First Time Home and Condo buyers Costs in Mississauga ON

Real Estate Agent with Re/Max Ultimate Realty Inc. Brokerage

Buying your first house or condominium can be a confusing as well as exciting experience. As a first time Mississauga home or condo buyer there are costs which you should be aware of before you sign on the dotted line of the agreement of purchase and sale. However there are also government incentives available to you as a first time home buyer. It is my hope to familiarize you with these costs and incentives on this page. To begin let's talk about costs of buying.

Do I Have To Pay My Agent A Commission

When you hire your own Buyers Agent this will not cost you one cent. The seller of the home you eventually purchase will pay the agents commission. In fact your Buyers Agent will not only not cost you any money but will more than likely save you some money if he/she is doing their job properly.

Land Transfer Tax

Unlike Toronto Condo and home buyers, Mississauga Condo and home buyers pay only the Provincial Government Land Transfer Tax. There is no City of Mississauga land transfer tax to be paid.

Land Transfer Tax is a tax set up by the Provincial Government of Ontario and is paid by the buyer in every real estate transaction in Ontario. This would ordinarily be your largest expense in a home purchase, however as a first time Mississauga home or condo buyer you will be eligible for a rebate of up to $2000.00, an amount payable on a purchase price of $227,500.00. Any amount above this would be subject to the tax according to the rates as follows:

up to $55,000 X 0.5%

$55,000 to $250,000 X 1%

$250,000 to $400,000 X 1.5%

$400,000 and up 2%

Home Inspection

Whether you are buying new or resale you should budget for a home inspector to inspect the property and give you a full written report so that you don't have any big surprise expenses in the first couple of years. A home inspection will cost you between $300 and $350.

Legal Fees

You will need a lawyer to close the sale and register the deed and mortgage on the closing day. There are many real estate lawyers to choose from and their fees range from $1000 to $1500. If you do not know any real estate lawyers let me know and I will give you a couple of names to choose from.

Adjustments on Closing Day

The seller of the home you buy may have prepaid the property taxes or in the case of a condo the monthly maintenance fees beyond the date set for closing the sale. If so you will have to reimburse them on a pro rated basis.

Home Insurance

You will need to arrange home insurance on your new home before the closing date and provide proof to your lawyer which he/she will pass along to the Bank or Trust Company providing your mortgage. They will not advance funds necessary to pay off the seller without home insurance.This should be approximately $400 to $500.

Title Insurance

Sometimes problems or defects with the title to a property can happen and they are forgotten or neglected. Title Insurance insures you against the expense of having to fix these problems after the sale has closed. It will also safeguard against mortgage fraud. It does not cover every situation and your lawyer is the best person to explain these potential circumstances to you. Title Insurance for a typical home is in the area of $200 plus taxes.


This is important when you buying a house rather than a condominium. Most agents these days tend to dismiss the absence of a survey by telling you Title Insurance will cover any problems.........NOT TRUE. Title Insurance does not cover all potential problems. If the seller does not have an existing survey a new one will cost in the region of $1000. Sometimes this can be negotiated to be split between the buyer and the seller. If your Buyers Agent is really good he may be able to have the seller absorb the full cost. I have done this in the past.

Moving Expenses

This one is a personal decision as to whether you hire professional movers or rent a truck, get your friends and buy a case of beer and a couple of pizzas.

John Lavin is a Toronto Realtor with 25 years of experience in Toronto and Mississauga real estate market. If you are looking for Mississauga Homes for Sale or Mississauga Condos For Sale why not put my 25 years of experience to work for you. Stop by my site at  and get to know me.




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Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker


These are all good points, and I'm particularly pleased to see that you are recommending a survey.

It seems that most agents just try to come up with ways to avoid getting one.


Aug 13, 2010 01:00 PM #1
John Lavin
Re/Max Ultimate Realty Inc. Brokerage - Toronto, ON
Realtor - Mississauga - Toronto Real Estate

Hi Brian,

Thanks for stopping by. Yes, especially newer agents in my experience.

Aug 14, 2010 01:07 AM #2
Marcia Hawken
Downing-Frye Realty, Inc. - Naples, FL
Naples Luxury Specialist

Hi John, It is interesting to see the fees associated with buying a home in TO.  I have many CDN clients in Naples and try to keep up to date on your costs.  Ours are very different in Collier County and we have many disclosures attached to the contract to make buyers aware of the fees.  Like you, I like to spell out the other items such as inspections, surveys etc.  Nicely done, thanks.

Aug 20, 2010 01:37 AM #3
John Lavin
Re/Max Ultimate Realty Inc. Brokerage - Toronto, ON
Realtor - Mississauga - Toronto Real Estate

Hi Marcia........Thanks for stopping by and commenting......If I have anyone looking for property in Naples I will send them over to you

Aug 26, 2010 08:44 PM #4
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John Lavin

Realtor - Mississauga - Toronto Real Estate
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