Behind every broker is a tech wiz or two, marketing mavens, culture champions, and financial aficionados. This is one of them, and aha insurance is even more awesome because of it.
Congratulations on becoming a first-time homeowner! You’re diving into a huge investment of both time and money, and the best way to make sure you’re successful is to create a basic living expenses list. It’ll help you stay on top of everything.
There’s a lot more to home ownership than just mortgage payments and mowing the lawn. Keeping a clean, stylish, well-maintained home comes at a price, and often one much higher than you think.
No matter where you live in Canada, these are essential living expenses for almost all homeowners:
Maintaining your home will cost you about 1 – 2% of your home value per year, according to Harvard University Joint Center on Housing Studies.
Things like renovations and new furniture may be obvious to most, but there are other hidden living expenses that come along with owning your new home. Be sure to add these to your basic living expenses list.
Make sure you factor these into your monthly and annual budget along with your mortgage payments:
Even if it doesn’t need to be done in the first year or two, it’s a wise idea to put aside money for large repairs so you’re not causing yourself cash flow issues when it comes time to cough up the dough for a new roof or furnace.
If you let repairs and maintenance slide, then any home insurance claims you make related to that wear and tear could be denied by your insurance provider. Nobody enjoys that.
For many Canadians, your home is the largest investment you’ll make in your lifetime. Regular cleaning and maintenance not only makes life better for you, but it also increases the value of your home. (A fixer-upper is a lot harder to sell than a meticulously maintained property.)
Here are some of the typical tasks you’ll do to maintain your home:
What are closing costs? They’re the many fees and one-time expenses that everyone must pay when purchasing their home, but they are often overlooked in the budget. These aren’t strictly a part of a basic living expenses list, but it helps to factor them into home ownership budget for the first year or so.
These costs include:
There is no industry standard for real estate commissions in Canada, but they are typically between 3 and 7%. Speak to your realtor about their rates before you sign any deal – even 1% can mean the difference of thousands of dollars.
Canada is widely recognized as one of the best countries in which to live, but at what cost?
When it comes to the essentials, take a look at how Toronto and Montreal stack up against other popular cities in the world (according to TransferWise):
City | Monthly rent, 1-bedroom flat | Meal for 2 | Transportation (monthly pass) |
Toronto | $1,632.92 | $70 | $143.25 |
Montreal | $986.82 | $60 | $83 |
London (UK) | $2,781.11 | $91.08 | $218.59 |
New York | $3,809.12 | $94.86 | $151.78 |
Berlin | $1,094.74 | $58.32 | $118.10 |
Sydney | $2,622.22 | $79.98 | $159.96 |
Of course, your household expenses vary greatly depending on how many people are living there and where you actually live. Always factor that into your basic living expenses list.
We’ll run with the same data from TransferWise in keeping with the Toronto example, but keep in mind it’s the second most expensive city in Canada:
How much it costs to be a homeowner also depends a lot on where you live. Canada has many exceptional cities, but that natural beauty can cost money.
From highest to lowest, these are the average monthly living expenses in Canada for 2020. They’re based on two people living in a fully furnished 900 square foot living space:
CITY | RENT | UTILITIES | LUNCH | TRANSIT PASS | TOTAL |
Vancouver | $2,143 | $2,143 | $17 | $107 | $2,374 |
Toronto | $2,049 | $130 | $17 | $145 | $2,341 |
Yellowknife | $1,800 | $410 | $22 | $59 | $2,291 |
Kelowna | $1,831 | $203 | $22 | $64 | $2,120 |
Mississauga | $1,633 | $183 | $22 | $137 | $1,975 |
Victoria | $1,627 | $123 | $18 | $84 | $1,852 |
St. John’s (NFL) | $1,388 | $318 | $17 | $77 | $1,800 |
Calgary | $1,456 | $211 | $19 | $103 | $1,789 |
Ottawa | $1,455 | $138 | $20 | $115 | $1,768 |
Nanaimo | $1,567 | $96 | $19 | $65 | $1,747 |
Edmonton | $1,305 | $257 | $20 | $95 | $1,677 |
Barrie | $1,376 | $214 | $18 | $87 | $1,695 |
Winnipeg | $1,308 | $190 | $17 | $98 | $1,613 |
Regina | $1,264 | $227 | $19 | $86 | $1,596 |
Oshawa | $1,208 | $229 | $16 | $128 | $1,581 |
Hamilton | $1,195 | $227 | $17 | $102 | $1,541 |
Saskatoon | $1,247 | $169 | $17 | $82 | $1,515 |
London | $1,188 | $202 | $21 | $83 | $1,494 |
Halifax | $1,128 | $179 | $22 | $79 | $1,408 |
Charlottetown | $1,063 | $243 | $18 | $66 | $1,390 |
You have everything you need with this basic living expenses list. Start budgeting for your new home and protect yourself with the right coverage.
Enjoy the new place!
Congratulations on becoming a first-time homeowner! You’re diving into a huge investment of both time and money, and the best way to make sure you’re successful is to create a basic living expenses list. It’ll help you stay on top of everything.
There’s a lot more to home ownership than just mortgage payments and mowing the lawn. Keeping a clean, stylish, well-maintained home comes at a price, and often one much higher than you think.
No matter where you live in Canada, these are essential living expenses for almost all homeowners:
Maintaining your home will cost you about 1 – 2% of your home value per year, according to Harvard University Joint Center on Housing Studies.
Things like renovations and new furniture may be obvious to most, but there are other hidden living expenses that come along with owning your new home. Be sure to add these to your basic living expenses list.
Make sure you factor these into your monthly and annual budget along with your mortgage payments:
Even if it doesn’t need to be done in the first year or two, it’s a wise idea to put aside money for large repairs so you’re not causing yourself cash flow issues when it comes time to cough up the dough for a new roof or furnace.
If you let repairs and maintenance slide, then any home insurance claims you make related to that wear and tear could be denied by your insurance provider. Nobody enjoys that.
For many Canadians, your home is the largest investment you’ll make in your lifetime. Regular cleaning and maintenance not only makes life better for you, but it also increases the value of your home. (A fixer-upper is a lot harder to sell than a meticulously maintained property.)
Here are some of the typical tasks you’ll do to maintain your home:
What are closing costs? They’re the many fees and one-time expenses that everyone must pay when purchasing their home, but they are often overlooked in the budget. These aren’t strictly a part of a basic living expenses list, but it helps to factor them into home ownership budget for the first year or so.
These costs include:
There is no industry standard for real estate commissions in Canada, but they are typically between 3 and 7%. Speak to your realtor about their rates before you sign any deal – even 1% can mean the difference of thousands of dollars.
Canada is widely recognized as one of the best countries in which to live, but at what cost?
When it comes to the essentials, take a look at how Toronto and Montreal stack up against other popular cities in the world (according to TransferWise).
Monthly rent for a 1-bedroom flat:
A meal for 2:
A monthly transportation pass:
Of course, your household expenses vary greatly depending on how many people are living there and where you actually live. Always factor that into your basic living expenses list.
We’ll run with the same data from TransferWise in keeping with the Toronto example, but keep in mind it’s the second most expensive city in Canada:
How much it costs to be a homeowner also depends a lot on where you live. Canada has many exceptional cities, but that natural beauty can cost money.
From highest to lowest, these are the average monthly living expenses in Canada for 2020. They’re based on two people living in a fully furnished 900 square foot living space:
CITY | RENT | UTILITIES | LUNCH | TRANSIT PASS | TOTAL |
Vancouver | $2,143 | $2,143 | $17 | $107 | $2,374 |
Toronto | $2,049 | $130 | $17 | $145 | $2,341 |
Yellowknife | $1,800 | $410 | $22 | $59 | $2,291 |
Kelowna | $1,831 | $203 | $22 | $64 | $2,120 |
Mississauga | $1,633 | $183 | $22 | $137 | $1,975 |
Victoria | $1,627 | $123 | $18 | $84 | $1,852 |
St. John’s (NFL) | $1,388 | $318 | $17 | $77 | $1,800 |
Calgary | $1,456 | $211 | $19 | $103 | $1,789 |
Ottawa | $1,455 | $138 | $20 | $115 | $1,768 |
Nanaimo | $1,567 | $96 | $19 | $65 | $1,747 |
Edmonton | $1,305 | $257 | $20 | $95 | $1,677 |
Barrie | $1,376 | $214 | $18 | $87 | $1,695 |
Winnipeg | $1,308 | $190 | $17 | $98 | $1,613 |
Regina | $1,264 | $227 | $19 | $86 | $1,596 |
Oshawa | $1,208 | $229 | $16 | $128 | $1,581 |
Hamilton | $1,195 | $227 | $17 | $102 | $1,541 |
Saskatoon | $1,247 | $169 | $17 | $82 | $1,515 |
London | $1,188 | $202 | $21 | $83 | $1,494 |
Halifax | $1,128 | $179 | $22 | $79 | $1,408 |
Charlottetown | $1,063 | $243 | $18 | $66 | $1,390 |
You have everything you need with this basic living expenses list. Start budgeting for your new home and protect yourself with the right coverage.
Enjoy the new place!
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Behind every broker is a tech wiz or two, marketing mavens, culture champions, and financial aficionados. This is one of them, and aha insurance is even more awesome because of it.
Behind every broker is a tech wiz or two, marketing mavens, culture champions, and financial aficionados. This is one of them, and aha insurance is even more awesome because of it.
Behind every broker is a tech wiz or two, marketing mavens, culture champions, and financial aficionados. This is one of them, and aha insurance is even more awesome because of it.
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