Cost to Buy a Home in St. Thomas

Buying the average home in St. Thomas, at $544,865 in September 2026, takes a down payment of at least $29,487, $12,422 more in land transfer tax and closing costs, and a household income of about $136,000 to pass the mortgage stress test. The mortgage payment would be about $2,834 a month at the average rate on new insured 5-year fixed mortgages (4.05% in July 2026), plus about $828 in property tax. With 20% down ($108,973), the payment is about $2,410 and the income needed about $120,000.

With the minimum down payment

Monthly costs are for the mortgage, property tax and heating only: home insurance, utilities, maintenance and condo fees come on top. Figures for September 2026.

With 20% down

With 20% or more down, the mortgage needs no insurance and takes the uninsured rate (4.49%).

For first-time buyers

First-time buyers get $4,000 of the $7,372 land transfer tax back. They can also spread an insured mortgage over 30 years instead of 25, which brings the payment to $2,569 a month and the income needed to about $129,000, for a premium 0.20 points higher ($21,646). Savings in a First Home Savings Account (up to $40,000) and up to $60,000 from an RRSP under the Home Buyers' Plan can go toward the down payment.

Every program for first-time buyers in Ontario, with who qualifies, is in our guide to first-time home buyer programs by province; the steps of a first purchase are in the first-time home buyer's guide.

How these figures are worked out

• Prices are from our St. Thomas housing market report for September 2026, built from the statistics of the London and St. Thomas Association of REALTORS® (LSTAR).
• The minimum down payment is 5% of the first $500,000 and 10% of the rest, and 20% from $1,500,000 (the down payment calculator works it out for any price). Below 20% down, the mortgage must be insured: the premium (2.80% to 4.00% of the loan) is added to the mortgage, and Ontario charges sales tax on it at closing.
• Mortgage rates are the Bank of Canada's average of what banks charged on new fixed-rate mortgages of 5 years or more in July 2026: 4.05% insured and 4.49% uninsured. Payments are over 25 years. Every term, with the history since 2013, is on our mortgage rates page.
• The income needed passes the stress test: the mortgage payment at the greater of the rate plus 2 points or 5.25%, plus property tax and $150 a month for heating, is 39% of gross income. It assumes no other debts; a car loan or student loan raises it, and for a condo, lenders also count half the condo fees.
• Property tax is the price times St. Thomas' 2026 rate of 1.823%, including the school or education tax. Water and sewer are not on the tax bill: Entegrus bills them monthly, a fixed charge by meter size plus the metered use. Ontario still assesses homes at their value on January 1, 2016, so the bill on a home bought today is usually lower than the rate times the price.
• Land transfer tax is before any first-time buyer rebate. Other closing costs are an estimate: $1,800 in legal or notary fees, $300 for title insurance, $500 for an inspection and $800 in tax and utility adjustments.

Work out your own numbers

• Affordability calculator: how much home your income and debts allow
• Mortgage payment calculator, with your own rate and amortization
• Mortgage stress test calculator
• Closing costs estimator and land transfer tax calculator
• The full St. Thomas housing market report

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