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.