Whether it’s less expensive to build or buy a home varies by market, so it’s essential to know all of the costs involved (detailed below) and get local estimates before deciding which route to take. For example, buying a house involves not only the price of the home (or the down payment if you’re taking out a mortgage), but also the closing costs, insurance, property taxes and homeowner’s association fees, if any. In addition, there’s the cost of repairing/replacing older systems and appliances, as well as renovating the home if it’s not a new construction. Likewise, building a home includes a variety of costs, as well. Specifically, there’s the price of the plot of land; hiring architects and engineers; building permit, inspection and impact fees; excavation and foundation costs. Plus, there’s the actual cost of construction (including labor, materials, finishes, appliances and utility hook-ups). Then, in the case of a land and/or construction loan, there are the associated closing costs, plus insurance, property taxes and the cost of landscaping. Moreover, you’ll also likely have to rent during the build, so you’ll have to factor in temporary housing costs, too.
Which province is the most affordable in terms of real estate?
If you’re looking for low-priced housing, some of the most budget-friendly homes for sale can usually be found in Saskatchewan, New Brunswick and Newfoundland and Labrador.
How many cheap properties for sale are available in Mississauga, ON?
On Point2, you’ll find 516 affordable houses for sale in Mississauga, ON, with prices starting at $399,000.
How do I search for cheap homes for sale in Mississauga, ON?
Browse cheap houses for sale in Mississauga, ON and check out property descriptions, photos and virtual tours. You can also narrow your search by filtering based on price drops, which can be especially useful when looking for cost-effective properties. Moreover, be sure to use the map view if you’re searching for cheap houses for sale near you.
Conveniently positioned on the shore of Lake Ontario, Mississauga is a South Ontarian city located just 30 km from Toronto. With a diverse population of 721,000, Mississauga is Canada’s sixth most populous city and has a strong economy and a vibrant arts and culture scene. Two large rivers run through the city and feed into the lake, and the city area coversaround 288 sq.km. Mississauga experiences a climate similar to Toronto, with cold winters, often reaching the minuses, and hot and humid summers. The Lakes strongly influence the weather, and snowfall generally lasts for a much shorter period compared to other areas of Canada.
Mississauga boasts a strong economy, and is home to a number of Fortune 500 headquarters. Toronto’s major airport is also located here, so,all in all, the city has many employment opportunities. Its major industries include aerospace, electronics, pharmaceuticals, and banking and finance.
The population in Mississauga is large and quickly growing, and is a melting pot of different cultures and ethnicities. Around 45% of the population is white, with the rest being of primarily South Asian, black, Chinese, Filipino, and Arab heritage. Mississauga embraces its diversity, celebrates cultural and arts festivals year-round, and is home to a number of attractions including museums, sports facilities, and shopping centres. English is considered as the mother tongue language by 47% of the population. Mississauga offers a great quality of life with fairly affordable housing, as well as a short commute time for those who work in Toronto.
More people are turning to Mississauga’s real estate market since it offers great value for money and is a cheaper option than Toronto. There is a lot of confidence in Mississauga’s market, and the city has experienced a fair amount of growth in recent years due to a population increase and people looking to live in more urban areas and to commute to Toronto for work. Prices have been rising in the last few years which has caused sales to dip slightly, but the market is still relatively affordable especially compared to the market on the west coast in places like Vancouver.
Among the key buyer demographic are first-time buyers and millennials looking to enter the property market, move-up buyers trading their homes for something larger, and foreign and local investors. Since the implementation of BC’s Foreign Buyer’s Tax, buyers have been turning to the GTA market in search of affordable investments, and Mississauga is an attractive option. The city offers more land and larger homes than Toronto, and although homes are increasing in price and selling rather quickly, it’s a solid market to be in. The average condo price in 2016 was $367,000, which can be afforded for millennials and first-time buyers especially in the downtown area. The market is currently in favour of sellers since demand is high but supply is fairly low; however, upcoming construction and developments in the City Centre, Erin Mills, Port Credit and Lakeview will help to increase inventory.
Mississauga’s property market has seen a boom in recent years, but that doesn’t mean that cheap houses can’t be found. First-time buyers and millennials are still key players in real estate and young families are still able to enter the market while staying close to the citywith fairly easy access to Toronto. Although housing affordability is slowly becoming an issue in Mississauga, the city is being proactive in trying to help local buyers afford to get into the property market and become homeowners.
The City Centre is known to have cheap condos that are close to transit whichis a great option for first-time buyers with a modest budget, and other affordable neighbourhoods include Malton, Cooksville, Sheridan, and Clarkson. Areas such as the City Centre and Cooksville have excellent transit links and amenities, which is very desirablenot only for buyers but also from a seller’s perspective if the intention is to move-up and sell the home in a few years. In Cooksville, the LRT is due to be developed in the near futurewhich will be very convenient for commuters and no doubt be advantageous for both property owners and landlords/investors.