Costs beyond the price
The purchase price is the number people plan for. The rest is what catches first-time buyers short.
Land transfer tax
Ontario charges provincial land transfer tax on residential purchases. Mississauga does not levy the additional municipal tax that applies inside Toronto, which is a real difference between the two markets.
First-time buyers may qualify for a provincial rebate; the current rules and amounts are published by the Ontario Ministry of Finance.
At closing
Legal fees and disbursements, title insurance, adjustments for prepaid property tax or condo fees, and a home inspection if the deal allows one.
Ongoing
Property tax, condo fees, insurance, and utilities not covered by the fee. For a mortgage with less than a twenty percent down payment, default insurance is required in Canada and is added to the loan.
Check current figures
Tax rates, rebates and mortgage rules change. Verify against the Ontario Ministry of Finance, the City of Mississauga and your lender before budgeting — this page is background only.