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School Is In When Buying Mississauga Homes

April 22, 2014 - Updated: April 24, 2014Schools

Get schooled when buying your Mississauga home

    Many of my clients search Mississauga homes for sale right on their computers to begin the process of buying a house or condo.  It’s indeed a great way to become familiar with the asking prices of the homes in the areas where they would want to live in.  But when they contact me there seems to be a question one type of client always seem to ask.  That type of client usually has a family and would like to know where the best schools are and the homes for sale in those specific areas.  In fact some proactive minded clients already know the schools they want their children to attend and are seeking help to get a home within that particular school district.

    For those who are searching for a Mississauga home to buy but know you will be eventually moving in 1-5 years.  You should think about the type of people you may eventually sell to and what they might be interested in.   The motivation for parents to put their children in the best schools is very high.  I have personally dealt with many buyers who will only consider moving into the area of a highly rated school while sacrificing other options elsewhere to do so.  The motivation is so strong that I find these buyers are more likely to compete in a multiple offer situation where as other type of clients would walk away.  Wouldn't you want that type of buyer for when you are selling your home?

  While I don't claim to be an expert on grading schools, I have a sense that good schools have not only good teachers good administration and goo building, but also have good parents who take an active role with their children at school by volunteering.  However, I will leave the grading of schools to the Fraser Institute who claims to be an independent and non-partisan research and educational organization in Canada.  It is also worth noting that schools rank can change based on performance or lack thereof.  So just because a certain school is ranked highly today it may not some time in the future and vice versa.  There are 5 year rankings available by the Fraser Institute, but for the purpose of this article I will only be looking at the current top 10 schools and excluding all schools not governed by the public and separate school boards.


The Top 10 Elementary Schools as of 22/04/2014 for Public and Separate School Boards

Rank School Name Ontario Rank Score out of 10 Neighborhoods in School Boundary
1 St. Timothy 39 9.5 Cooksville / Mineola
2 St. Edmund 53 9.2 Applewood / Lakeview
3 St. Martha and Mary 100 8.8 Rathwood
4 St. Rose of Lima 100 8.8 Central Erin Mills
5 St. Mark 118 8.7 Erin Mills
6 Millers Grove 118 8.7 Meadowvale
7 St. Jerome 185 8.4 Erindale
8 St. Dunstan 215 8.3 East Credit
9 St. Dominic 215 8.3 Mineola / Port Credit
10 St. David of Wales 247 8.2 Creditview
10 San Lorenzo Ruiz 247 8.2 Hurontario


The Top 10 Secondary Schools as of 22/04/2014 for Public and Separate School Boards

Rank School Name Ontario Rank Score out of 10 Neighborhoods in School Boundary
1 John Fraser 24 8.6 Central Erin Mills
2 St. Marcellinus 32 8.4 Meadowvale Village / East Credit
3 Glenforest 32 8.4 Rathwood
4 Cawthra Park 39 8.3 Cooksville / Mineola / Lakeview
5 The Woodlands 39 8.3 Creditview / Erindale
6 Gordon Graydon Memorial 46 8.2 Lakeview
7 St. Aloysius Gonzaga 62 8.1 Central Erin Mills / Meadowvale / Streetsville
8 Port Credit 80 7.9 Cooksville / Erindale / Port Credit / Mineola 
9 St. Joan of Arc 87 7.8 Churchill Meadows
10 John Cabot 87 7.8 Applewood / Hurontario / Mississauga Valleys /Rathwood 


    Follow these links to find the boudary maps for seperate school board and public school board. Unfortunately, the school boundry's don't really match up well with the various neighborhood boundary's in Mississauga. Buyers follow these links  to search for a suitable Mississauga home or Mississauga condo

By Todd Lee

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Tagged with: mississauga homes for sale buying mississauga homes best schools public schools separate schools elementary schools secondary schools

Top 5 Count Down: Most Expensive Mississauga Houses 2013

April 14, 2014 - Updated: April 22, 2014Houses

Mississauga has more than its fair share of luxury mansions.  In this the first ever www.ToddLeeTV.com Video Top 5 Count Down I present to you The Most Expensive Mississauga Houses bought In 2013.  If you are wondering what other multi-million dollar mansions are currently for sale please visit my Mississauga Detached Homes for Sale website.  

By Todd Lee

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Tagged with: top 5 count down houses mansions video detached

Buying Real Estate Can Save You Some Tax Money

March 22, 2014 - Updated: April 22, 2014Buying Real Estate


So it’s been some time since I last wrote to this blog and for that my apologies.  Here’s to a happy belated new year everyone.  It’s March and many people are happily thinking of their taxes right about now.  Ok that could be an exaggeration, but I’m sure no one is appreciating the winter we are still going through here in Mississauga, Ontario.  On the brighter side for all you home owners or people who will be soon home owners, I know several ways for you to either save on taxes or get money back from the government.

Home Buyers' Plan (HBP)

The Government encourages people to save for buying homes. The Home Buyers Plan allows you to withdraw (as a loan) up to $25,000 from your registered retirement savings plan (RRSP) to help with the purchase or construction of a home. Certain conditions apply. You are required to submit a request by completing the T1036 tax form that is available. You must then repay the loan, without interest, over a period not to exceed 15 years. 

First-Time Home Buyers' (FTHB) Tax Credit

Buying a home for the first time can seem to be a very complicated and expensive process.  The Federal government wants to encourage people to own homes. The First Time Home Buyers Tax Credit was created to help with this financial burden.  For 2009 and subsequent years, the FTHB is a new non-refundable tax credit of $750  based on 15% of amounts up to $5,000, for first-time home buyers after January 27, 2009.

Ontario Energy and Property Tax Credit (Ontario Trillium Benefit)

This is a tax credit for low to medium income home residence or renters to help pay for energy costs and relief for sales and property tax.  For the year 2014 you can get up to $973 if you are a not senior citizen and up to $1108 if you are a senior.

Ontario Senior Homeowners' Property Tax Grant

This grant helps qualified persons to get up to $500 each year to help with the costs of property taxes.

Rental income deductions

Revenues earned are included on an accrual basis. Expenses incurred in earning rental income must be reasonable. These would include advertising, insurance costs, interest and fees related to borrowing, legal fees preparation of lease documents or collection of overdue rents, maintenance and repairs, management fees and fees to rental agents to manage the property, office expenses, property taxes, travel and utilities.

Business use of home expenses

If as part of your employment you are required by your employer to work from home and you qualify, you can deduct expenses you have paid that are business related so long as you employer does not reimburse you.

If as a part of your self-employment business you use work space in your home as your principal place of business or you use that space only to earn your business income you qualify to deduct a portion of expenses incurred.  These include utility costs, maintenance of your home, telephone, supplies, property taxes, mortgage interest and home insurance. 

GST/HST New Housing Rebate (Seek advice directly from CRA authorities)

Buying a newly constructed or substantially (90%) renovated house used as the primary place of residence, enables the purchaser to be rebated part of the GST or HST paid in most circumstances.

I always recommend when it comes to paying taxes you should consult the CRA and a qualified tax consultant as I do not intend to represent this article as giving financial or tax advice.  By all means contact a CPA, CMA or CGA or the person working at the local mall helping to file tax returns. Base your decision on how complex your needs are.  If you don’t have someone currently doing your taxes you may want to contact a very experienced tax professional.

By Todd Lee

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Expenses you can deduct http://www.cra-arc.gc.ca/tx/bsnss/tpcs/rntl/bt/rprt/xpns/menu-eng.html

Work space in the home expenses http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/229/slry/wrkspc-eng.html

Business use of home expenses  http://www.cra-arc.gc.ca/tx/bsnss/tpcs/slprtnr/rprtng/t2125/ln9945-eng.html

First Time Home Buyers Tax Credit  http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html#q1

Building, Purchasing and Selling new Houses Building, purchasing and selling new houses http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/cnstrctn/bldngsllnghms-eng.html

Ontario Energy and Property Tax Credit  http://www.fin.gov.on.ca/en/credit/oeptc/index.html

Ontario Trillium Benefit  http://www.fin.gov.on.ca/en/credit/otb/index.html

Healthy Homes Renovation Tax Credit  https://www.ontario.ca/taxes-and-benefits/healthy-homes-renovation-tax-credit

GST/HST New Housing Rebate (Seek advice directly from CRA authorities)GST/HST New Housing Rebate http://www.servicecanada.gc.ca/eng/goc/gst_new_housing.shtml

Tagged with: tax buying ownership rebates home save money

First Time Home Buyer Benefits

October 28, 2013 - Updated: October 28, 2013Buying Real Estate

There are two benefits that you can take advantage of as a first time home buyer in the GTA.

First off, the true definition of a first time homebuyer is someone who has never been on title of a residential property or someone who has not been on title in the last four years.

1.     The first benefit is the ability to use your hard earned RRSP savings as down payment towards your home.  You can use up to $25,000 max per person or up to $50,000 maximum for a couple from your RRSP as down payment toward your first home tax free.  You do however have to put it back into your RRSP or else you will have to pay tax.  The government gives you two years grace and then you have 15 years to put the money back into your RRSP savings.

As an example – let’s say you withdraw $20,000 from your RRSP savings for your first home in the middle of the year.  For the next two tax years – the current one and the year after, you would have nothing to do.  The year after that however, you would have to put back at least 1/15 of what your took out so in this case $1,333.33 would be your minimum put back or else you will owe taxes on that amount.

An excellent tax strategy that I recommend to my clients is to take the down payment money that is just in a savings account – put this money into an RRSP (provided they have the contribution room) at least 90 days before their purchase – that way they will get a large return come tax time that can be used to pay off their mortgage faster!

2.    As a first time home buyer you will avoid the double land transfer tax.  If you are a first time homebuyer and you really want to live in Metropolitan Toronto – a big benefit as a first time homebuyer is that you will avoid virtually all of the municipal land transfer tax.  A good strategy is to first buy in the city of Toronto and then for the next home you purchase buy somewhere outside of Toronto to avoid this costly tax.  There is talk at this point for other municipalities such as the city of Mississauga to implement this double land transfer tax – but at this point only Toronto has brought in this extra cost to home ownership.

By Dion Mahadeo – Mortgage Specialist at RBC Royal Bank

Tagged with: first time buyer real estsate

What Are The Closing Costs For Buying a Mississauga Condo or House?

October 17, 2013 - Updated: April 22, 2014Buying Real Estate

     Buyers often don’t realize the cost of buying any residential property in Mississauga is more than the down payment and mortgage.  Closing costs can be very significant adding thousands of dollars to the purchase of a condo or house.  If these closing costs are not taken into consideration by the buyer it will be a shocking surprise when they learn about it.  Generally speaking closing costs are made up of various fees and taxes which are incurred because of the purchase of the property.  These costs are variable meaning every situation is different, and are usually explained by the lawyer at the time of closing.  Below is a list of closing costs:


Land Transfer Tax - In Mississauga the buyer of a condo or house has to pay the Ontario Land Transfer Tax with the exception of qualifying first time buyers who would receive up to $2000 credit.

0.5% - on the first $55,000

1.0% - on the portion between $55,000 to $250,000

1.5% - on the balance over $250,000

2.0% on anything over $400,000

For quick calculations of land transfer tax please go to my webpage for Land Transfer Tax Calculator.


CMHC Insurance Premium – If the down payment is less than 20% of the purchase price the lender will require this coverage.   Mortgage insurance helps to protect lenders against mortgage default and helps consumers purchase a home with a minimum of 5%.  The premium can be paid in a single lump sum or it can be added to the mortgage.   The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage.  PST must be paid at the time of closing.  To estimate the Mortgage Insurance cost I have a calculator you can use.


Legal Fees and Disbursements - The buyer will require a lawyer’s services to purchase a house or condo in Mississauga.  The lawyer will be responsible for payment of all related fees and disbursements.  As every situation is different I suggest shopping around to find the best price and services covered, but I usually see clients paying around $1600 which also include things like registration of charge “mortgage”, transfer of deed and Title search of the property.


Title Insurance Premium – This is a type of policy which is designed to protect the home owner from challenges to the ownership of their home or from problems related to the title of the property.  A conversation with the lawyer should happen to find out if Title Insurance would be useful.  This could be around $200 plus.


Property Tax / Utility Bill Adjustments – In the agreement for sale of a condo or house the purchase price of a resale home is always subject to the usual adjustments at closing.  This means the seller has already prepaid for taxes or utilities and any excess amount would be adjusted back to the seller.

By Todd Lee

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Tagged with: closing costs buying condos houses mississauga

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There are many ways to market Mississauga real estate such as conducting open house showings, purchasing advertising space in the papers or magazines, listing your home on the Realtor.ca website and placing pictures or even having virtual tours.

How many times have you went to an open home and the selling agent was poorly dressed and seemed to be not to knowledgeable about the property. Perhaps the agent gave you a black and white printout of the listing from the internet and said that was a feature sheet.

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