{"id":18221,"date":"2024-05-10T08:00:00","date_gmt":"2024-05-10T12:00:00","guid":{"rendered":"https:\/\/www.zolo.ca\/blog\/?p=18221"},"modified":"2024-07-02T13:23:37","modified_gmt":"2024-07-02T17:23:37","slug":"costs-of-owning-a-home","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/costs-of-owning-a-home","title":{"rendered":"What\u2019s the Average Cost To Own a Home?"},"content":{"rendered":"\n\n\n<p>When considering the costs of owning a home, the monthly mortgage payment isn\u2019t the only factor you should consider. The upfront costs when buying a home can add up quickly, and once you move in, ongoing maintenance and other fixed or variable costs can make creating a household budget complex.<\/p>\n\n\n\n<p>This blog post uses the <a href=\"https:\/\/www.crea.ca\/housing-market-stats\/canadian-housing-market-stats\/national-price-map\/\">average home price in Canada<\/a> of $698,530 (as of March 2024) to calculate the average cost of owning a home. However, to get an accurate cost for your unique situation, you should plug your purchase price into the calculations below to get your cost.<\/p>\n\n\n\n<p>Using the average prices in Canada, you can expect to pay <strong>$58,824 to $73,276<\/strong> in upfront costs, including your downpayment and closing costs. Monthly expenses, including your mortgage payment, utilities, home insurance, property tax, and ongoing maintenance, could range from <strong>$6,105 to&nbsp;$7,851 per month, <\/strong>excluding any condo or homeowner\u2019s association fees. We\u2019ve broken down how much you can expect to spend in each category below.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"key-takeaways\">Key Takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The monthly cost of owning a home is more than the mortgage payment. Utilities, property taxes, home insurance, and homeowner\u2019s association or condo fees can add up to thousands of dollars monthly.<\/li><li>The upfront cost of a home includes the down payment and closing costs. You should budget 2% to 4% of the home\u2019s purchase price for upfront expenses.<\/li><li>Long-term maintenance costs can be challenging to budget for because they occur inconsistently. Consider creating a sinking fund for home renovations and long-term maintenance and saving monthly for these costs.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-upfront-costs-to-own-a-home\">The Upfront Costs to Own a Home<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"684\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2022\/03\/Condo-value-1024x684.jpg\" alt=\"couple signing a contract\" class=\"wp-image-20733\"\/><\/figure>\n\n\n\n<p><strong>Upfront costs are expenses you pay before you take possession of your new home<\/strong>. These costs are due before closing and can include the down payment, closing costs, appraisals, and home inspection.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-down-payment\">Down Payment<\/h3>\n\n\n\n<p>A <a href=\"https:\/\/www.zolo.ca\/blog\/20-percent-down-payment\">down payment<\/a> is the upfront money you pay toward the purchase of a home. It is typically a percentage of the purchase price, and your mortgage lender finances the remaining balance. The larger the down payment, the less you have to finance and the less interest you will pay over the life of your mortgage.<\/p>\n\n\n\n<p>In Canada, the <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/mortgages\/down-payment.html\">minimum down payment<\/a> on a home that costs $500,000 or less is 5%. If you buy a $500,000 home, you would pay a minimum of $25,000 down and finance the remaining $475,000 with your mortgage lender.&nbsp;<\/p>\n\n\n\n<p>Using the average home price of $698,530, you would be required to put 5% down on the first $500,000 of the purchase price and 10% down on the remaining $198,530, which would be <strong>$44,853.<\/strong><\/p>\n\n\n\n<p>$500,000 x 5% = $25,000<br>$198,530 x 10% = $19,853<br>$25,000 + $19,853 = $44,853<\/p>\n\n\n\n<div id=\"footable_parent_23423\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                <table data-ninja_table_instance=\"ninja_table_instance_0\" data-footable_id=\"23423\" data-filter-delay=\"1000\" aria-label=\"Minimum Down Payments in Canada\"            id=\"footable_23423\"\n           data-unique_identifier=\"ninja_table_unique_id_1163336104_23423\"\n           class=\" foo-table ninja_footable foo_table_23423 ninja_table_unique_id_1163336104_23423 ui table  nt_type_legacy_table selectable hide_horizonal_borders hide_vertical_borders striped compact vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_purchase_pirce \">Purchase Price<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_minimum_down_payment_required \">Minimum down payment required<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"17060\" class=\"ninja_table_row_0 nt_row_id_17060\">\n            <td>Up to $500,000<\/td><td>5%<\/td>        <\/tr>\n            <tr data-row_id=\"17061\" class=\"ninja_table_row_1 nt_row_id_17061\">\n            <td>Between $500,000 and $1,499,999<\/td><td>5% on the first $500,000 of the purchase price, 10% on the portion of the purchase price above $500,000<\/td>        <\/tr>\n            <tr data-row_id=\"17062\" class=\"ninja_table_row_2 nt_row_id_17062\">\n            <td>$1,500,000 and up<\/td><td>20%<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<h3 class=\"wp-block-heading\">Mortgage Default Insurance<\/h3>\n\n\n\n<p>For all down payments less than 20%, you will need to add on mortgage default insurance, also known as mortgage loan insurance or private mortgage insurance. The amount you need to pay is calculated by dividing the mortgage loan amount by the purchase price, which in this case would be $653,677 \u00f7 $698,530 = 0.94 or 94%<\/p>\n\n\n\n<p>According to the <a href=\"https:\/\/www.cmhc-schl.gc.ca\/professionals\/industry-innovation-and-leadership\/industry-expertise\/resources-for-mortgage-professionals\/mortgage-loan-insurance-and-premiums\">Canadian Mortgage and Housing Corporation<\/a>, also known as the CMHC, your mortgage default insurance premium would equal 4% of the mortgage loan amount, which is <strong>$26,147<\/strong>. You don\u2019t have to pay this amount up front, however. Instead, you can add it to your mortgage amount and pay it off over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Closing Costs<\/h3>\n\n\n\n<p>The down payment is not the only money you\u2019ll need to pay when closing on your home. Additional closing costs include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Lawyer fees<\/li><li>Land transfer tax<\/li><li>Prepaid property tax<\/li><li>Real estate agent commission fees<\/li><li>Administrative fees<\/li><li>Utility or furnace oil costs<\/li><li>Home inspection<\/li><\/ul>\n\n\n\n<p>The total closing costs will vary depending on where you live and the home you are buying. Generally, <strong>you can expect to pay 2% to 4% of the home\u2019s purchase price in closing costs<\/strong>.&nbsp;<\/p>\n\n\n\n<p>With a purchase price of $698,530, you should budget <strong>$13,971<\/strong> to <strong>$27,941<\/strong> for closing costs.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Other Costs When Purchasing a Home<\/h3>\n\n\n\n<p>Besides the down payment and closing costs, several fees can add up before your home purchase closes. For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Appraisal fee<\/strong> &#8211; Typically <a href=\"https:\/\/www.ratehub.ca\/other-buyers-fees\">$150 to $500<\/a>, an appraisal is not always needed when purchasing a home, but your mortgage lender may require it<\/li><li><strong>Sales tax<\/strong> &#8211; Sales tax is typically only applied to new builds in Canada, but it could be 5% and 15% of the purchase price<\/li><\/ul>\n\n\n\n<p>Excluding sales tax, you can expect to spend another <strong>$150<\/strong> to <strong>$500<\/strong> on these smaller fees.<\/p>\n\n\n\n<p>Altogether, with a home purchase price of $698,530, you could spend <strong>$58,824 to $73,276 <\/strong>upfront<strong> <\/strong>including your down payment and closing costs. You will also add <strong>$26,147<\/strong> to your mortgage total to cover the mortgage default insurance.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-ongoing-costs-of-owning-a-home\">The Ongoing Costs of Owning a Home<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2021\/05\/bigstock-Man-Cleaning-Gutters-9331940-1024x683.jpg\" alt=\"\" class=\"wp-image-23710\"\/><\/figure>\n\n\n\n<p><strong>Ongoing expenses are monthly, yearly, or infrequent costs associated with owning a home.<\/strong> Home insurance, property tax, utilities, homeowner\u2019s association or condo fees, and ongoing maintenance are generally considered ongoing costs of owning a home. <\/p>\n\n\n\n<p>While these costs will vary depending on where you live and the house you buy, the average Canadian home price of $698,530 is used in the calculations.&nbsp;<\/p>\n\n\n\n<div id=\"footable_parent_23712\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                <table data-ninja_table_instance=\"ninja_table_instance_1\" data-footable_id=\"23712\" data-filter-delay=\"1000\" aria-label=\"Ongoing Costs of Owning a Home\"            id=\"footable_23712\"\n           data-unique_identifier=\"ninja_table_unique_id_3626172998_23712\"\n           class=\" foo-table ninja_footable foo_table_23712 ninja_table_unique_id_3626172998_23712 ui table  nt_type_legacy_table hide_horizonal_borders hide_vertical_borders striped compact vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_expense \">Expense<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_average_monthly_cost \">Average Monthly Cost<\/th><th scope=\"col\"  class=\"ninja_column_2 ninja_clmn_nm_how_to_calculate \">How to Calculate<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"17231\" class=\"ninja_table_row_0 nt_row_id_17231\">\n            <td>Mortgage Payment<\/td><td>$4,402<\/td><td>Assuming a total mortgage amount of $679,824.08 and a fixed interest rate of 6.13%<\/td>        <\/tr>\n            <tr data-row_id=\"17232\" class=\"ninja_table_row_1 nt_row_id_17232\">\n            <td>Home insurance<\/td><td>$80<\/td><td>Determined by your home insurance provider<\/td>        <\/tr>\n            <tr data-row_id=\"17233\" class=\"ninja_table_row_2 nt_row_id_17233\">\n            <td>Property tax<\/td><td>$652<\/td><td>Multiply your home\u2019s assessed value by your property tax rate and divide by 12. E.g. $698,530 x 1.12% = $7,823.54 \u00f7 12 = $651.96<\/td>        <\/tr>\n            <tr data-row_id=\"17234\" class=\"ninja_table_row_3 nt_row_id_17234\">\n            <td>Utilities<\/td><td>$389<\/td><td>Add the monthly cost of your electricity, water, internet, cable, home phone, and other utilities<\/td>        <\/tr>\n            <tr data-row_id=\"17235\" class=\"ninja_table_row_4 nt_row_id_17235\">\n            <td>Ongoing maintenance<\/td><td>$582 - $2,328<\/td><td>Budget 1% to 4% of your home value for repairs yearly. E.g. $698,530 x 4% = $27,940.80 \u00f7 12 = $2,328.40<\/td>        <\/tr>\n            <tr data-row_id=\"17236\" class=\"ninja_table_row_5 nt_row_id_17236\">\n            <td>Total:<\/td><td>$6,105 - $7,851<\/td><td><\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<h3 class=\"wp-block-heading\">Home Insurance<\/h3>\n\n\n\n<p>Home insurance helps protect your property and belongings from damage, theft, or loss. It can also work as liability coverage and covers accidents in the home or on the property. While home insurance is not mandatory in Canada, your <a href=\"https:\/\/www.zolo.ca\/blog\/best-mortgage-lenders-in-canada-2024\">mortgage lender<\/a> will likely require proof of home insurance before advancing your mortgage funds.&nbsp;<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/what-is-home-insurance\">What Is Home Insurance? How Homeowners Insurance Works<\/a><\/p><\/section>\n\n\n\n<p>The cost of homeowner\u2019s insurance depends on several factors, including the location and type of home, the age of the house, the heating source, and more. <strong>Canada&#8217;s average <\/strong><a href=\"https:\/\/www.zolo.ca\/blog\/home-insurance-cost\"><strong>home insurance cost<\/strong><\/a><strong> is $960 per year<\/strong> or about $80 per month. However, if your home is older or more expensive to replace, your homeowner\u2019s insurance premium could be much higher.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Property Tax<\/h3>\n\n\n\n<p>Local governments in Canada charge property taxes, which are typically a percentage of your home\u2019s assessed value. Property taxes generate revenue that funds public services such as garbage collection, schools, road maintenance, police and fire services, and more.<\/p>\n\n\n\n<p>According to <a href=\"https:\/\/www.forbes.com\/advisor\/ca\/mortgages\/property-taxes-in-canada\/\">Forbes Advisor Canada<\/a>, the average property tax rate across major cities in Canada is 1.12%. Assuming the home you purchased for $698,530 is valued at that amount, you could expect to pay <strong>$7,824<\/strong> per year for property taxes.&nbsp;<\/p>\n\n\n\n<p>$698,530 x 1.12% = $7,823.54<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/canada-property-taxes-by-province\">2024 Canada Property Taxes by Province<\/a><\/p><\/section>\n\n\n\n<p>It\u2019s important to note that property taxes can vary from city to city, and what you paid for your home may not necessarily match the assessed value. You should receive a tax bill that includes your assessed valuation and tax rate.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Utilities<\/h3>\n\n\n\n<p>Utilities are expenses that are essential to living in your home, like electricity and water. Depending on where you live, you may also use natural gas for heating or cooking.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.movingwaldo.com\/where-to-live\/ontario-utility-bills-how-much-does-utilities-cost\/#elementor-toc__heading-anchor-7\">Moving Waldo<\/a> estimates the national average cost for utilities is $389 per month, including electricity, water, internet, cable, and home phone. Over a year, that could add up to <strong>$4,668.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Homeowner\u2019s Association Fees or Condo Fees<\/h3>\n\n\n\n<p>Homeowners association fees (HOA fees) typically apply if you live in a condo building or townhouse. However, some residential or gated communities also charge HOA fees.<\/p>\n\n\n\n<p>HOA fees typically cover the maintenance and improvements of common areas like the lobby, elevators, and landscaping. It can also cover amenities like pools, tennis courts, a clubhouse, or a gym. The monthly cost for <a href=\"https:\/\/www.point2homes.com\/news\/homebuying\/homeowners-associations-hoas.html\">HOA fees<\/a> varies widely. It could be as little as $40 or over $1,000 monthly.&nbsp;<\/p>\n\n\n\n<p>Similar to HOA fees, condo fees cover the upkeep of common areas and the use of amenities. However, they also cover a master insurance policy for the building, security, and trash removal. Depending on your building agreement, your utilities may or may not be covered by your condo fees. A portion of your condo fees are also set aside in a reserve fund for costly repairs like a roof replacement. <a href=\"https:\/\/blog.remax.ca\/condo-fees-heres-need-know\/\">Condo fees<\/a> vary widely, from $50 to over $1,000 monthly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ongoing Maintenance<\/h3>\n\n\n\n<p>Ongoing maintenance is essential to keeping your home in good working condition. It allows you to spot potential issues and avoid costly repairs down the road. It also improves the overall value of your home.<\/p>\n\n\n\n<p>According to <a href=\"https:\/\/www.investopedia.com\/home-maintenance-budget-8608913\">Investopedia<\/a>, the most common rule of thumb is to <strong>budget 1% to 4% of your home value for repairs<\/strong>. However, your home&#8217;s age, size, and general condition will ultimately determine how much you need to spend on yearly maintenance. For instance, if you purchase a new build, you may be comfortable budgeting less compared to a homeowner with an older home.<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/how-to-maintain-a-wood-deck\">How to Maintain and Repair Wood Decks<\/a><\/p><\/section>\n\n\n\n<p>Assuming the example home is $698,520, you should expect to pay between <strong>$6,985<\/strong> and <strong>$27,941<\/strong> per year for maintenance. Here are some typical home maintenance costs:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>HVAC or heating system maintenance <\/strong>&#8211; Filters should be replaced every three months, and a professional should inspect the system once a year. According to <a href=\"https:\/\/arianaheating.ca\/how-much-should-an-hvac-system-maintenance-cost-in-canada#:~:text=Cost%20of%20HVAC%20System%20Maintenance%20in%20Canada&amp;text=The%20location%20of%20your%20home,for%20regular%20HVAC%20system%20maintenance.\">Ariana Heating<\/a>, the average cost per year to maintain your HVAC system is between $150 and $500 per year.<\/li><li><strong>Cleaning<\/strong> &#8211; According to <a href=\"https:\/\/www.statista.com\/statistics\/436408\/annual-household-expenditure-on-cleaning-supplies-equipment-canada\/\">Statistics Canada<\/a>, the average Canadian spends $269 per year on cleaning supplies, or about $23 per month. If you choose to <a href=\"https:\/\/homestars.com\/cost-guides\/house-apartment-cleaning-cost\/\">hire a professional<\/a>, you can expect to pay an average of $216 per visit or $5,184 per year for twice-monthly cleaning.&nbsp;<\/li><li><strong>Home security<\/strong> &#8211; Home security systems can help protect your property and lower your home insurance rates. The average price for an <a href=\"https:\/\/www.morisoninsurance.ca\/news\/home-security-systems\/\">alarm system<\/a> is $15 to $25 per month, plus an upfront cost of $250 to $1,200 for the equipment and installation.<\/li><li><strong>Landscaping<\/strong> &#8211; According to <a href=\"https:\/\/www.statista.com\/statistics\/436444\/annual-household-expenditure-on-garden-supplies-services-canada\/\">Statistics Canada<\/a>, the average Canadian spends $524 annually on garden supplies and services. However, to hire a <a href=\"https:\/\/homestars.com\/cost-guides\/landscaping-cost\/#:~:text=Average%20Costs&amp;text=While%20costs%20vary%20greatly%2C%20homeowners,home's%20overall%20value%20on%20landscaping.\">landscaping company<\/a>, you can expect to pay between $1,809 and $6,901 for individual projects.<\/li><li><strong>Snow removal<\/strong> &#8211; If you choose to hire a company for <a href=\"https:\/\/www.warmup.ca\/blog\/average-cost-to-remove-snow-from-driveway#:~:text=You%20can%20choose%20to%20pay,closer%20to%20%24100%20per%20visit.\">snow removal<\/a>, you can expect to pay $30 to $50 per visit.<\/li><\/ul>\n\n\n\n<p>Overall, your monthly carrying costs as a homeowner vary depending on several factors, including the age and condition of your home, where you live, and whether you decide to do it yourself or hire a professional.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Long-Term Maintenance Costs<\/h3>\n\n\n\n<p>Home maintenance costs can be challenging to plan and budget for, especially when they occur inconsistently. To tackle this, consider creating a sinking fund for home renovations and long-term maintenance and save monthly. Here are some common long-term home expenses and their average costs:<\/p>\n\n\n\n<div id=\"footable_parent_23713\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                <table data-ninja_table_instance=\"ninja_table_instance_2\" data-footable_id=\"23713\" data-filter-delay=\"1000\" aria-label=\"Long-Term Maintenance Costs\"            id=\"footable_23713\"\n           data-unique_identifier=\"ninja_table_unique_id_4147475879_23713\"\n           class=\" foo-table ninja_footable foo_table_23713 ninja_table_unique_id_4147475879_23713 ui table  nt_type_legacy_table hide_horizonal_borders hide_vertical_borders striped compact vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_expense \">Expense<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_amount \">Amount<\/th><th scope=\"col\"  class=\"ninja_column_2 ninja_clmn_nm_replacement_frequency \">Replacement frequency<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"17237\" class=\"ninja_table_row_0 nt_row_id_17237\">\n            <td>Roof<\/td><td>$8,250 \u2013 $17,250<\/td><td>The typical lifespan of an asphalt roof is 15 - 30 years<\/td>        <\/tr>\n            <tr data-row_id=\"17238\" class=\"ninja_table_row_1 nt_row_id_17238\">\n            <td>Appliances<\/td><td>Depending on the appliance, $400 - $2,000<\/td><td>The typical lifespan of most major appliances is 10+ years<\/td>        <\/tr>\n            <tr data-row_id=\"17239\" class=\"ninja_table_row_2 nt_row_id_17239\">\n            <td>Water heater<\/td><td>$1,500<\/td><td>Should be replaced every ten years<\/td>        <\/tr>\n            <tr data-row_id=\"17240\" class=\"ninja_table_row_3 nt_row_id_17240\">\n            <td>Deck<\/td><td>$750 - $2,500<\/td><td>Wood decks will require board replacements, staining or painting, and cleaning yearly or as needed<\/td>        <\/tr>\n            <tr data-row_id=\"17241\" class=\"ninja_table_row_4 nt_row_id_17241\">\n            <td>HVAC or heating system replacement<\/td><td>Depending on your heating system, $2,500 - $10,000<\/td><td>Depending on the system, the lifespan could be 15 - 25 years<\/td>        <\/tr>\n            <tr data-row_id=\"17242\" class=\"ninja_table_row_5 nt_row_id_17242\">\n            <td>Exterior painting<\/td><td>$2,000 - $5,000+, depending on size of the home<\/td><td>Typically every 5 - 10 years for wood siding. Climate and weather can affect the lifespan of the paint<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"fixed-vs-variable-housing-costs\">Fixed vs Variable Housing Costs<\/h2>\n\n\n\n<p>Some costs associated with homeownership are fixed and stay the same month to month. For example, your mortgage payment (if you choose a <a href=\"https:\/\/www.zolo.ca\/blog\/what-is-a-fixed-rate-mortgage\">fixed-rate mortgage<\/a>), property taxes, and homeowner\u2019s insurance. Fixed costs are easy to account for in your budget, as you typically know the exact amount you will pay each month.<\/p>\n\n\n\n<p>Variable housing costs are trickier to budget. Some variable expenses are small. For example, utilities vary depending on the time of year, as heating a home typically raises your bill. Other variable housing costs are much larger, and budgeting for these unexpected or infrequent expenses, like repairs or replacements of your heating and cooling system, deck, or roof, can be challenging. You can prepare for these big-ticket home expenses by contributing regularly to a home renovation fund and an emergency fund.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"final-thoughts\">Final Thoughts<\/h2>\n\n\n\n<p>Overall, the monthly costs of owning a home will vary depending on several factors. For example, where you live, the age and condition of your home, your mortgage interest rate, and the purchase price.<\/p>\n\n\n\n<p>Fixed expenses are easy to budget, while long-term maintenance costs can be unpredictable. Determining <a href=\"https:\/\/www.zolo.ca\/blog\/how-much-mortgage-can-you-afford\">how much you can afford to spend on housing<\/a> before you purchase a home is critical.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cost of to own an average home in Canada ranges from $6,105 to $7,851 per month<\/p>\n","protected":false},"author":112,"featured_media":23709,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"guide":[],"class_list":["post-18221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"acf":[],"zolo_excerpt":"","_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/18221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/112"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/comments?post=18221"}],"version-history":[{"count":18,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/18221\/revisions"}],"predecessor-version":[{"id":23915,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/18221\/revisions\/23915"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media\/23709"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=18221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/categories?post=18221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/tags?post=18221"},{"taxonomy":"guide","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/guide?post=18221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}