The following is an estimate of the costs associated with the normal operation of a home in the Toronto area. As costs vary from one area of the city to another, these figures should only be used as a guideline.

Realty Taxes

Property owners have the option of paying their property taxes in eight instalments over the course of the calendar year. Mortgage companies may require that they pay the property tax and collect it with your monthly mortgage payment. Realty taxes range from $1,800 to $6,000 or more per year depending on the size and location of the property. These figures are available on every property listing.


Home heating is usually provided by natural gas, oil or electricity. Costs vary depending on the type of fuel, size of the home, amount of insulation, exposure and usage. The average cost of heating a home with gas or oil is $75 to $200 or more per month. Electricity is usually more expensive. Costs vary greatly depending on usage, but the average monthly expense for a four-person family is $100 to $250 or more. Billing is generally every two months.


Insurance is essential for all homeowners and is required by your mortgage company before releasing the funds to close the deal. Premiums are based on the replacement cost of the building and start at around $550 per year.

Water & Sewage

Most properties in Toronto are now on water meters and are billed according to usage. Some older parts of the city are still on a flat rate and property owners pay approximately $600 a year or more for both services.


A homeowner should budget 1%-2% of the purchase price of the home per year for ongoing maintenance and repairs to the home. Mortgage costs are the amount that it costs to borrow per month as per the bank rates. 

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