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Additional Home Buying Costs in Mississauga

Friday Sep 03rd, 2021


Buying a home comes with a hefty price tag. It’s also the most expensive purchase that you will ever make. Aside from the initial purchase price of your new home, there are additional costs that you will incur, too. 

Here’s a list of other possible expenses that you’ll need to save for when buying real estate in Mississauga:

Mortgage Loan Insurance

If you are putting less than 20% of the house value down, you may require mortgage loan insurance. Depending on the lender, this may include a premium on your monthly mortgage payments. 

Appraisal Fee

Lenders typically loan a percentage of the purchase price or the market appraisal of the property. The cost largely depends on the size and complexity of the assignment. 

Land Survey

Your lender may ask for a current survey or certificate of the location before approving the loan, which can be expensive.


A deposit goes with the formal offer to purchase the home, and the amount will largely depend on its location.


Your lender will also require proof of property insurance for the replacement value of the house and its contents from the day you take ownership. 

Title Insurance

This type of insurance provides coverage in case of problems with the property title, amongst other things. The cost is relatively low at a few hundred dollars. 

Application Fee

Some lenders will require you to pay the cost to process your application. These fees vary, and some lenders will waive them if you have other accounts with them. 

Mortgage Broker Fees

If you use a mortgage broker, fees may apply to arrange the mortgage on your behalf. 

Home Inspection Fee

A home inspection is a wise investment since it protects buyers by revealing any problems with the property before you commit to purchase it.

Legal Fees

Legal fees vary by province and are subject to GST or HST where applicable. Ensure your quote includes all related expenses and disbursements, not just legal fees. Make sure your interests are protected by discussing your Offer to Purchase with your lawyer or notary before signing.

Land Transfer Tax

Land transfer tax (LTT) occurs whenever a property changes hands and is calculated based on the purchase price. Most provinces in Canada charge a provincial land transfer tax, and some cities also charge an additional municipal land transfer tax. In some cases, first-time homebuyers may be exempt from a portion of this cost. 

Goods and Services Tax

Resale (used) homes are exempt from GST, but it does apply to newly constructed homes. You may qualify for a partial rebate depending on the sales price and if the property is a primary place of residence. 

Other Costs

Buying a home can come with several other fees, like moving costs, cleaning fees, charges for service hook-ups, property tax adjustments, ongoing maintenance (condo fees, etc.) and utility costs. It is best to plan for these in advance of moving day.

Want to Learn More?

Contact me, Deborah Clerk, Real Estate Sales Representative and Accredited Senior Agent (ASA) at Keller Williams Real Estate Associates, Brokerage in Mississauga. As an experienced real estate sales representative, I have helped hundreds of buyers find their dream homes. Together, we can navigate the competitive real estate market to find you a property that you love and can afford.

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