The Cost Of Owning Your Home
Your budget shouldn’t stop at closing.
Before purchasing, it’s important to understand what your monthly and annual carrying costs will look like.
Understanding Your Carrying Costs
Successful homeownership is about more than just affording the down payment and closing day fees—it is about comfortably managing the ongoing financial realities of your property. Your budget shouldn’t stop at closing. Before purchasing, it is important to understand what your monthly and annual carrying costs will look like. Factoring in these recurring expenses ensures that your new home remains a sustainable, stress-free investment for years to come.
Ongoing Homeownership Expenses
Learn what to expect beyond closing day—from recurring utility bills and home insurance to long-term repairs and condo fees.
Mortgage Payments
Your mortgage payment will typically be your largest ongoing housing expense.
Your actual payment will depend on your mortgage amount, interest rate, amortization period, and payment schedule.
Property Taxes
Property taxes are an ongoing cost of ownership. How you pay them will depend on your mortgage and lender arrangements.
Your lender may collect property taxes as part of your mortgage payment, or you may pay the municipality directly.
Condo Fees / Maintenance Fees
For condominium properties, monthly maintenance fees contribute toward the operation and maintenance of the building and common elements.
These can cover items such as building insurance, maintenance, utilities, amenities, management, and contributions to the reserve fund, depending on the building.
Don’t look at the purchase price alone — understand the monthly carrying cost of the property.
Home Insurance
Home insurance protects your property and belongings against certain risks such as fire, theft, and water damage.
If you have a mortgage, your lender will generally require appropriate insurance coverage.
Utilities
Depending on the property, ongoing utility costs may include:
- Hydro
- Gas
- Water
- Internet
- Heating and cooling
These costs can vary significantly by property type, size, age, and efficiency.
Maintenance & Repairs
Every home requires ongoing maintenance.
Depending on the property, future costs may include:
- Roof repairs or replacement
- HVAC or furnace replacement
- Plumbing
- Electrical work
- Windows
- Appliances
- Landscaping
- Exterior maintenance
A good purchase isn’t just one you can afford today — it’s one you can comfortably carry and maintain over time.