Did you know the down payment is just the beginning? Many Mississauga homebuyers are shocked by thousands in hidden fees.
Buying a home is a big moment. But while everyone talks about the down payment, few talk about the hidden costs of buying a home in Mississauga. These surprise expenses can add up fast and may catch first-time buyers off guard.
From lawyer’s fees and taxes to moving costs and insurance, there’s more to plan for than you might think.
If you’re shopping for your first home, whether it’s a condo near Square One or a townhouse in Lakeview Village in Mississauga, knowing these extra charges can help you avoid stress later.
Let’s understand the extra costs of buying a home in Mississauga. We’ll also cover everything from legal fees to moving expenses.
Government Fees You Can’t Avoid When Buying a Home
1. Land Transfer Tax (LTT)
One of the biggest surprise expenses is the property transfer tax in Mississauga, also known as the land transfer tax. It’s a government fee you pay when the home changes hands.
- For Ontario:
- 0.5% on the first $55,000
- 1.0% on $55,001 to $250,000
- 1.5% on $250,001 to $400,000
- 2.0% on $400,001 to $2,000,000
Use a land transfer tax calculator Ontario to find the exact amount for your home price.
- First-time buyers can get a rebate of up to $4,000. This helps but doesn’t cover everything.
2. Title Insurance
Title insurance protects you against potential issues with the property’s title. In Ontario, this one-time cost typically ranges between $250 and $400
Know About Professional Service Fees
When you buy a home, you’ll need help from professionals.
1. Real Estate Lawyer
A lawyer handles the paperwork, reviews your agreement, and transfers ownership.
- Average cost: $1,500 – $2,500
- This varies by firm and how complex your deal is.
2. Home Inspection
Before you buy, always check the home’s condition. A home inspection can catch issues with plumbing, the roof, or the foundation. Home inspection cost in Mississauga typically ranges from $300 to $600, depending on the property’s size and type.
3. Appraisal Fee
If required by your lender, an appraisal assesses the property’s value. This service usually costs between $300 and $500
First-Time Buyers Should Know About Hidden Mortgage Fees
Planning to buy a home? Don’t forget the Mississauga home buying fees. It includes legal costs, land transfer tax, inspections, and insurance. Budget wisely to avoid surprises on closing day.
If your down payment is less than 20%, you’ll have to pay CMHC mortgage insurance. This protects the lender in case you can’t pay.
- Cost: Between 2.8% – 4% of the mortgage amount
- It’s usually added to your mortgage, but it still costs you more overall.
Some lenders also charge application or setup fees. These are part of the additional costs when buying a house in Ontario that people often overlook.
What are the Moving & Setup Expenses?
After the home is yours, the spending doesn’t stop.
1. Moving Costs
Hiring professional movers in Mississauga can cost between $1,570 and $2,565 for a 3 or 4-bedroom home. Moving costs in Mississauga vary based on distance and services required.
2. Utility Hookups
Setting up utilities like electricity, water, and internet can cost between $50 and $200 per service. These are one-time fees charged by service providers.
3. Furniture & Appliances
Many homes don’t include major appliances. Budget for:
- Fridge, stove, washer/dryer, couch, bed, etc.
- This could run $5,000 – $10,000+ if starting fresh
Want space and nature nearby? Consider options in Lakeview Village in Mississauga—a growing community perfect for families and professionals.
What are the Yearly Home Expenses in Mississauga?
Owning a home comes with monthly and yearly costs, too.
1. Property Taxes
In Mississauga, property tax rates range from approximately 0.7% to 1.1% of the home’s value. For an $800,000 home, this means annual taxes between $5,600 and $8,800.
2. Home Insurance
Home insurance protects your property against damage and loss. Monthly premiums typically range from $100 to $200, depending on coverage.
3. Maintenance Fund
You should save 1% – 3% of your home’s value each year for upkeep.
- For an $800,000 home: $8,000 – $24,000 annually
- This covers things like roof repairs, plumbing, or replacing appliances
How to Maintain a Budget for These Costs?
Let’s say you’re buying an $800,000 home in Mississauga.
| Expense | Estimated Cost |
| Land Transfer Tax | $12,475 (before rebate) |
| Title Insurance | $400 |
| Lawyer Fees | $2,000 |
| Home Inspection | $600 |
| Appraisal Fee | $400 |
| CMHC Insurance (if <20% down) | $24,000 (approx.) |
| Moving Costs | $1,200 |
| Utility Setup | $300 |
| Furniture & Appliances | $6,000 |
| Property Tax (yearly) | $7,500 |
| Home Insurance (yearly) | $1,800 |
| Maintenance Fund (yearly) | $8,000 |
| Total Estimated Costs | ~$64,675 |
Tips to Save:
- Ask your lawyer for bundled services (title search, registration, etc).
- Compare movers and insurance providers
- Look for townhomes under $800K: affordable Mississauga areas still available
Conclusion
Buying a home is exciting, but don’t let the hidden expenses of buying a home in Mississauga surprise you.
From closing costs in Mississauga to lawyer’s fees and moving expenses, the true cost of homeownership is more than just your down payment.
Plan, budget smart, and explore options like new condos in Mississauga if you’re looking for a low-maintenance start. Being informed is the first step to buying with confidence.
