Beyond the Sticker Price: Understanding Closing Costs and Incentives in Mississauga

December 19, 2025 | Posted by: Lorne Andrews

Beyond the Sticker Price: Understanding Closing Costs and Incentives in Mississauga

You found the perfect home, negotiated a purchase price and planned your down‑payment. Then your lawyer hands you a statement of adjustments and… surprise! Closing costs. Let’s break down what to expect in Mississauga and how first‑time buyers can soften the blow.

What Are Closing Costs?

Closing costs are the one‑time expenses you pay when transferring ownership of a property. Plan on 3–4 % of the purchase price to cover:

• Land transfer tax (LTT) – In Mississauga, you pay only the provincial LTT, not the Toronto municipal LTT. On a $750,000 home, provincial LTT would be around $20,950. First‑time buyers can claim a rebate of up to $4,000.

• Legal fees and disbursements – Your lawyer’s fee plus costs for searching title, registering the deed and mortgage. Typically $1,000–$2,500.

• Title insurance – Protects against fraud and title defects; about $300–$500.

• Home inspection – Varies by property size; expect $350–$500.

• Appraisal fee – Around $300–$500.

• Adjustments – Reimbursement to the seller for prepaid property taxes or condo fees.

Unlike your down‑payment, closing costs must be paid in cash on closing day. They cannot be rolled into your mortgage.

Incentives and Rebates for First‑Time Buyers

• Land Transfer Tax rebate – Save up to $4,000 off the provincial LTT as a first‑time buyer.

• First‑Time Home Buyers’ Tax Credit – A federal credit worth up to $1,500 off your income tax.

• GST/HST new housing rebate – Refunds a portion of the HST on new construction; amounts vary by price.

• Municipal programs – Some cities offer down‑payment assistance or deferral of property taxes; check with the City of Mississauga for current options.

Budgeting Tips for Smooth Sailing

1. Get an estimate early – Ask your mortgage broker or lawyer for a breakdown based on your purchase price. Online calculators can help.

2. Save beyond your down‑payment – Start a separate savings fund for closing costs so you’re not scrambling at the end.

3. Request a status certificate (for condos) – In Ontario, a condo status certificate costs about $100 and outlines the building’s financial health.

4. Plan for moving expenses – Movers, utility deposits and new furniture add up.

Your Story Matters

Every line item on a closing statement tells a story: the years of saving, the excitement of getting keys and the community you’re joining. When you understand these costs, you take control of your story and avoid unwelcome surprises.

Let’s Make It Happen

As a Dominion Lending Centres Expert Financial office, we believe transparency builds trust. Contact our team today to get a personalised closing‑cost estimate and explore rebates that could save you thousands. Whether you’re a first‑time buyer or a seasoned homeowner, we’re here to guide you through every step.

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