St. Thomas Mortgage Broker: Home Prices, Closing Costs and Elgin County Properties

Tyler Stiller, CPA, Mortgage Broker (FSRA Licence #M20002930) | Dominion Lending Centres National Ltd. (Brokerage FSRA Licence #12360) | Updated November 2026

Short answer: Buying, renewing or refinancing in St. Thomas or elsewhere in Elgin County, I have access to 20+ lenders (banks, credit unions and mortgage-only monolines) and shop your file with the ones that fit. As a CPA, I can explain self-employed, commission or rental income to an underwriter before it stalls your approval. Call or text 519-670-3205.

St. Thomas had 42,840 people in the 2021 census, up 10.1% from 2016. It sits inside Elgin County but is a separated city, independent of the county's seven local municipalities. London is about 30 km north, roughly a 30-minute drive by Highway 4 and the 401, and Port Stanley is about 15 to 20 minutes south.

What does a home cost in St. Thomas?

In October 2026, the MLS® Home Price Index benchmark for St. Thomas was $490,400, according to the London and St. Thomas Association of REALTORS® (LSTAR). That's below LSTAR's $538,000 and London's $525,900. The average sale price in St. Thomas was $513,697 in October, down from $544,865 in September.

How much do I need for a down payment and closing costs?

Take a $520,000 purchase, a little above the benchmark. The minimum down payment is $27,000: 5% of the first $500,000 ($25,000) plus 10% of the remaining $20,000 ($2,000).

Ontario land transfer tax on $520,000 comes to $6,875. If you're an eligible first-time buyer, Ontario refunds up to $4,000, so you'd pay $2,875. St. Thomas has no municipal land transfer tax; in Ontario, only Toronto charges one. It's due on closing day, on top of your down payment.

With under 20% down you also need mortgage default insurance. The premium (about 4% of the loan here) is added to your mortgage, but Ontario's 8% sales tax on it is paid in cash on closing: roughly $1,580. Add legal fees, title insurance and adjustments. Try your own numbers on my mortgage calculator.

Is the battery plant changing the St. Thomas market?

PowerCo's battery plant is a major project for the city. In 2023, Volkswagen said the plant could create up to 3,000 jobs once fully running. Construction on its three main buildings started on October 28, 2025. In September 2026, Electric Autonomy and CTV News London reported that PowerCo now expects operations to start in 2029, two years later than planned.

The City's federal Housing Accelerator Fund plan targets 1,183 new units permitted from 2025 to 2027 and includes allowing more units on existing lots. Check current zoning before you count on adding a unit.

I can't predict prices. If the plant is why you're buying, base the mortgage on today's income, not hiring that hasn't happened.

Can I get a mortgage on a rural property in Elgin County?

Often, yes. Many homes in Southwold, Central Elgin, Malahide and Bayham sit outside town water and sewer, so expect a well-water test and sometimes a septic inspection. Many lenders value only the house and a modest lot, so extra acres, a barn or a shop may add little. Prices vary outside the city: Central Elgin, which includes Port Stanley and Belmont, had an October benchmark of $629,000. Before you firm up, I'll check which lenders suit the property. See my mortgage services.

Should I use a broker or just go to my bank?

A bank generally offers only its own mortgage products. I show you where lenders differ: the penalty for breaking early, prepayment room, porting, and how each counts your income. On most residential files the lender pays my brokerage a fee when your mortgage closes, so there is usually no broker fee to you. Private and alternative loans can carry a fee; if yours does, you'll see it in writing before you sign, along with how I'm paid.

Do I have to drive to Strathroy?

No. We can do everything by phone or video, and you e-sign. If you'd rather meet face to face, I'm at 2 Front Street West in Strathroy. I aim to reply the same business day. Shopping in London too? See my London mortgage page or the full list of areas I serve.

What do clients say, and how do I get started?

Rated 5.0 on Google from 128 reviews as of November 2026. See the reviews on Google.

To start, call or text 519-670-3205 or send a note through my contact page. Bring proof of income: recent pay stubs if you're salaried, or two years of tax returns and Notices of Assessment if you work for yourself.

Tyler Stiller - Mortgage Broker, 2 Front Street West, Strathroy, ON N7G 1X4, 519-670-3205. Tyler Stiller is a mortgage broker (FSRA Licence #M20002930) with Dominion Lending Centres National Ltd. (Brokerage FSRA Licence #12360). Each office is independently owned and operated. Lender rules change and every lender applies its own policies. This page is general information, not tax or financial advice for your situation. Reviewed by Tyler Stiller, CPA.