This is how much house you will get for $400K in Mississauga
Published December 14, 2023 at 3:21 pm
Those wondering how far their home purchase budget will stretch in Mississauga may want to check out a new report.
A new report from Point2Homes compares how much square footage $400,000 will get you in communities across Ontario. The study considered the 30 largest cities in Ontario (in terms of population).
Spoiler alert — you are not going to get much in Mississauga.
Despite a drop in prices, the average price of a home in Mississauga was $993,352 in November, according to real estate brokerage Zoocasa.
The benchmark home price now sits around $1,043,100 in Mississauga, according to Point2Homes.
The average price of a home in Ontario, as of October, was at $855,990.
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So for the most expensive places in Ontario such as Toronto, Oakville and Vaughan, a $400,000 home-buying budget is almost a nonstarter, according to the report.
The report finds that $400,000 buys the smallest amount of square footage in downtown Toronto, with that amount of money purchasing just 395 square feet at $1,103 per square foot and a benchmark home price of $1,083,700.
The situation is a little better in Mississauga where $400,000 will get you 599 square feet and the average price per square foot is $668.
So where can a buyer get more space for their savings?
Thunder Bay, Chatham-Kent and Kingston all top the list for the biggest bang for your buck.
In fact, $400k will buy 1,325 square feet of space in Thunder Bay, where the benchmark price is $350,500 and the price per square foot is $302. That’s three times more space than buyers in Toronto can expect for the same price.
See the full report from Point2Homes here.