Mortgages in Masonville
A north London area around the Masonville mall, with newer detached homes and townhouses close to Western University. Here’s what buying there costs and which rules apply, before you compare lenders with one licensed mortgage professional.
Short answer
Masonville is in London, so London’s tax rates and Ontario’s rules apply. On a $600,000 home you’d need at least $35,000 down and $8,475 in land transfer tax ($4,475 for a first-time buyer). Property tax runs about $1,727 a year per $100,000 of assessed value.
Buying in Masonville
A north London area around the Masonville mall, with newer detached homes and townhouses close to Western University.
Close to Western University and University Hospital, the area appeals to families and professionals. Many homes are newer detached houses.
What to know about a mortgage in Masonville
If you’re buying new construction in Masonville, plan for builder deposits paid in stages and closing dates that can move. Your mortgage approval needs to be ready, or renewable, for the actual closing date, and the final price can include adjustments you won’t see in the purchase price.
How NorthMerit can help
Tell us what you’re planning and we’ll connect you with one licensed mortgage professional who compares lenders for you. It’s free, and there’s no obligation.
What it costs to buy a $600,000 home in Masonville
| Repeat buyer | First-time buyer | |
|---|---|---|
| Minimum down payment | $35,000 | $35,000 |
| Mortgage insurance (added to the loan) | $22,600 | $22,600 |
| Sales tax on insurance (cash) | $1,808 | $1,808 |
| Ontario land transfer tax | $8,475 | $4,475 |
| Cash at closing | $45,283 | $41,283 |
Example price, not a local average. Minimum down payment and a 25-year amortization; legal fees, title insurance and adjustments are extra.
London rules that apply in Masonville
London’s 2026 residential property tax rate is 1.7271%, about $1,727 a year for every $100,000 of assessed value. Source
Up to four units are allowed on most residential lots, meaning up to three additional units with no more than two in a separate building. Source
London requires a Residential Rental Unit Licence for rentals in buildings with four or fewer units, converted dwellings and homes the owner doesn’t live in. Source
Sources
We checked these figures against official sources in October 2026. Rules and rates change, so confirm the details with your mortgage professional, lawyer or the source before you rely on them.
- Minimum down payment (Financial Consumer Agency of Canada)
- Mortgage insurance premiums (CMHC)
- Calculating land transfer tax (Government of Ontario)
- Land transfer tax refunds for first-time buyers (Government of Ontario)
- London property tax rates
- London: rental licensing
- London: additional units
- Homeownership Down Payment Assistance Program
Common questions
How much down payment do I need for a home in Masonville?
What property tax will I pay in Masonville?
Can I add a rental unit to a home in Masonville?
Who can help me get a mortgage in Masonville?
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