Zolo Study Reveals Homeownership Costs Vary Dramatically Across Canada
The costs of homeownership can vary widely depending on the area of Canada that one resides in.
Vancouver, Canada, May 24, 2021 --(PR.com)-- According to data the variation in housing costs and affordability of homeownership varies dramatically across Canada. While the average amount of an individual's budget spent on homeownership should be around 35% of total earnings, the study from Zolo, one of Canada's most popular and well-trusted national real estate marketplaces, shows that housing costs in places like Vancouver and Toronto can eat as much as 42% of homeowner’s budget.
"Buying and maintaining a property requires considerable financial planning,” explains Romana King, an award-winning personal finance columnist and the Director of Content at Zolo. “We put together an interactive budget spreadsheet to help current and potential homeowners work out what they can afford and based our research on benchmark costs of homeownership across the country."
To assist potential homeowners in planning for their property purchase, Zolo has compiled a comprehensive budget spreadsheet, which users can fill in with their individual income and expenditure details. The spreadsheet includes average figures for a variety of expenses. This helps users who may not yet know the cost of a service, or who don't have much idea how much they should be paying for a particular expense.
Of the 12 provinces and territories examined, the four most expensive regions to live in, as a homeowner, are:
1. British Columbia
Direct Expenses: $3,850
Maintenance Expenses: $303
Discretionary Expenses: $145
Total Expenses: $4,298
2. Ontario
Direct Expenses: $3,890
Maintenance Expenses: $154
Discretionary Expenses: $101
Total Expenses: $4,145
3. Yukon
Direct Expenses: $2,491
Maintenance Expenses: $138
Discretionary Expenses: $101
Total Expenses: $2,491
4. Alberta
Direct Expenses: $2,012
Maintenance Expenses: $171
Discretionary Expenses: $112
Total Expenses: $2,295
Direct expenses include the mortgage on the property, heat, property taxes, etc.
Maintenance expenses include snow removal, gutter cleaning, etc.
Discretionary expenses include internet, cable TV, home phone, etc.
If housing costs take up more of a person’s budget, this impacts the amount of disposable money — funds left to meet other financial needs and wants. Another factor that impacts the level of disposable income is the amount of money a person can earn to pay for living expenses. According to the Zolo study, households in some provinces have a higher average earning capacity than households in other provinces.
To view detailed charts for this article please go to Zolo.ca.
About Zolo
Zolo is one of Canada's most popular and well-trusted national real estate marketplaces where, each month, over 10 million home shoppers go to buy, sell, rent, finance, and learn about real estate.
Press Contact:
Nicole Sullivan
nicole.sullivan@zolo.ca
416-895-5407
"Buying and maintaining a property requires considerable financial planning,” explains Romana King, an award-winning personal finance columnist and the Director of Content at Zolo. “We put together an interactive budget spreadsheet to help current and potential homeowners work out what they can afford and based our research on benchmark costs of homeownership across the country."
To assist potential homeowners in planning for their property purchase, Zolo has compiled a comprehensive budget spreadsheet, which users can fill in with their individual income and expenditure details. The spreadsheet includes average figures for a variety of expenses. This helps users who may not yet know the cost of a service, or who don't have much idea how much they should be paying for a particular expense.
Of the 12 provinces and territories examined, the four most expensive regions to live in, as a homeowner, are:
1. British Columbia
Direct Expenses: $3,850
Maintenance Expenses: $303
Discretionary Expenses: $145
Total Expenses: $4,298
2. Ontario
Direct Expenses: $3,890
Maintenance Expenses: $154
Discretionary Expenses: $101
Total Expenses: $4,145
3. Yukon
Direct Expenses: $2,491
Maintenance Expenses: $138
Discretionary Expenses: $101
Total Expenses: $2,491
4. Alberta
Direct Expenses: $2,012
Maintenance Expenses: $171
Discretionary Expenses: $112
Total Expenses: $2,295
Direct expenses include the mortgage on the property, heat, property taxes, etc.
Maintenance expenses include snow removal, gutter cleaning, etc.
Discretionary expenses include internet, cable TV, home phone, etc.
If housing costs take up more of a person’s budget, this impacts the amount of disposable money — funds left to meet other financial needs and wants. Another factor that impacts the level of disposable income is the amount of money a person can earn to pay for living expenses. According to the Zolo study, households in some provinces have a higher average earning capacity than households in other provinces.
To view detailed charts for this article please go to Zolo.ca.
About Zolo
Zolo is one of Canada's most popular and well-trusted national real estate marketplaces where, each month, over 10 million home shoppers go to buy, sell, rent, finance, and learn about real estate.
Press Contact:
Nicole Sullivan
nicole.sullivan@zolo.ca
416-895-5407
Contact
Zolo
Romana King
416-895-5407
www.zolo.ca
Romana King
416-895-5407
www.zolo.ca
Contact
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