Homeownership is a goal for most Canadians, but it is important to be aware of the costs that aren’t necessarily top of mind for all homebuyers. These expenses can add up fast and significantly affect your finances and ability to save, making it important to consider them before taking the leap into homeownership.

Maintenance and Repairs

Regardless of how new or well-maintained your home is, it will require ongoing maintenance and repairs. This may include fixing leaks, replacing appliances, repainting, and more. It is wise to set aside money each month to cover these costs and to have an emergency fund for unexpected repairs.

Property Taxes

Property taxes can be a substantial expense for homeowners and can come as a surprise to those new to the process of buying a home. These taxes are based on the value of your property and likely will increase slightly every year. Make sure to take this expense into account!

Home Insurance

If you have a mortgage, home insurance is mandatory and protects your property from loss or damage. This insurance can be costly and should be included in your monthly budget.


As a homeowner, you are responsible for covering the costs of utilities, such as electricity, gas, water, and other services. These expenses can be significant, particularly if you live in a climate with extreme temperatures.

Home Improvement Projects

Owning a home often inspires the desire to make improvements or upgrades, but these projects can quickly become expensive. Whether it’s adding a deck, remodelling the kitchen, or installing new windows, these projects should be factored into your budget.

Homeownership is a rewarding experience that provides stability and security for you and your family but planning and budgeting to make sure these expenses are taken into account before jumping into homeownership is a must.

For more info don’t hesitate to reach out to us!