How much more affordable are homes in Mississauga compared to Toronto? - As real estate agents who’ve spent decades serving Toronto, Mississauga, Etobicoke, Oakville and many other communities across the GTA it’s a question we’ve heard a lot.
With a lot of real estate in the city coming at a premium cost, plenty of buyers set their sights on suburbs like Mississauga in hopes of more affordable property. While in some instances these communities may have a lower cost of living compared to downtown, we believe buyers should approach their home search based on what will actually suit them best.
Some homes in Mississauga, Oakville, or Burlington may have a smaller price tag, however, if you end up purchasing a home that doesn’t fit your needs or lifestyle, it could actually lead to you spending even more money in the years following if you’re unhappy and choose to sell.
If you’re preparing for a home purchase and want to take every step possible to stretch your budget (such as living away from the city centre) we’ve got some insights to help you make the right decision.
Working with an experienced local Realtor® is the best way to maximize your home purchase. Learn more about how to find the best real estate professional for your needs here.
Purchasing a home in a suburban community has several advantages, but it’s not for everyone. If you’re considering a move to Mississauga simply for its affordability, you should take some time to learn what everyday life there entails, especially if you’re unfamiliar with the area.
Keep in mind, suburbs are not one-size-fits-all. Just like Toronto, Mississauga is made up of a variety of distinct and diverse neighbourhoods, each with a unique atmosphere and identity. The neighbourhood you choose to buy in will directly impact your lifestyle.
Consider how your lifestyle may need to adapt if you relocate to the suburbs. While Mississauga does offer easy access to the city by car or transit, it doesn’t have certain big city conveniences. For instance, most errands will require a car and businesses can close earlier than they do in the city. If you’re accustomed to an urban Toronto lifestyle, moving to Mississauga could bring certain unpleasant surprises.
Other Cost Considerations
One area where buyer savings can be directly attributed to suburban relocation is land transfer tax. In Toronto, home buyers are subject to a city land transfer tax. If you buy in Mississauga, you are not subject to this cost, which is a significant save on cost.
Another factor to consider is your commute. For transit riders, there are several great options for getting in and out of Toronto, however, these services come at a cost - particularly for those living furthest away from the city core. For instance, utilizing GO Transit on a daily basis can add up to several thousand dollars a year.
If you drive to work, the added distance and increased traffic will lead to you spending more on gas than you're accustomed to. Not to mention, you may see an increase in monthly insurance payments as a result of your extended commute.
Are you hoping to buy your first home? It helps to get familiar with the process of obtaining a mortgage before you head to the market. Have a look at these blog posts to learn more.
Finding The Home You Need
Purchasing a home is a significant process, one that comes with a host of options and variables. While finding a property that fits your budget is undeniably important, it’s equally important to ensure your new home meets your overall needs.
First, ask yourself why you want to buy a home. To upgrade to a larger house? To stop paying rent? Do you plan on raising a family? Your primary motivations for home buying will play a big role in finding the right property.
Next, it’s time to build out a specific list of what kind of home you want, separating the “wants” from the “must haves”. Start with size - how much space will you need? Do you require a one-level home or are stairs suitable? Is your ideal home move-in ready or are you willing to do some fixing up?
Think about where you really want to live. Start with a broader area such as a city, and narrow it down as much as possible, your end target could be a specific area, neighbourhood, or even school district. Consider nearby amenities like parks, grocery stores, and fitness or community centres. Don’t forget to ask yourself how far you're willing to commute.
Looking for more real estate insights about the GTA’s suburban communities? Check out these blog posts.
Make Your Budget Go Further - Work With a Realtor®
If you plan to purchase a home the best place to start is with an experienced and qualified Realtor®. As a dedicated expert, a great Realtor® will work hard to make the process of purchasing your home a smooth and enjoyable transaction. Starting with your home wishlist, they can help you find a home that actually meets your needs, is priced well, and suits your budget.
In addition to helping you find the right home, a Realtor® can walk you through each stage of preparation for your purchase and the myriad of details attending the transaction.
Ready to buy your next home in the GTA? As trusted local Realtors®, we can help you! Get in touch. Call Nancy at 416-985-1486 or Dave at 416-894-4079.