Zolo Study Reveals Homeownership Costs Vary Dramatically Across Canada

Toronto, Canada, 2021-May-25 — /EPR Network/ — 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:

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.

For more information and to view detailed charts, please visit www.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