Find the best Mississauga mortgage rates

With average home prices hovering around $1 million and a diverse range of properties available, securing the right mortgage rate in Mississauga can save homebuyers thousands of dollars. Use our rates table to get the best Mississauga mortgage rate today.

Current mortgage rates in Mississauga

Comparing mortgage rates in Mississauga

The mortgage market in Mississauga is as dynamic as the city itself.  From its iconic Marilyn Monroe Towers to the historic villages that shaped its past, the city has evolved from a collection of farming communities into Canada's sixth-largest city. Located just west of Toronto, this dynamic hub of over 700,000 residents combines urban sophistication with suburban comfort, making it a sought-after destination for homebuyers. 

Mississauga's housing market

According to The Canadian Real Estate Association (CREA), the average home price in Mississauga is $1,050,408, which can vary widely depending on the neighbourhood, property type, and size. Factors like proximity to Mississauga's 500+ parks, major employers or the convenient MiWay transit system only add to its appeal, making Mississauga one of Canada’s most popular places to call home. 

Since Mississauga's mortgage and housing market is highly competitive, speaking with a mortgage professional can help you navigate the process. 

Homebuyers in Mississauga can explore a diverse range of mortgage products tailored to different financial situations and risk tolerances. Traditional fixed-rate mortgages offer stability with consistent monthly payments. This is ideal for buyers who prioritize predictability and want protection against potential interest rate increases.

On the other hand, variable-rate mortgages provide more flexibility and often (though, not always!) start with lower initial rates. These products can save money if interest rates remain stable or decline, but they come with the risk of potential fluctuations. Some lenders in Mississauga offer hybrid mortgages that combine elements of both fixed and variable rates, allowing borrowers to hedge their bets.

It's important to note that the best mortgage term and rate for you will depend on your unique financial situation, goals and risk tolerance. 

How to get the best mortgage rate in Mississauga

Securing the best mortgage rates in Mississauga requires a solid understanding of the factors driving the city’s housing market. As one of Canada’s most competitive real estate markets, Mississauga presents both opportunities and challenges for homebuyers aiming to secure favourable rates. 

Here are some suggestions on how to secure the best rates: 

• Improve your credit score: Lenders like borrowers with scores above 680, ideally closer to 760 or higher.
• Save for a larger down payment: If you can, put down at least 20%, you'll get better rates and avoid extra fees.
• Shop around for rates: Compare rates from banks, credit unions and mortgage lenders. You might find a better deal.
• Get pre-approved: A mortgage pre-approval gives you a clear budget. It locks in an interest rate (typically for 90-120 days) and helps you understand exactly how much house you can afford before you start house hunting.
• Choose the right mortgage type: Fixed rates provide predictable payments throughout your term, while variable rates can offer initial savings but carry the risk of rate fluctuations. Your choice should align with your financial situation and risk tolerance.
• Negotiate your mortgage terms: Don't just focus on the interest rate — negotiate other aspects like prepayment privileges, penalty calculations and payment flexibility. These features can significantly impact your long-term costs and ability to manage your mortgage effectively.
• Check for government programs: Programs like the RRSP Home Buyer's Plan can help reduce your interest costs.
• Consult a mortgage broker: They have access to many lenders and may be able to get you a better rate.
• Keep an eye on timing and economic factors: Rates fluctuate based on economic conditions, so staying updated on Bank of Canada trends can help you time your mortgage application more effectively.

City of Mississauga’s closing costs

When you buy a house anywhere in Canada, there will be closing costs — usually around 2-5% of the home's price. Here are all the Mississauga closing costs you should know about.

• Land transfer tax: Ontario charges a land transfer tax on all real estate transactions. For Mississauga, this tax is only provincial, as Mississauga does not have an additional municipal land transfer tax like Toronto. The tax amount depends on the purchase price, and first-time homebuyers may qualify for a rebate of up to $4,000.
• Legal fees: Lawyers charge $1,000 to $2,500 to handle the paperwork involved in processing the transaction. This includes title searches, registration of documents, and other miscellaneous costs.
• Non-Resident Speculation Tax: The NRST is an additional cost on top of the provincial land transfer tax which applies to foreign nationals or corporations. 
• Title insurance: This one-time fee protects you from fraud or defects in the property title. It usually costs between $250 and $400 and is often recommended, even if not mandatory.
• Home inspection: If you opt for a home inspection, it typically costs around $300 to $500. This is an upfront cost often paid before closing but may also be part of the total budgeted expenses.
• Home appraisal: The lender may require a professional appraisal to confirm the property’s value. This can cost between $300 and $500, depending on the complexity of the property.
• Mortgage insurance: If your down payment is under 20%, you may need to pay extra mortgage insurance premiums.
• Adjustments: You'll pay the seller back for any prepaid taxes or utility bills. In some cases, you can negotiate with the seller so that they’ll cover some of the closing costs.
  

Rebates for Mississauga’s First-Time Home Buyers

As a first-time home buyer in Mississauga, there are a few different rebates and incentives you can potentially take advantage of.

• Land transfer tax rebate

Ontario provides a land transfer tax rebate of up to $4,000 for eligible first-time home buyers. This helps offset the land transfer tax you have to pay when purchasing a home.

• RRSP Home Buyers' Plan

You can withdraw up to $60,000 from your registered retirement savings plan (RRSP) to put towards a down payment, without having to pay tax on the withdrawal. This money must be repaid to your RRSP over time.

• First-time home buyer’s tax credit

This federal program provides a non-refundable tax credit of up to $750 that can help offset the costs associated with purchasing your first home. 

• The GST/HST new housing rebate

The federal program offers homebuyers a partial rebate on the Goods and Services Tax (GST) or the Harmonized Sales Tax (HST) for new homes. If you paid HST to buy, build or substantially renovate a home in Mississauga, you might be eligible for a provincial rebate on part of the HST. This rebate can cover up to 36% of the GST or the federal portion of the HST on newly built homes, with a maximum rebate of $6,300, available on homes valued at $350,000 or less. Homes over this amount may still qualify for partial federal and provincial rebates, helping make new homeownership more affordable.

• First Home Savings Account

The FHSA is a tax-advantaged savings plan introduced by the Canadian government to help first-time homebuyers save for their initial home purchase. It combines the benefits of both a Registered Retirement Savings Plan (RRSP) and a Tax-Free Savings Account (TFSA): contributions are tax-deductible, and withdrawals, including any investment gains, are tax-free when used for a qualifying first home. Canadians can contribute up to $8,000 per year, with a lifetime limit of $40,000.

Frequently asked questions about Mississauga mortgage rates

Zandile Chiwanza Contributor

Zandile Chiwanza Contributor

Zandile Chiwanza is a personal finance journalist, covering a wide range of money-related topics, including real estate, mortgages, insurance, interest rates and credit cards.

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