Home Ownership Costs In Winnipeg

Look at home ownership costs beyond the mortgage payments!

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How much does it cost to own a home in Winnipeg?

Aside from the mortgage payment, how much does it actually cost to own a home in Winnipeg? What are all the costs involved in buying a home?

Cost to own a home

Property Taxes

Depending on your area, value of the home, lot size and about 20 other factors, Property Taxes in Winnipeg can vary from about $1500 a year to tens of thousands a year.  This is also considered one of the major home owning costs.  Your ‘average’ home owner however should budget for between $200 and $300 per month.  That latter would cover a home with a GROSS property tax of $4,300 a year, (minus the current Homeowners Tax Assistance of $700)

Home Insurance

In a house, the owner needs to protect the entire building (and any outbuildings) from a variety of perils.  Again depending on the value of those buildings, the insurance will vary, but as a general point of reference, owners should budget between $75 and $100 per month.  In a high-rise condo, this will be significantly lower cost to own a home.

Heating & Electricity

Combined, the owner should budget for between $120 to $220 a month, approximately.  Much depends on the size of the home and family, as well as the quality of the home’s insulation.

Water & Sewer

On average, you should expect bet. $50-$80 per month, again depending on usage.  Have a large pie-lot that needs watering?  Got 3 teenage boys that take lots of hot showers?  Or are you an empty nester with very few watering needs?  All these things affect your water bill as a home owner.  This is another category which is normally covered by the condo fees, so condo owners already pay for this service.

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Emergency Fund

Unless your home is brand new and everything is still under warranty, a home owner is well advised to set aside a small emergency fund.  In a condo, this is usually included and called a ‘Reserve Fund’.  If you are buying a house, this should be calculated as one of the potential cost to own a home in Winnipeg.

What other cost to own a home are there?

Furniture and appliances, lawn maintenance, life insurance and other incidentals should be on your budget lists.

I hope that this does not discourage you from buying a home, as there are many benefits to home ownership that far outweigh the costs.Home Ownership Costs In Winnipeg cost to own a home

 

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Also check:  Closing Costs when buying a house or condo in Winnipeg

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