Financing the original purchase of your property is not the only expense that you will be confronted with; day-to-day running costs can also be a burden. Taxes and utilities must both be paid regularly, and can be quite expensive at times.
Property Tax is levied annually by the local communities and varies greatly between each province. The provincial assessment authority draws a list of tax rates by property value and assesses yours. This tax can vary each year depending on the property value, but will generally remain between 0.5% and 2.5% of the market value.
Property Insurance covers the replacement of your home and its contents in case of destruction. Replacements are entirely calculated on the value of your house – not as you bought it – but as it would cost to build. Prices between different options and different insurers vary. Keep in mind that the more elaborate your house and the more complete your coverage, the more you will have to pay.
Setting up new services and utilities usually charge a one-time installation cost of between $35 and $50.
On top of this, you will be required to pay for your charges in electricity, gas, water and sewage.
Fuel bills will be sent out monthly, and the amount is entirely dependent on the size of your property, how much you use and your location. They might also depend on the seasons - fuel costs less in winter, when it is necessary to heat the houses. In isolated regions, fuel is not delivered to the houses and instead bottled gas is used, as well as wood and oil.
Water and sewage are metered and the bills come quarterly. Due to the remoteness of some houses, it is possible to have a sceptic tank and a shared water supply.