HOME OPERATING COSTS 2016-10-24T13:20:04+00:00

buyerinfo_header_homeoperatingcosts

HOME OPERATING COSTS

The following is an estimate of the costs involved in the normal operation of a home in the Toronto area. Costs vary from one area of the city to another so these figures should be used only as a guide.

REALTY TAXES
Property owners have the option of paying their property taxes in eight installments over the course of the calendar year. Mortgage companies may insist that they pay the property tax and collect it with your monthly mortgage payment. Realty taxes range from $1,000 to $5,000 a year depending on the size and location of the property. Taxes are reassessed on an ongoing basis.

HEATING
Home heating will usually be provided by natural gas, oil or electricity. Costs vary depending on the type of fuel, size of home, amount of insulation, exposure and usage.

ELECTRICITY
Costs vary greatly depending on usage, e.g. how many people you have in the home, the size of your home, how many energy efficient cost measures you have undertaken such as Energy Saver appliances. Usually billing is every second month or you can go on equal billing and pay monthly.

INSURANCE
Insurance is essential for all homeowners and is required by your mortgage company before it will release the finds to close the deal. Premiums are based on the replacement cost of the building and start at around $350 to $700 per year.

WATER & SOLID WASTE MANAGEMENT
Most properties in Toronto are now on water meters and are billed according to usage. Your water bill will also include a fee for Solid Waste Management. Your Solid Waste Management fee will pay for garbage, recycling, green bin, litter prevention, landfill management and other diversion programs.