Housing Costs in Canada: A Complete List
How much does housing cost in Canada
- Housing costs in Canada are not cheap. After paying a hefty amount of money, you move into your new home. There are more ongoing costs beyond the mortgage, and condo fees if your property is a condo.
- Monthly house costs include Property Tax, heating bill, gas bill, cost of water, home insurance, Home Maintenance, etc. Let’s take an example in Toronto, Ontario
- Property Tax in Ontario pays for services like public education, firefighting, local police, libraries. It varies vastly in situations.
- Take an example of an average home in Richmond Hill, the property tax is roughly $5000.
- Property tax is calculated based on the municipal tax rates, education rate, and property value. Tax rates vary with municipalities.
- Generally, the higher your home value (property value for tax is usually lower than current market value), the higher your property tax.
What are utilities in a house and the utility cost
- The essential utility home buyers pay for includes water, electricity, and gas. Additional utilities may include cable, Internet access, and telephone services.
- The average cost for electricity per month varies with the size of the home and usage. Take an example, the cost of living in Toronto for a family of 4 on average could range from $250 to $400 per month.
- Average Ontario electricity bill: $70~$100 per month. Hydro rate varies with providers.
- Average cost of water per month: $70~$100. The water bill comes by quarter.
- Average gas price per month: $100~$200, assuming the gas bill is the main cost of heating
- Condo owners may pay less if some of the utilities are included in the monthly maintenance fee.
- Internet Access, Cable, Telephone: depends on the plan you choose, you would budget over $100 per month
Home Maintenance Cost
It varies largely from everything down to cleaning the furnace up to roof change. It comes in large sums rather than by month.
- Regular roof lasts around 15 years, and you may encounter repairs in the interim. The replacement cost ranges from $3500~ to $7000 depending on the size and material you choose.
- HVAC units may go wrong more often than the roof. Replacement cost ranges from $3000~5000.
- The cost of home appliances, furniture, normal wear, and tear varies on the person.
- If you are not a DIYer, you might want to add additional costs like $50/Month on the yard work and snow removal.
In sum, within a longer cycle, your monthly budget put aside would be around $750 for an average house.
The home insurance premium differs by location and coverage, with an average monthly cost of about $120.
Homeowner costs are not cheap, and can easily reach over $10K per year on average. If you are planning to buy a home, why not try to save the first-year cost by choosing the best cash back realtor package during the home purchase.