News from Canada's Mortgage Experts

Number 1 - Property Tax

Many of the services you’ll enjoy in your new neighbourhood, from parks and recreation facilities to road maintenance and schools, are funded in part by municipal property taxes. Rates vary widely, from region to region and home to home. Annual taxes can top several thousand dollars in urban centres, so some homeowners opt to pay in installments — your lender may provide an option to combine these with your mortgage payments.

Number 2 - Energy Costs

If you’re used to keeping the lights on and the thermostat up because utilities are included in your rent, you’ll now have to pay for these costs. Budget to cover monthly gas, electric, or oil bills, which fluctuate with the seasons. Your real estate agent can ask a home’s seller to confirm past costs.