Consider Condos for Sale in Mississauga
We were working with a first time buyer couple who were looking to purchase a condo for sale in Mississauga in 2014. They lived on the border of Mississauga and Toronto and they both work in Toronto. Like many Canadian residents, they are considering condos for sale in Mississauga for various reasons.
We started the buying process by first getting them a pre-approval for a mortgage loan. They were pre-approved for $400K which allowed them a choice of townhouse or apartment condos for sale in Mississauga.
Condominiums were not their first choice. They preferred a freehold independent property that comes with no strings attached such as a monthly condo fee. However their mortgage loan qualification did not allow them to purchase a property above $420k range at that point. This limited their options to condos for sale in Mississauga.
Why condos for sale in Mississauga?
The biggest reason why our clients chose to look at condos for sale in Mississauga despite working in Toronto is the affordability factor. Both freehold houses and condos in Toronto are priced much higher than those in Mississauga.
They realized soon enough that the only homes in Toronto that fit their budget are tiny one to two bedroom suites. For the same price, they had a wide range of condo townhouses to choose from in Mississauga with more than twice the space, complete with a courtyard and basement.
The second decisive factor is the land transfer tax which is twice as high in Toronto. Last but not the least is the rapidly developing infrastructure of Mississauga with its well connected public transport, MiWay Bus routes and GO Stations that take them to Toronto in just 30 minutes from the Square One area.
Which Mississauga neighbourhood?
Once they decided on Mississauga, the next question was which neighbourhood in Mississauga suited them best. They ruled out the West and North end of Mississauga because of the long commute to Toronto. We know of friends and family who commute to Downtown Toronto from the far end of Mississauga on a regular basis and it drains them out. It takes almost 2 hours or more on public transport from Churchill Meadows, Lisgar, Meadowvale, Meadowvale Village and Central Erin Mills. There is little reason for them to select any of the above areas because of this factor.
We wisely chose an area in Mississauga that is bordered by Hwy 401 in North, Hwy 427 in East, Mavis in West and QEW in the South. This area is close to all major highways and provides easy access to public transit with its proximity to Toronto. Condos for sale in Mississauga in the above areas are usually older as the neighbourhoods are more mature. The neighbourhoods of Applewood, Rathwood, Dixie, Mississauga Valleys, Cooksville, Fairview, Hurontario and the City Centre fall in this area.
Condo Apartments or Condo Townhouses for sale in Mississauga?
The next decision was to choose between condo apartments or condo townhouse condos for sale in Mississauga. Our clients chose Mississauga townhouse condos over condo apartments.
It’s not surprising to see why. As mentioned earlier, this family wanted to enjoy a home with a nice backyard in the first place, but were compelled to choose a condo because of budget restrictions. A condo townhouse offers the best of both worlds with the feel of a freehold property for a small fee. The difference is that a condo townhouse comes with common elements and is joined with each other. However, they allow owners to enjoy their own private backyard. Most townhouses also offer visitors parking, children’s play area, landscaped gardens and an attractive private entrance to the condominium compound.
An important reason for choosing a condo townhouse over a condo apartment is also the relatively low condo fee. Since my buyers are looking for larger living space of no less than 1,200 square feet, a mere 60 cents per sq. feet condominium fee can add $720 per month to their monthly budget.
One can find townhouse condos for sale in Mississauga in the above neighbourhoods with a condo fee between $300 to $450 price range per month. Of course, utility costs are extra, based on actual consumption unlike condo apartments. So the buyer can control monthly utility costs to $250 per month with careful consumption. This allows them savings of at least $150 to $200 per month as compared to twice the fee in condo apartments.
Choosing a Mississauga neighbourhood based on good schools, low crime rate and desired demography is the next step in our home search process. We advised our buyers to look up this convenient Find my School link since they had a middle school going child and could check out the school by entering the prospective property address at this link. This allowed them to do their own independent research before requesting us to book a showing appointment for a selected home. We also advise parents to visit the school, meet teachers, parents and the administration before planning to settle in the neighbourhood of their choice.
The first time buyer incentives with homes or condos for sale in Mississauga give you every reason to consider this city as your home.