§ Calculator · Housing

True cost of home ownership

What this is

What it actually costs to own a home in Canada

The mortgage payment is just one line on the bill. Property tax, insurance, utilities, and ongoing maintenance add hundreds (or thousands) more per month. Realtors call these the “real” housing costs.

·Property tax: usually 0.6-1.2% of home value annually (varies by municipality).
·Home insurance: $1,200-$3,000 per year for a single-family home.
·Utilities: $300-$500 per month (heat + hydro + water + internet).
·Maintenance: rule of thumb is 1-3% of home value per year (roof, furnace, appliances, paint, landscaping).
·Condo fees: $300-$800/mo if applicable. Replaces some maintenance + utility lines.

Purchase

Home price (CAD)Down paymentMortgage rate

Amortization (years)

Ongoing costs

Property tax rate

Insurance/moUtilities/moMaintenance % / yr

Condo fee/mo (0 = SFH)Years owned

Monthly breakdown

Mortgage payment

$3,334

Property tax

$510

Insurance

$150

Utilities

$350

Maintenance

$900

Monthly TOTAL

$5,244

Total over 25y

$1,573,101

Of that, interest

$424,101

Educational projection. Not financial advice. Utilities scale with house size + climate; insurance varies by location + claim history. Maintenance is lumpy in practice, most years you spend nothing, then a furnace fails and it’s $8k.

Disclaimer

Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.