The recurring cost you should be aware of after your home purchase...

Other than your monthly mortgage, here is a list of ongoing cost that should be accounted for as part of your monthly expenses after your take possession of your new home:

·         Property Tax

·         Heating (if applicable)

·         Hydro (if applicable)

·       Water (if applicable)   

·         Condo fee (if applicable)

·         Cable (if applicable)

·         Telephone

·         Home Insurance

·         Other misc. costs (food, travel, entertainment, car insurance etc.)

        Generally your lawyer will inform the service utility companies of the change in ownership and billing for the purchase. It's wise to ask your buyer agent to get an estimate of the annual energy cost from the existing home owner for the home you are buying  to assist your budgeting.

The following are some numbers for utility companies in the Toronto area. You might want to bookmark or print out this information: