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|Insured||80% LTV||65% LTV||Uninsured||Editor's Tips|
Securing the best mortgage rate for a home in Mississauga has never been easier. Simply use our no-obligation mortgage rate aggregator to find and compare the best mortgage rates available today for your new home in Mississauga.
Mississauga’s housing market is booming and attracting people from all around the world, and the price of housing reflects that. Where you live in the city affects not only house prices, but your mortgage rate as well.
Let’s take a look at the average house price in various Mississauga neighbourhoods, according to data from insauga.com, and compare them to the average monthly mortgage rate.
We’ve run these numbers through the RATESDOTCA Mortgage Payment Calculator to determine the average monthly mortgage rate for these neighbourhoods based on a down payment of 20%, and amortization of 25 years and a 5-year fixed mortgage rate of 3%, which is one of the most popular types of mortgages for Mississauga homebuyers.
|Mississauga Neighbourhood||Average Housing Price||Average Monthly Mortgage Rate|
|Central Erin Mills||$764,605||$3,554|
According to the Canadian Real Estate Association (CREA), MLS® stats show that the average home price in Mississauga is on the rise. The average price of a home in Mississauga in January 2020 was $782,415, up 10.9% compared to the year before. The number of residential listings was down 11% compared to the previous year. These numbers reflect the state of Mississauga’s housing situation, as demand grows but supply has fallen. And the pressure is being felt across all segments including detached, semi-detached, townhouses and condominiums.
It’s an exciting—albeit challenging—time for prospective homeowners looking to purchase property in Mississauga. As you shop around to find a home that’s right for you, make sure to compare mortgage rates to ensure you find the best rate available in today’s market.
Based on the average home prices reported in Mississauga, we broke the neighbourhoods into two categories: most affordable and least affordable.
A recent study found that 7 in 10 Mississauga residents are homeowners. According to Forum Research, which conducted the study, Mississauga has the largest percentage of homeowners compared to other cities. With many ambitious projects like the Brightwater development, the massive Lakeview Village and the Hurontario LRT contributing to the city’s growth spurt and thereby higher home prices, there are still many options for those looking for more affordable homes in Mississauga. No matter which neighbourhood you’re after, be sure to compare mortgage rates to find the best rate available in today’s market.
City Centre - Average home price: $452,477; Average Monthly Mortgage Rate: $2,103
Affordability: If you are looking for easy and convenient access to Toronto and downtown Mississauga, living in City Centre might just be for you. Although the community has predominantly condos and apartments, it’s a great option for first-time homebuyers or those looking for an investment property.
Mississauga Valleys - Average home price: $557,832; Average Monthly Mortgage Rate: $2,592
Affordability: As with City Centre, Mississauga Valleys is a first-time homebuyer’s ideal destination. There are many condos and condo townhouses listed at more affordable prices, and the area offers additional convenience due to its great location.
Hurontario - Average home price: $580,029; Average Monthly Mortgage Rate: $2,696
Affordability: Hurontario is a neighbourhood in great demand due to its convenient location and accessibility. With an abundance of condos, townhouses, detached and semi-detached properties, it’s considered a great investment since the prices are likely to increase once the Hurontario LRT comes into fruition.
Lorne park - Average home price: $1,678,241; Average Monthly Mortgage Rate: $7,800
Affordability: Lorne Park is the most expensive place to live in Mississauga, and with good reason. With many multi-million-dollar luxury properties, this area is close to Lake Ontario and is considered the most sought-after real estate in Mississauga.
Mineola - Average home price: $1,462,019; Average Monthly Mortgage Rate: $6,795
Affordability: Mineola West is another of Mississauga’s most luxurious neighbourhoods with large homes and sizable lots near parkland and trees. For those who can afford it, the lifestyle is unbeatable and is one of the hottest neighbourhoods in Mississauga for people seeking peace and quiet with a dollop of luxury.
Port Credit - Average home price: $1,040,787; Average Monthly Mortgage Rate: $4,837
Affordability: Port Credit offers condos and townhouses mixed with older-style historic homes and is the most desirable neighbourhood in Mississauga. Port Credit real estate is slated to become even more competitive (and expensive) as the large-scale West Village Masterplan starts rolling!
Mississauga’s housing market is climbing to disconcerting levels, with price growth of 22.4% according to the Toronto Real Estate Board. While real estate is competitive, it is often considered more affordable compared to the Toronto real estate market.
Toronto is the most expensive city in the country when it comes to owning a home, second only to Vancouver. In its latest Market Watch reports, TREB’s MLS® stats show that the average selling price (all types) in the city of Toronto reached its highest point in 2019 so far—growing by an annual rate of 6.7%.
Let’s look at how Toronto mortgages compare to those in Mississauga.
The average home in Toronto costs a whopping $934,020, more than two times the national average of $397,000, according to the Canadian Real Estate Association.
Higher home prices, unfortunately, mean bigger mortgages for most buyers. If we input Toronto’s average home price into the RATESDOTCA Mortgage Payment Calculator, using a down payment of 20%, an amortization period of 25 years and a five-year fixed mortgage rate of 3%, we see that the average monthly mortgage payment in Toronto costs about $3,536.
The average housing price in Mississauga is $826,544, according to TREB. Using the same calculations we used for Toronto, we see that the average monthly mortgage payment in Mississauga is $3,129, making homeownership approximately 13% cheaper in Mississauga, on average.
For homebuyers in Mississauga, finding homes and mortgage rates that are affordable can pose quite the challenge given today’s booming home prices, and proximity to Toronto. Finding the best mortgage rate, however, is easy. Compare mortgage rates today.