Mississauga is one of the largest cities in Canada for good reason.
It’s ideal location has long made it a sought-after place to raise a family. Located right next door to Toronto, both big-city and suburban life are easily accessible by those who call Mississauga home. It sits on Lake Ontario and has plenty of lakefront property, parks and trails. Mississauga is also home to Canada’s largest international airport and is a relatively short drive from Niagara Falls and the Canada-U.S. border.
But all those perks come with a price. Mississauga is one of the most expensive cities in the country. Yet competition for real estate in Mississauaga is extremely high.
If you want to know the basics of getting your foot in the door in one of Canada’s most popular housing markets, you’re in the right place.
Find the Right Experts
A lawyer must sign off on all real estate transactions in Ontario. They search title, draft, and review the purchase and sale agreements and take care of all the other legal requirements of property transfers.
So one of the first things you’ll need is a real estate lawyer in Mississauga that knows the ins and outs of the Mississauga real estate market and its municipal by-laws and regulations.
You’ll also need a real estate agent with years of experience working in Mississauga. Real estate agents have access to all available listings, and you’ll need as many leads as possible to find the right home for you in a crowded market like Mississauga’s. It’s also crucial to get the guidance of an expert in real estate whose career is dedicated to knowing the area you’re looking to move into.
Take Care of Your Financial Health
Because it is one of the most expensive cities in Canada, you’ll need plenty of money saved for your down payment and closing costs.
Canadian law requires a down payment minimum of 5% of the purchase price for properties priced at $500,000 or less. But you might not even find a condo in Mississauga for that price.
Realistically, you’ll need at least a down payment covering5% of the first $500K of the purchase price and 10% of the remainder. That’s the minimum down payment required for houses selling between $500K to $999K – which still might not be enough.
If you’re looking for a semi- or fully detached home in Mississauga, your purchase price will be over $1M, Which means a minimum down payment of 20% of the purchase price.
It’s also recommended you have anywhere from 1.5 – 4% of the purchase price saved for closing costs such as moving, insurance, taxes, etc.
When you’re ready to start looking for a home in Mississauga, shop around for the best mortgage rate you can find and get pre-approved for a mortgage. You need to know exactly how much you are eligible to borrow to know your options.
Have a Strategy
This is where having a local, licensed professional comes in handy. Your realtor will know which areas of Mississauga fit your preferences and budget. They can also advise you on how likely it is to find what you’re looking for if you choose to wait until the middle of summer or during the winter months when there’s less buying competition.