Once you’ve signed the dotted line on your mortgage – which is no small matter – and covered one-time real estate related expenses, then the ongoing costs of home ownership set in.
In addition to utilities, taxes and insurance, there is maintenance, upkeep and improvements to factor in as well. It’s important to understand these too before you buy.
- The Canadian Mortgage and Housing Corporation has a handy mortgage affordability calculator on its site which can help you to account for some of the monthly costs. Or for a quick estimate, try the Ottawa Real Estate Board’s Mortgage Calculator.
- To get a better idea about municipal taxes, check out the City of Ottawa’s Property Tax Estimator, or learn how properties are assessed through the Municipal Property Assessment Corporation (MPAC).
- And, if you’re interested in comparing mortgage rates, this comparative table gives a good overview of a very competitive mortgage market.
You’ve probably already heard that being “house poor” can put a dent in your lifestyle, so don’t forget to account for it as well when you are considering the purchase of property. Luckily, our approach to buying helps you do just that!