Buying a home in Canada isn’t just about the sticker price. Many first-time homeowners are caught off guard by additional costs that come with maintaining a property.

Property Taxes & Insurance:
Property taxes vary based on province and city but typically range between 0.5%–2.5% of your home’s assessed value annually. Home insurance is another non-negotiable, averaging around $1,200/year.

Maintenance & Repairs:
The Canadian Mortgage and Housing Corporation (CMHC) recommends setting aside 1%–3% of your home’s value annually for maintenance. This covers everything from roof repairs to HVAC replacements.

Utilities & Monthly Fees:
Utilities like hydro, water, and gas can add up. In condominiums, monthly maintenance fees can range from $300–$800, depending on amenities.

Expert Insight:
“Many buyers focus solely on mortgage payments and forget about ongoing expenses. Factoring in these costs early prevents future financial strain,” says Benjamin Tal, Deputy Chief Economist at CIBC.