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How Much Does it Really Cost to Own a Home in Markham

Written by on Thursday, 30 April 2015 1:58 pm
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 The City of Markham has long been considered a great place to live. But, for anyone looking to buy a home there, the city’s hard-earned reputation as a livable community also makes it traditionally among Canada’s most expensive places to buy a house.

To make matters worse, the houses for sale in markham is just the first cost you’ll need to cover if you want to actually own it. In fact, while many people consider that their mortgage payment will be the largest part of the cost of owning a home, many of the other costs listed below can add up to be a significant portion of the overall costs of ownership.

Mortgage Costs

There’s good news and bad news regarding mortgage costs. First the good news is that mortgage interest rates in Canada continue to be at record low levels and they show no signs of going up in the foreseeable future. The bad news is that the resulting rush to buy a home at the lower rates has driven up home prices to record high levels.

Property Taxes

No one likesto pay taxes, but, without your property taxes, you wouldn’t have any local roads, snow removal or schools, among a number of other services that the city provides. The property tax rate in Markham is currently set at .83%. That means you will pay that percentage of the assessed value of your home in property taxes each year. The taxes for a house assessed at $1,000,000 will be $8,300.

Utility Fees

Unless you plan to live in the dark, and not heat your home, or use any water, you will need to factor in utility fees into the overall cost of home ownership. Fortunately, with an abundance of all of those utilities, Canada has some of the lowest utility fees in the world. Heating and air conditioning will likely be your highest utility costs.

Home Insurance

You need to be prepared in case anything happens to your home or belongings, or if for some reason you can no longer pay your mortgage. And that means you need to be prepared to pay for house and mortgage insurance.

Maintenance & Repairs

Even new homes will need some maintenance and repairs at some point, though hopefully not as much as older homes. If you’re buying an older home (more than 20 years old) you might need to consider replacing the roof, windows and more.

 

 

 


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