Buying a home for your student in London, Ontario

Is it a good idea?

It can be. Buying a condo or small house for a student can turn housing costs into equity, give your child a safer and better-maintained place to live, and, with roommates paying rent, offset much of the cost. But it isn't automatically better than renting. You're taking on a property, a mortgage (perhaps), landlord responsibilities if roommates move in, and the costs of buying and later selling. Over a short timeline, those costs matter a lot.

Start with these questions

When buying tends to make sense

• Your student will be in London for three or more years, or you have younger children who might follow.
• You can afford the down payment and carrying costs without stretching, even if a roommate leaves.
• You're comfortable being a landlord, or paying someone to manage it.
• You'd be happy to keep the property as a rental after graduation if the timing to sell isn't right.

When renting is probably better

• Your student is in a one- or two-year program.
• The down payment would come from money you need for retirement or emergencies.
• You don't want to deal with tenants, repairs or the Landlord and Tenant Board.
• Your student isn't sure they'll stay in the program or in London.

The London context

London has one of Ontario's largest student populations, with Western University north of downtown and Fanshawe College's main campus in the east end, plus Fanshawe's downtown campus. Student rental demand is strong, especially close to campus and on main bus routes. Both institutions' students generally have transit passes, which widens the areas that work well. At the same time, the City of London regulates rentals near campuses closely, through rental licensing and zoning rules, so do your homework on any property you plan to share with roommates.

Things parents often don't anticipate

• Students often want to live with friends in a particular area, which may not be where the parents bought.
• Managing a rental takes time: roommate questions, repairs, lease renewals.
• Summer vacancies happen, even in a strong rental market.
• A property very close to campus can have a narrower pool of non-student buyers.

None of these is a reason not to buy. They're reasons to plan, and to involve your student in the decision.

Common mistakes to avoid

• Buying in a rush in late summer because move-in day is approaching. The best time to search is often the spring before.
• Assuming roommates cover everything. Plan for vacancies, especially over summer.
• Ignoring condo rules on rentals and occupancy.
• Not thinking about the exit: what happens after graduation?
• Overlooking tax: how you own the property affects the tax you'll pay when you sell. Talk to an accountant first.

How to use this guide

Start with the four-year math to see whether buying could work for your family at all. If it might, read the area guide for your student's campus, then decide between a condo or a house. Before you make an offer, read ownership & financing and book time with an accountant. The structure you choose on day one shapes your taxes on the last day.

Last reviewed October 30, 2026