Home Operating Costs and Other Costs


Property owners have the option of paying their property taxes in eight instalments over the course of the calendar year. Mortgage companies may insist that they pay the property tax and collect it with your monthly mortgage payment. Realty taxes range from $2,500-$5,500 a year depending on the size and location of the property. Taxes are reassessed on an ongoing basis.


Home heating will usually be provided by natural gas, oil or electricity. Costs vary depending on the type of fuel, size of home, amount of insulation, exposure and usage.


Costs vary greatly depending on usage, e.g. how many people you have in the home, the size of your home, how many energy efficient cost measures you have undertaken such as Energy Saver appliances. Usually billing is every second month or you can go on equal billing and pay monthly.


Insurance is essential for all homeowners and is required by your mortgage company before it will release the funds to close the deal. Premiums are based on the replacement cost of the building and start at around $1000-$2000 per year.


Most of the properties in the City of Barrie are on municipal water and municipal sewers. These services are billed according to usage. Most properties on the outskirts of the City of Barrie will be on well and septic. These services work fine, but you need to know how to maintain them, and try to have an inspection when buying a home with these services.


A home inspection is strongly recommended for most residential properties and will usually be a condition of the offer. Your Sales Representative can assist you in choosing your home inspector. This ranges from $350 – $500 depending on the size and value of the property. For some properties additional inspection services may be required eg: Septic Inspection or if the property has wood burning appliances such as a fireplace or woodstove (WETT certificate)


When you apply for a mortgage, the lender will want to see an appraisal on the property to ensure that the price you are paying falls within the accepted range of value for that type of property and that area of the city. The fee for this is usually between $300-$500.


When you make an offer on a freehold property you will usually ask the Seller to provide a copy of the survey for the property. The purpose of this survey is to show the boundaries as well as the footprint of the building on the site. If there is no survey available, you may wish to hire a surveyor to prepare one at a cost of approximately $1,000 to $2,000.

Well Water Potability Test

If you purchase a property with well water you will need to do a well water potability test. This test insures the water is safe for human consumption. This is a requirement for most mortgages, and it is just a smart thing to do. It is a free service from the local health unit and it should be done during the conditional period, and at least once a year.


Most Lawyers insist on you purchasing Title insurance. This is done by your Lawyer and it provides you insurance against the future costs of remedying most of the problems associated with the title on your property. Ask your Lawyer to explain the benefits and the cost of this service (average is approx $250-$500).