera inspection can catch cracked or root-filled drain lines before they become your problem.

The common ones are financing, home inspection, insurance, a lawyer's review and, for condos, a status certificate review. If you need to sell your current home first, a sale condition protects you but makes your offer weaker. We'll talk through which conditions you need and which ones you can safely shorten.

You'll pay monthly condo fees on top of your mortgage, and the condo corporation's finances become partly yours. Always make your offer conditional on reviewing the status certificate, which shows the fees, the reserve fund, any special assessments and any legal issues. The corporation has 10 days to provide it, and the fee is capped at $100 including HST.

During the condition period, you can ask the seller to fix the issue, lower the price or give you a credit on closing. If the problem is serious and you can't agree, you can decline to waive the condition, and the deal ends with your deposit returned. We'll help you separate real problems from normal wear.

Your lawyer searches the title, arranges title insurance, reviews your mortgage documents, collects and pays the land transfer tax, transfers the funds and registers the home in your name. Hire one before your deal is firm so they can review anything unusual.

Your lawyer sends the funds to the seller's lawyer and registers the transfer. Once that's done, usually in the afternoon, the keys are released. Book your movers for later in the day, and make sure your home insurance starts on closing day. Your lender will require it.

Most Ontario offers include a clause allowing a set number of visits before closing, often two or three. We use one as a final walkthrough to check that everything included is still there and the home is in the condition you agreed to.

In most London purchases, the buyer's brokerage is paid out of the sale from the seller's proceeds, as offered on the listing. Before you commit, your buyer representation agreement spells out our commission in writing and what happens if a seller offers less. We go through it line by line so there are no surprises.

It's the written contract between you and our brokerage. Under Ontario's Trust in Real Estate Services Act (TRESA), it must be in writing, and you'll receive a copy along with RECO's Information Guide. It sets out the area we'll search, how long it lasts, our duties to you and how we're paid. Ask us to adjust anything that doesn't fit.

Yes. We plan both moves on one timeline: pricing and listing your current home, lining up your purchase and matching the closing dates so you carry two homes for as little time as possible. If the dates don't line up, we'll explain bridge financing and your other options.

All of London, plus nearby communities including St. Thomas, Komoka, Kilworth, Ilderton, Dorchester and Lambeth.