Consider Condos for Sale in Mississauga
I am working with a first time buyer couple who are looking to purchase a condo for sale in Mississauga. They currently live 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 have been pre-approved for $400K which allows 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 does not allow them to purchase a property above $420k range at this point. This limits their options to condos for sale in Mississauga.
Why condos for sale in Mississauga?
I would rather say, why Mississauga in the first place?
The biggest reason why my 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 nearly twice as high as 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 have 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 Station that takes them to the Toronto border 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. I personally 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. My clients chose Mississauga townhouse condos over condo apartments.
It’s not surprising to see why. As I 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 adjoined to 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 easily find townhouse condos for sale in Mississauga in the above neighbourhoods with a condo fee between $200 to $350 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. I advised my buyers to look up this convenient link Find my School since they have a middle school going child. Once they receive the listing feeds of condos for sale in Mississauga, they can check out the school by entering the property address at this link. This will allow them to do their own independent research before requesting me to book a showing appointment for a selected home. I 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 city as your home.