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Monthly carrying costs when buying a home

When you take out a mortgage to buy a home, you know how much your monthly mortgage payment will be. However, that's not the only monthly cost associated with owning a home and the extra ones can add up fast. Depending on where your new home is located and which utilities it's hooked up to, the additional monthly costs will vary from home to home. Below are some of the most common costs you could have to pay each month as a homeowner.

Also read: How much does it cost to own a home in Toronto?

The below table shows the estimated monthly carrying costs for a $1,128,100 home with a $902,480 mortgage at 5.14%** amortized over 25 years.



Mortgage payment


Property tax


Home insurance




Internet / TV / Streaming


Home emergency fund / maintenance




Please note the information in this chart is for illustration purposes only. Monthly costs will vary from home to home. *Average home price for Greater Toronto as of April 2024, CREA / ** The best 5-year fixed uninsured rate as of April 15, 2024.

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Monthly cost glossary

Property Taxes

Condo Fees


Home Insurance

Cable, Phone and Internet

Home Maintenance

Budgeting for Savings and Debt

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