Mississauga’s has always been a top choice for young families. It easily gets overshadowed by its neighbouring city, Toronto, but is still a great option for young adults without kids or empty nesters. You’ll have a hard time finding a detached house in Mississauga for under a million but don’t lose hope just yet! At least not until you consider the thought of buying a townhouse in Mississauga.
You can still find a spacious townhouse in a good neighbourhood in Mississauga for under $1 million. If you’re a first-time home buyer and don’t plan to live in the home for more than 3-4 years, I strongly recommend looking at townhouses in Mississauga.
What is the average price of a townhouse in Mississauga?
House prices in Mississauga have somewhat stabilised over March 2022. If you’re pre-approved and have the down payment ready, now is the best time to purchase a townhouse.
The average price of a 2-bed townhouse in Mississauga is $881,000 and 3-bed townhouse is $1.1 million (April 2022). There’s 25 % price growth in the last year. While the market has slowed down, you’ll still enjoy around a 10-15% increase every year until you sell.
Townhouses are a better option than purchasing a condo because you get backyard space. Some townhomes in Mississauga have basements, which you could rent out to cover part of your mortgage.
What is a condo townhouse in Mississauga?
You’ll find two types of townhouses in Mississauga : freehold townhouse and condo townhouse.
A freehold townhouse is like any regular single family home. You own the house and the land it’s built on and is responsible for all expenses including front lawn maintenance, snow shovelling, and more.
On the other hand, when you purchase a condo townhouse, you buy a part of the corporation and not the land. You have to pay maintenance fees like you would pay for a condo. Part of the fees are used for regular maintenance and the remaining is transferred to a reserve for major remodels or repairs. You are only responsible for maintaining the inside of the house.
What do condo townhouse fees cover in Ontario?
Condo townhouse fees are usually lower than condo fees because they usually don’t offer amenities including gym, swimming pool, or a 24×7 concierge. When buying a townhouse, make sure to check the maintenance fees. Some corporations are notorious and charge upwards of $600 every month.
Part of the fees are used for regular maintenance and the remaining is transferred to a reserve for major remodels or repairs. You are only responsible for maintaining the inside of the house. Regular maintenance includes gardening, snow shovelling, leaf blowing, chopping trees off, or installing new street lights.
What is the difference between a townhouse and a semi detached?
A townhouse is a row of houses connected to each other. If you purchase a middle unit, you’ll share walls with neighbours on each side. However, if you purchase an end unit, you only share one wall with your neighbour. End units have a better floor plan and size compared to middle units.
In a semi-detached house, you share only one wall with your neighbour. In simple words, it’s two houses joined together or one house being split in the middle into two. Both houses are a mirror image of each other.
If you’re thinking about buying a townhouse in Mississauga, you’re on the right track. It has many tech and banking career opportunities, all neighbourhoods are friendly and safe, and is well-connected to the rest of the GTA.
I am accepting new clients, so if you’re looking for a realtor who specialises in first-time home buyers, send me a message!