There are many advantages to buying a home such as the ability to accumulate an asset that may increase in value over time, security of tenure, and the
ability to renovate or change your home to meet your needs. But it’s important to be sure you can afford to make the move from renting to home ownership.
This calculator only estimates the cost of closing and monthly utilities. Actual costs may differ. If you are considering buying an existing home, ask the realtor,
lawyer or banker for the utility bills for the last year or so, if they are not provided with the listing. This will give you a more accurate idea at what the utility costs may be.
Remember that buying a home for the first time after having lived in a rental may entail many other expenses such as purchasing appliances, gardening equipment and additional
furniture, etc. If purchasing a newly built home, you may also have additional expenses such as fencing and landscaping.
Consider the costs of repairs or renovations when buying a home. This is one reason why it is always important to have a home inspection done on the house you are planning to
buy. It can give you a good idea of the costs that lie ahead in the early years of ownership, like a furnace, windows or a roof that may need to be replaced.
If you're thinking of buying a condominium, ensure you budget for condominium fees if applicable.
The housing market in Canada over the last few years has been very robust and house prices have been increasing in most regions. It’s important to understand that there
is no guarantee that the housing market will remain the same over the long term.
For information visit the housing section of the
Canadian Consumer Handbook.