Find out the true cost of owning a home so you can invest more into your future.

CABLE/INTERNET

Cable television may run you anywhere from $50 - $100 per month. You may receive discounts if you bundle it with your internet. 

Internet fees will run you roughly $80 - $100 per month.

The main providers of these services in Alberta include Telus, Bell, and Shaw.

CONDO FEES (IF ANY)

Condo Fees or HOA Fees are fees collected by the board to pay for water, heat, insurance, and maintenance expenses. You must read the MLS listing or ask your realtor what your condo fees include, as it can differ with each property.

Condo Fees are typically auto withdrawn out of your account monthly on the 1st. You must contact the condo board prior to moving in to set up your pre-authorized payment.

Condo Fees or HOA Fees can cost anywhere from $50 per year upward to $1000 per month. 

HOME INSURANCE

Home Insurance is mandatory for each home. The type of insurance differs depending on the type of property and its use.

Single Family Homes: You are required to set up home insurance with an add on of fire insurance with the first loss payee as your mortgage lender. This provides coverage to the lender in the event your home burns down so that the lender is paid out.

Apartment Style Homes: In most cases, the apartment will have insurance set up on the entire building, and a portion of that cost will be built into the condo fees. This fee provides coverage for the structure of the apartment. The home insurance included in your condo fees does not protect you from the personal items and liability within your unit. Content insurance is an extension of insurance for your unit within the building. Content insurance can cover damage to personal items and liability happening within your unit.

Rental: You may also add on renters protection if you have a rental to protect you from loss of income in the event your unit can not be rented due to damage.

MAINTENANCE

Buying a new or newly renovated home can feel great as little maintenance needs to be done. However, with time, you will notice that things will start to creep up. It is essential to set aside 1% of your home value per year for maintenance. You may not have anything wrong in the first couple of years, but over time roofs will need to be replaced, appliances will begin to breakdown, and duct cleaning will be required.

When purchasing a condo, consider that maintenance work will be part of your condo fees. It is important to still budget as condo fees can increase with unexpected expenses, and appliances can still break within your unit.

PROPERTY TAX

Property Tax is an on-going expense. It is paramount that you budget for property tax, whether you pay monthly or yearly. There are three main ways of paying property tax:

Lender: You may need to pay your property tax through the lender. The lender will collect a portion of your property tax for each payment and remit it in June on behalf of the borrower.

Monthly City Program (Recommended): You may also have the ability to set up your taxes through the city. To look up the program in your city, google Tax Instalment Payment Plan (TIPP) and the city name. We recommend the TIPP program because of its accuracy and frequent payment plan.

Lump Sum: You may also pay your property tax once per year. Your property tax bill is received at the beginning of June each year and is due by June 30. The June payment covers the year from January 1 – December 31 of that year.

UTILITIES

Utilities are the services required to run your home, including power, water, sewer, heating, and recycling costs. The cost of utilities, especially heating costs, can vary widely from home to home and from season to season, depending on the construction of your home and the type of heating system installed.

It’s essential to get an accurate estimate of your utility costs from your realtor and factor in these expenses when calculating your additional monthly costs. Utility bills are usually due monthly. If your home is a condo, part of these expenses may be covered by condo fees.

When you buy a home, you’ll need to transfer the utility accounts into your name and make payments each month.

Here may be some useful links:

Power & Natural Gas

Water & Sewage

LIFE/DISABILITY INSURANCE

Personal insurance is often an expense that homeowners forget. You must keep and maintain your assets in the event you become disabled or pass away.

Insurance may run from $50 per person to several hundred dollars per person, depending on the amount of coverage needed, the type of insurance, the riders you add on along with any previous insurance you have with your existing employer.