Home Expenses in Canada

Home Expenses in Canada

Introduction

  • Overview of the significant expenses associated with owning a house in Canada.
  • Discussion of personal experiences related to homeownership and costs in Canada.

Home Anniversary

  • Celebration of the first year anniversary in the current home (April 25, 2023).
  • Invitation for well-wishes in comments.
  • Previous home tour video received 1,400,000 views.

Expenses Overview

  • Comparison of living expenses between renting and owning a home.
  • Notable increase in expenses after purchasing a home due to various factors.
  • Common issues faced by homeowners, including high interest rates affecting closing deals.

Major Expenses When Owning a Home

Mortgage vs. Rent
  • Previous rent: approximately $1,150 monthly for a one-bedroom apartment including living room and small kitchen.
  • Current mortgage payment: approximately $3,200 monthly for a larger house with five rooms, a basement, and 2.5 washrooms.
Utility Bills
  • Total monthly bills (heat, water, electricity, water heater) amount to approximately $300 - $400 combined.
  • Internet and phone expenses: approximately $150 - $200 monthly.
  • Home insurance costs approximately $70 monthly.
Annual Expenses
  • Property taxes based on the size of the house: approximately $6,000 - $7,000 annually.
  • Reflection on the ongoing nature of property taxes regardless of mortgage payment status.
  • Inclusion of various municipal services funded by property taxes such as waste collection, road maintenance, and education.

Maintenance and Repairs

Home Ventilation and Humidity Control
  • Importance of proper HVAC systems in homes, especially in wooden houses where humidity management is critical.
  • Regular costs associated with filter changes for HVAC systems ranging from $8 - $30 depending on quality and lifespan.
  • Annual maintenance reminder received after one year of residence, along with estimated maintenance costs around $250.
Water Softener Installation
  • Hard water issue in certain areas necessitates the installation of a water softener, budgeted at approximately $3,000.
  • Monthly costs for salt necessary for the operation of a water softener: approximately $10 (with different prices for various types of salt).
Additional Equipment
  • Investment in home gym equipment to save on gym membership costs ($100/month), including a quality exercise bike (originally priced at $2,000, purchased for approximately $681 with discounts).
  • Description of features offered by the exercise bike.

Water Heater Cost

  • Water heater installation costs approximately $4,500, with a positive outcome of eliminating the monthly rent costs for that service ($40 - $50).
  • Comparison of financial decisions made to buy out the water heater to avoid long-term rent agreements.

Total Monthly Expenses

  • Estimation of total home-related expenses approximately $4,600 per month, excluding groceries, car insurance, car payments, and eating out.
  • Additional costs when considering a larger home for rent which might reach $3,500 - $3,600.
  • Expected range of expenses when including all aspects such as groceries and family care could reach $7,000 - $8,000.

Personal Reflections

  • Assessment of whether the experience of owning a home is regrettable: positive reflections on increased productivity and comfort with more space.
  • Acknowledgment of managing household dynamics better with more rooms for guests and family.
  • Emphasis on the emotional aspect of homeownership, particularly within Indian culture of having a dream home.

Final Thoughts

  • Thanking viewers for watching and encouraging them to like, comment, and subscribe for more tips.