Home Ownership Costs

What should go in your monthly budget?

Mortgage and property tax

Use your lender’s payment estimate and the property’s current tax information. Ask whether taxes will be collected with your mortgage payment so you do not count them twice.

Heat, electricity and water

Request available utility history and check what is included in any condo fee. Treat the seller’s bills as a starting point: your occupancy and usage will differ.

Insurance

Get a quote for the actual property. Compare coverage, exclusions and deductibles, not just the premium. FCAC explains home insurance coverage.

Maintenance and condo fees

Allow room for routine upkeep and unexpected repairs. For a resale condo, review the current fees, reserve fund and any special assessments with your lawyer using the status certificate and supporting documents.

Keep closing costs separate from the down payment

Your cash plan should also allow for legal fees, inspection or appraisal charges where applicable, title insurance, adjustments and moving costs. Ask your lawyer for a transaction-specific estimate. See FCAC’s home-buying cost guidance.

Ontario land transfer tax generally becomes payable when the transfer is registered. Eligibility for refunds or exemptions depends on the transaction and buyer. Check the Ontario guidance with your lawyer rather than assuming a rebate applies.

Compare two homes on the same basis

Put each property’s monthly costs, immediate repair needs and cash required at closing side by side. A lower asking price does not answer whether a home fits your budget. Keep a separate buffer for expenses that are still uncertain.

Bring the listing address, your target monthly budget and the lender’s estimate to your next discussion.

Need help comparing a shortlist?

We can help you organize the property questions to discuss with your lender, lawyer and inspector.