Anyone and everyone looking to rent or buy in Toronto will ask this key question at one point or another: “How much do monthly utility bills cost?".
So we thought we’d put everyone’s minds at ease by doing our best to give you an answer. This blog post will run Dwelly clients, readers, and soon-to-be Torontonians through the ins and outs of monthly utility costs.
For the purpose of this article, when we refer to utility costs we are referring to the following utilities, which are common to Toronto homes:
- Hydro (Electricity)
It should also be noted that most Toronto condos have heating and/or water included in the maintenance fee of the condominium building, so it’s worth noting that this would not always be an additional bill to the buyer or renter.
The cost of utilities also significantly depends on the following key variables:
- Type of home (condo vs houses)
- Size of home
Thus the estimated ranges provided below take into some consideration the type of home, the average size range of the home (based on number of bedrooms), and the average range of usage for people living in the city of Toronto. However, these estimates are provided to give a rough idea of what you would expect to pay for utilities in Toronto and not the exact values.
An additional cost to keep in mind for renters and home owners (via a mortgage, especially), is renters' or home owners’ insurance. This is not a utility bill but it’s worth noting that it can range from $30/month for renters' insurance for a condo, to $200/month for home owner insurance for a house.
We hope that this helps making your budgeting for the move just a tad easier. If you have any additional questions or would like to schedule home viewings in Toronto or the Greater Toronto Area, feel free to message us on dwelly.ca via the live chat.
Happy home search!