2025 Ontario First-Time Homebuyers: What We’re Seeing in London, ON

By Elevate Real Estate Group & notes from Royal LePage Canada

Lower borrowing costs, more listings, and a calmer pace are giving first-time buyers across Ontario—and here in London—a better shot at homeownership in 2025. Still, many are choosing to be deliberate: saving a little longer, refining their wish lists, and waiting for the right fit rather than rushing.

Below, we’ve pulled out what matters for Ontario buyers from the latest Royal LePage First-time Homebuyers Survey and added our take from the streets of Old North, Byron, Stoney Creek, Hyde Park, and beyond.

Who’s getting ready to buy (and when)

• 15% of Ontario adults are working toward their first purchase in the next two years.
  • 3% plan to buy within 12 months; 12% are looking at 12–24 months.

• Where they are in the journey (multiple choices allowed):
  • 54% are researching neighbourhoods they can afford.
  • 48% are browsing listings.
  • 22% are touring homes in person.
  • 21% have engaged an agent (that’s us 👋).

Elevate insight: In London, we’re seeing more serious early-stage prep—buyers asking about school zones (e.g., Clara Brenton, St. Paul, STA, Oakridge SS), bus routes, and commute times to Western, LHSC, and downtown. Many are comfortable waiting a few extra months if it means getting the right house in the right pocket.

How first-timers are making the numbers work

• Down payment plans: 54% aim for 20%+, while 38% plan <20% with mortgage insurance.

• Financial help: 43% in Ontario expect some assistance (gift, loan, co-signing, or help with payments); 48% expect no assistance.
  • Lump-sum gift: 14%
  • Loan to repay: 9%
  • Co-signer: 9%
  • Monthly payment help: 11%

Elevate tip: If a 20% down payment is a stretch, we’ll map out insured options and show what different down payments mean for your monthly budget—then compare that to renting in your preferred neighbourhood.

The trade-offs buyers are choosing in Ontario

To get into their first home, Ontario buyers say they’re:

• 63% of searches are in more affordable areas (think moving a few streets over or considering nearby towns in Middlesex County).

• 42% chose smaller homes than initially planned.

• 39% cutting discretionary spending.

• 26% tapping investments/retirement savings.

• 22% open to homes that need light improvements.

• 24% have lived (or are living) with relatives to save.

• 12% delayed major life milestones to prioritize a purchase.

Elevate insight: In London, “move-in ready” still wins—few first-timers want big renos. However, smart, cosmetic updates (such as paint, lighting, and hardware) are back on the table if the location and layout are correct.

What they want to buy (and where they’ll compromise)

• Dream first home: 54% of Ontario first-timers are targeting a single-family detached; 21% are eyeing a condo/apartment; 14% prefer towns/semi-detached.

• Commute vs. community: 39% will prioritize the neighbourhood even if the commute is longer; 33% pick based on proximity to work; 16% mostly work remotely.

• Top non-price features in Ontario: Move-in ready, parking, and proximity to work/amenities lead the list. (From our showings: a usable yard, space for pets, and a bright kitchen are consistent must-haves.)

Elevate insight: In pockets like Byron and Oakridge, detached homes still dominate the wish list. Still, modern townhomes in Stoney Creek and Hyde Park offer excellent value as a first step, with lower maintenance requirements.

Mortgage mindset

Among Ontario first-timers:

• 26% say fixed-rate, 13% variable, 7% hybrid—and 54% are still undecided.

Elevate tip: We’ll help you compare fixed, variable, and hybrid options with today’s rates, payment stability, and your time horizon—plus connect you with local lenders for a same-day pre-approval, so you’re offer-ready.

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How Elevate helps first-time buyers in London & area

• Hyper-local search, zero spam: We build a custom search dialled into specific streets, school catchments, transit, and your commute.

• Offer strategy built for first homes: Clear conditions (financing, inspection, status certificate for condos), closing costs, and a plan for common surprises.

• Neighbourhood tours: We’ll walk you through comparable sales, parks, paths, coffee spots, and grocery runs—because lifestyle matters.

• Pre-approval & payment mapping: Side-by-side monthly scenarios at different down payments (including FHSA + HBP) so there are no budget surprises.

• Listing readiness alerts: We flag “move-in ready” homes fast, and we’ll pre-screen anything that needs work so you don’t waste time.

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Ready to start (at your pace)?

Whether you’re 6 weeks or 16 months away, we’ll set up a plan that fits. Let us know your budget range, preferred areas, bedrooms, and home style, and we’ll send only the listings that match—no noise.

• Start your custom search: Price • Areas/Schools • Beds • Style

• Book a first-time buyer consult (virtual or in-person in London)

• Ask for our First-Time Buyer Cost Sheet (closing costs, inspection, insurance, tax, and contingency)

Royal-LePage-2025-Canadian-First-Time-Homebuyers-Survey-Chart

 

 

Why Choose Elevate Real Estate Group?

At Elevate Real Estate Group, we understand that buying a home is a significant decision. That’s why having the right team by your side is essential. Our experienced realtors—Stewart Blair, Jeremy Odland, Brittany Wurfel, and Caitlyn Ford—bring unmatched expertise and dedication to every client.

Additionally, our in-depth knowledge of the London, Ontario, market enables us to guide you through every step of the process with confidence. From the initial consultation to the moment you receive your keys, we’re committed to making your journey smooth and stress-free.

Learn more about Elevate here, Meet the Elevate Real Estate Team

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