Common Costs of Homeownership

Municipal Taxes

Most of the services you enjoy in your neighbourhood are paid for by the homeowners of the municipality through Property Taxes. Some examples of these services are roads, schools, and even community parks.

Cost

$1,000 to $5,000+ annually.

Largely depending on lot size and the municipality.

Utilities

Whether you plan on having the lights on or watching Netflix on your TV, electricity is a must! Your real estate agent can request the seller to provide prior costs.

Cost

$600 to $2,000+ annually.

Depending on usage.

Phone, Cable, Internet

If you want to stay “connected” you will need the proper setup. In today’s world having reliable internet is a must in most homes. All the major providers (Shaw, Telus, Bell, etc.) will discount their services if you bundle all your plans with them.

Cost

$900 to $2,000+ annually.

Depends on services needed.

Insurance

Owning a home is one of the biggest investments of your life - protect it. With the right coverage you can protect your home from natural disasters, vandalism, and even accidental fires.

Cost

$500 to $2,000+ annually.

Depends on coverage.

Home Repairs

Budget for large, less frequent expenses like replacing hot-water tanks, the roof, and the furnace. It is very important to have a regular maintenance routine.

Cost

1% to 3% of the home’s value every year.

Depends on wear and tear.

Yard Care

Have you thought about the costs associated to having a picture-perfect yard? Most buyers forget to consider how much time and effort is required to maintain their lawn. You can save a lot of money doing it yourself, but it is often a lot of work.

Cost

$150 to $2000+ every year.

Depends on lot size and if you do it yourself or hire a company.

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