Costs

Home operating and other costs to plan for.

Guide

Owning a home involves more than just a mortgage payment. Budget for these ongoing and one-time costs so there are no surprises.

Municipal property taxes are typically 0.5%–1.5% of assessed value annually, depending on your municipality.

Gas, electric, or oil — varies significantly by home size, insulation, and season.

Time-of-use pricing in Ontario means bills change with usage patterns. Budget monthly.

Home insurance is required by lenders and protects your dwelling, belongings, and liability.

Municipal utilities billed quarterly or monthly depending on your municipality.

A qualified inspector reviews the structure, systems, and safety of the home before closing — typically $400–$700.

Lenders may require a professional appraisal — usually $300–$500.

An up-to-date survey confirms property boundaries. Cost varies but budget $1,000–$2,000 if one is needed.

In termite-prone areas, a specialized inspection is highly recommended.

Protects against title defects, fraud, and survey issues — a one-time premium at closing.