The Cost Of Living In Mississauga In 2023
The cost of living in Mississauga, Ontario in 2023 can vary depending on a number of factors such as housing, transportation, and lifestyle choices. In this blog post, we will take a closer look at the costs associated with living in Mississauga and how they compare to the rest of Canada.
HOUSING:
Housing costs in Mississauga can vary widely depending on the location and type of accommodation. The average cost of renting a one-bedroom unfurnished apartment in the city is around $2200 per month. However, prices can range from around $2,000 per month for a more basic apartment in a less desirable location, to over $3,000 per month for a luxury apartment in a prime location. The average cost of buying a detach house in Mississauga is around $1,200,000, A Townhouse around $900k and a 1 Bedroom Condo apt is approx $550,000, which is significantly higher than the national average. However, it should be noted that the real estate market in Mississauga is highly competitive and prices can fluctuate greatly depending on the current market conditions.
PROPERTY TAXES:
Property taxes are an important factor to consider when assessing the cost of living in Mississauga, Ontario in 2023. Property taxes are the taxes that homeowners pay on their homes and are used to fund local services such as schools, public transit, and public safety. The amount of property taxes that homeowners pay is based on the assessed value of their property, which is determined by the Municipal Property Assessment Corporation (MPAC).
The property tax rate in Mississauga is 0.829738% (2022) of the assessed value of the home, which is considered to be relatively high compared to other cities in Canada. The exact amount of property taxes that homeowners pay will depend on the assessed value of their property and the property tax rate set by the city each year. For example. In 2022, a house with an MPAC assessed value of $850,000 would result in approx $7053 a year in taxes. Not that Assessed value is usually lower than what the market value is.
It's important to note that property taxes in Ontario are subject to change based on the decisions of the local government, such as changes in the budget or new infrastructure projects. Moreover, the city of Mississauga also has a tax relief program for low-income seniors, veterans, and others who are eligible.
TRANSPORTATION:
Transportation costs in Mississauga can also add up. MiWay is the public bus service in Mississauga, and it offers a variety of fare options, including cash fares, monthly passes, and tickets. The cost of a single ride cash fare is $4, while a monthly adult pass costs around $131. MiWay also offers a discounted fare for students, seniors, and low-income individuals.
The GO bus service is a regional service that connects Mississauga to other cities in the Greater Toronto Area. The cost of a single ride on the GO bus ranges from $5 to $10, depending on the distance traveled. Monthly passes are also available and cost around $150. Make sure to use a PRESTO card for the best rates.
For those who prefer to drive, the cost of gas in the city is around $1.56 per litre (Jan 2023), which is also slightly higher than the national average. The 407 ETR is a toll highway that runs through Mississauga, and the cost of using it is based on the distance traveled. The cost of using the 407 ETR can be relatively high for frequent users, and it's important to note that the highway is equipped with cameras that capture license plate numbers and bill drivers directly. Transportation costs are an important factor to consider when assessing the cost of living in Mississauga, Ontario in 2023. The city offers various options for transportation, including MiWay bus, 407 ETR, and GO bus services. The cost of transportation can vary depending on the mode of transportation and the frequency of use.
AUTO INSURANCE:
Auto insurance is another important factor to consider when assessing the cost of living in Mississauga, Ontario in 2023. The cost of auto insurance in the province is regulated by the Financial Services Commission of Ontario (FSCO) and can vary depending on a number of factors such as the make and model of the vehicle, the driver's age and driving record, and the level of coverage.
On average, the cost of auto insurance in Ontario is around $1,500 per year, which is considered to be relatively high compared to other provinces in Canada. However, it's important to note that the cost of auto insurance can vary greatly depending on the individual's circumstances. For example, a young driver with a poor driving record can expect to pay significantly more for auto insurance than an experienced driver with a clean record.
There are ways for consumers to save on auto insurance costs. One way is to shop around and compare rates from different insurance providers. Another way is to take advantage of discounts, such as discounts for good driving records, multiple-vehicle policies, and safety features.
It's also worth noting that in Ontario, auto insurance is mandatory and the government provides a public auto insurance option called the Facility Association, which serves as the insurer of last resort for high-risk drivers who are unable to obtain coverage through the private market.
The cost of auto insurance in Mississauga, Ontario in 2023 is approx $2000 per year or $165 a month. It is considered to be relatively high compared to other provinces in Canada, but it can vary greatly depending on the individual's circumstances. It's important for residents to shop around and compare rates, as well as take advantage of any available discounts to help keep their auto insurance costs under control.
ELECTRICITY:
One important factor to consider is the cost of utilities, particularly electricity. The cost of electricity in Mississauga can vary depending on the provider and the plan you choose. The average cost of electricity in the city is around $0.15 per kilowatt-hour, which is slightly higher than the national average. However, it's important to note that the cost of electricity in Ontario is subject to change based on market conditions and government regulations.
Consumers have the option of choosing between the regulated rate option or the competitive retail market. The regulated rate option is set by the Ontario Energy Board, which is the default option for most customers and offers a stable, predictable rate. On the other hand, the competitive retail market allows customers to shop around for the best electricity rates from various retailers, which can potentially lead to lower rates.
It's also worth noting that there are programs and incentives available to help lower the cost of electricity in Mississauga. For example, the Ontario government offers rebates for energy-efficient appliances and home upgrades, as well as incentives for solar panel installations.
NATURAL GAS:
Another important factor to consider when assessing the cost of living in Mississauga, Ontario in 2023 is the cost of natural gas. Similar to electricity, the cost of natural gas in the city can vary depending on the provider and the plan you choose. The average cost of natural gas in the city is around $0.60 per cubic meter, which is slightly higher than the national average. However, it's important to note that the cost of natural gas in Ontario is subject to change based on market conditions and government regulations.
Consumers have the option of choosing between the regulated rate option or the competitive retail market for natural gas as well. The regulated rate option is set by the Ontario Energy Board, which is the default option for most customers and offers a stable, predictable rate. On the other hand, the competitive retail market allows customers to shop around for the best natural gas rates from various retailers, which can potentially lead to lower rates.
It's also worth noting that there are programs and incentives available to help lower the cost of natural gas in Mississauga, such as conservation programs that provide rebates and incentives for using natural gas efficiently.
GROCERIES:
The cost of food in Mississauga is similar to the rest of Canada. Grocery prices are generally reasonable, with a week's worth of groceries for a family of four costing around $200 to $300. Eating out at restaurants can also vary widely, with a meal at a casual restaurant costing around $15 to $20, while a meal at a more upscale restaurant can cost $50 or more.
ENTERTAINMENT & MISC:
The cost of entertainment and leisure activities in Mississauga can also vary widely. A movie ticket costs around $15, which is similar to the national average. A monthly gym membership can cost around $50 to $70, which is also similar to the national average. There are also many free and low-cost options for entertainment and leisure activities in the city, such as parks, community centers, and libraries.
It's important to note that the cost of living in Mississauga can vary greatly depending on individual lifestyle choices and needs. Some people may find that they are able to live comfortably in the city on a relatively modest income, while others may find that the cost of living in Mississauga is quite high. It ultimately depends on the individual circumstances and priorities of each person.
WIRELESS PHONE:
The cost of wireless phone service is an important factor to consider when assessing the cost of living in Mississauga, Ontario in 2023. The cost of wireless phone service can vary depending on the service provider, the type of plan, and the features included.
There are several major wireless service providers in Canada including Bell, Rogers, Telus and many more. These providers offer a wide range of plans, including prepaid and postpaid options. The cost of these plans can vary widely, with some basic plans starting at around $20 per month and more premium plans costing $100 or more per month. These plans usually include a certain amount of data, talk time, and text messages.
When choosing a wireless phone plan, it's important to consider your usage habits and budget. For example, if you're a heavy data user, you may want to choose a plan with more data. If you're a light user, you may be able to save money by choosing a more basic plan. Additionally, it's worth noting that many providers offer discounts or promotions for new customers, so it's worth shopping around to find the best deal.
The cost of wireless phone service in Mississauga, Ontario in 2023 can vary depending on the service provider, the type of plan, and the features included. There are several major wireless service providers in Canada, and it's important for residents to consider their usage habits and budget when choosing a plan. Shopping around for the best deal can also help to save money on wireless phone service costs.
INTERNET AND CABLE:
The cost of internet and cable service is an important factor to consider when assessing the cost of living in Mississauga, Ontario in 2023. The cost of internet and cable service can vary depending on the service provider, the type of plan, and the features included.
There are several major internet and cable service providers in Canada including Rogers, Bell, Telus and more. These providers offer a wide range of plans, including standalone internet plans, bundled internet and cable plans, and premium packages that include additional features such as movie channels and sports packages. The cost of these plans can vary widely, with some basic internet plans starting at around $50 per month and more premium packages costing $100 or more per month.
When choosing an internet and cable plan, it's important to consider your usage habits and budget. For example, if you're a heavy internet user, you may want to choose a plan with faster speeds and more data. If you're a light user, you may be able to save money by choosing a more basic plan. Additionally, many providers offer discounts or promotions for new customers, so it's worth shopping around to find the best deal.
The cost of internet and cable service in Mississauga, Ontario in 2023 can vary depending on the service provider, the type of plan, and the features included. There are several major internet and cable service providers in Canada, and it's important for residents to consider their usage habits and budget when choosing a plan. Shopping around for the best deal can also help to save money on internet and cable service costs
When considering the cost of living in Mississauga, it's important to take into account the city's overall quality of life. Mississauga is a diverse and multicultural city with a vibrant arts and culture scene, excellent schools, and a wide range of recreational activities and amenities. The city also boasts a strong economy and a high standard of living.
In conclusion, the cost of living in Mississauga, Ontario in 2023 is generally considered to be on par with the rest of Major Cities In Canada. However, some expenses such as housing and transportation may be higher than the national average. The cost of living in Mississauga ultimately depends on individual lifestyle choices and priorities. Despite this, it remains a city with a good balance of cost of living with good standard of living and diverse options for entertainment, education and job opportunities.
SUMMARY:
Housing costs:
- Average cost of renting a 1-bedroom unfurnished apartment: $2200/month
- Average cost of buying a detached house: $1,200,000
- Average cost of buying a townhouse: $900,000
- Average cost of buying a 1-bedroom condo apartment: $550,000
Property taxes:
- Property tax rate in Mississauga: 0.829738% (2022)
- Example: $850,000 house assessed value results in approx. $7053 a year in taxes
- Property taxes are subject to change based on local government decisions
- Tax relief program for low-income seniors, veterans, and others
Transportation:
- MiWay bus fare options: cash fare ($4), monthly pass ($131), discounted fare for students, seniors, and low-income individuals
- GO bus single ride costs: $5 to $10
- Monthly GO bus pass: $150
- Cost of gas in the city: $1.56/litre (Jan 2023)
- 407 ETR toll cost based on distance traveled
Auto insurance:
- Regulated by the Financial Services Commission of Ontario (FSCO)
- Average cost in Ontario: $1,500 per year
- Cost in Mississauga: $2000 per year or $165 a month
- Can vary based on individual circumstances
- Ways to save: shop around, take advantage of discounts
- Mandatory in Ontario with public option (Facility Association) for high-risk drivers who cannot get private coverage
Electricity:
- Cost of electricity in Mississauga: $0.15 per kilowatt-hour (slightly higher than national average)
- Options for consumers: Regulated rate option (set by Ontario Energy Board) or competitive retail market
- Programs/incentives to lower cost: rebates for energy-efficient appliances/home upgrades, incentives for solar panel installations
Natural Gas:
- Cost of natural gas in Mississauga: $0.60 per cubic meter (slightly higher than national average)
- Options for consumers: Regulated rate option (set by Ontario Energy Board) or competitive retail market
- Programs/incentives to lower cost: conservation programs with rebates/incentives for efficient use
Groceries:
- Cost of food in Mississauga: similar to rest of Canada
- Groceries: $200 to $300 for a family of four for a week
- Eating out: $15 to $20 at casual restaurants, $50+ at upscale restaurants
Entertainment & Misc:
- Cost of entertainment/leisure activities: varies widely
- Example costs: movie ticket ($15), gym membership ($50 to $70)
- Free/low-cost options: parks, community centers, libraries
Wireless Phone:
- Cost of wireless phone service: varies depending on provider, plan, and features
- Major providers: Bell, Rogers, Telus, etc.
- Plans vary from $20 to $100+ per month
- Consider usage habits and budget when choosing a plan
Internet & Cable:
- Cost of internet and cable service: varies depending on provider, plan, and features
- Major providers: Rogers, Bell, Telus, etc.
- Plans vary from standalone internet to bundled internet/cable to premium packages
- Consider needs and budget when choosing a plan.
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