Mortgages in City Centre
The area around Square One, dominated by condo towers and new mixed-use buildings, popular with first-time buyers and investors. Here’s what buying there costs and which rules apply, before you compare lenders with one licensed mortgage professional.
Short answer
City Centre is in Mississauga, so Mississauga’s tax rates and Ontario’s rules apply. On a $600,000 home you’d need at least $35,000 down and $8,475 in land transfer tax ($4,475 for a first-time buyer). Property tax runs about $1,088 a year per $100,000 of assessed value.
Buying in City Centre
The area around Square One, dominated by condo towers and new mixed-use buildings, popular with first-time buyers and investors.
New towers around Square One and the Hurontario light rail make this Mississauga’s main condo market. Many units are bought by investors, and first-time buyers often start here.
What to know about a mortgage in City Centre
Many homes in City Centre are condos. Lenders include your monthly condo fees when they work out what you can afford, and your lawyer will review the building’s status certificate, which shows the reserve fund and any upcoming special assessments.
If you’re buying new construction in City Centre, plan for builder deposits paid in stages and closing dates that can move. Your mortgage approval needs to be ready, or renewable, for the actual closing date, and the final price can include adjustments you won’t see in the purchase price.
City Centre has steady rental demand. If you’re buying to rent, or to live in one unit and rent another, lenders count part of the expected rent as income, and the down payment and rules are different from a home you live in alone.
How NorthMerit can help
Tell us what you’re planning and we’ll connect you with one licensed mortgage professional who compares lenders for you. It’s free, and there’s no obligation.
What it costs to buy a $600,000 home in City Centre
| Repeat buyer | First-time buyer | |
|---|---|---|
| Minimum down payment | $35,000 | $35,000 |
| Mortgage insurance (added to the loan) | $22,600 | $22,600 |
| Sales tax on insurance (cash) | $1,808 | $1,808 |
| Ontario land transfer tax | $8,475 | $4,475 |
| Cash at closing | $45,283 | $41,283 |
Example price, not a local average. Minimum down payment and a 25-year amortization; legal fees, title insurance and adjustments are extra.
Mississauga rules that apply in City Centre
Mississauga’s 2026 residential property tax rate is 1.0879%, about $1,088 a year for every $100,000 of assessed value. Source
Peel Region’s proposed vacant home tax has been on hold since July 2023, so there isn’t one in Mississauga or Brampton. Source
Ontario’s Planning Act allows up to three units on most serviced residential lots, such as a main home plus a basement apartment and a garden suite, as long as you meet the building code and local zoning details. Source
Mississauga doesn’t license houses you rent out. Rental apartment buildings of two or more storeys with six or more units must register each year, and since September 2026 landlords need a licence before evicting tenants for renovations. Source
Sources
We checked these figures against official sources in October 2026. Rules and rates change, so confirm the details with your mortgage professional, lawyer or the source before you rely on them.
- Minimum down payment (Financial Consumer Agency of Canada)
- Mortgage insurance premiums (CMHC)
- Calculating land transfer tax (Government of Ontario)
- Land transfer tax refunds for first-time buyers (Government of Ontario)
- Additional residential units, up to three per lot (Environmental Registry of Ontario)
- Mississauga property tax rates
- Mississauga: vacant home tax
- Mississauga: rental licensing
Common questions
How much down payment do I need for a home in City Centre?
What property tax will I pay in City Centre?
Can I add a rental unit to a home in City Centre?
Who can help me get a mortgage in City Centre?
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