Do You Actually Know What Your Housing Really Costs Each Month?

Here’s a stat that stopped me this week: 68% of Canadians don’t actually know what share of their budget goes to housing. Not a rough guess — they genuinely don’t know the number.
I see this all the time as a mortgage broker in Pickering. Someone comes to me for a refinance or a renewal, and when I ask “what’s your total monthly housing cost right now?” I get a pause. They know the mortgage payment. But the property tax? The insurance? The utilities, the maintenance they’ve been putting off? That number is fuzzier than they’d like to admit.
And here’s why it matters more than ever: we’re in the biggest mortgage renewal year Canada has ever seen. About 1.15 million mortgages are renewing in 2026. If you’re one of them, your payment could change significantly — and if you don’t know your true housing cost today, you can’t plan for what comes next.
So let’s fix that. Grab a coffee and do this with me.
The real housing cost formula
Your true monthly housing cost isn’t just your mortgage payment. It’s:
Mortgage payment (principal + interest)
•
Property tax (monthly portion)
•
Home insurance
•
Utilities (heat, hydro, water)
•
Condo fees (if applicable)
•
Maintenance reserve (budget 1% of home value per year, divided by 12)
That last one surprises people. On a $700,000 home in Durham Region, that’s about $580 a month you should be setting aside for the roof, the furnace, the things that break when you least expect it. Most people budget zero.
A simple method that actually works
MoneySense recently highlighted something called the cash-flow method, and I love it for its simplicity. Instead of tracking every dollar, you use three accounts:
1.
Bills account — all housing costs and fixed bills go here. Fund it on payday.
2.
Spending account — groceries, gas, fun. What’s here is what you can spend.
3.
Savings account — pay yourself first, even if it’s small.
When your housing costs live in their own account, you see the real number every month. No guessing. And when renewal time comes, you’ll know exactly how much room you have — or don’t have — if your payment goes up.
What this means if you’re renewing soon
If your mortgage is renewing in the next 6-12 months, knowing your true housing cost is your superpower. Here’s why: the best mortgage broker in Ontario isn’t just going to quote you a rate. They’re going to look at your full picture and ask, “Can you actually afford this payment alongside everything else?”
A trusted mortgage broker will help you stress-test. What if rates are higher than expected? What if you need to extend your amortization to keep payments manageable? These are real conversations I’m having with clients in Pickering and across Durham Region every week.
The opportunity hiding in plain sight
Here’s what most people miss: knowing your true housing cost often reveals you’re spending less than you feared — or it shows you exactly where to trim so you can afford the home you actually want. Either way, you win.
And if you’re a first-time buyer? This exercise is even more important. The bank qualifies you on the mortgage payment, but YOU have to live with the full cost. A mortgage broker I can trust — that’s what my clients tell me they were looking for — will walk you through the real numbers before you fall in love with a house.
Bottom line: you can’t manage what you don’t measure. Take 20 minutes this week, add up your true housing cost, and you’ll make better decisions at renewal, at purchase, and every month in between.
Want to see what your payment could look like? Try the payment calculator on askmurali.ca and then book a call with me at https://calendar.app.google/v8CtU4HfYjA25bC57. We’ll go through your real numbers together — no guesswork.

A top mortgage broker should welcome detailed questions. The answers help you compare the whole mortgage and avoid surprises later.

– Why does this lender and product fit me? Ask for the reasoning in plain language and how the recommendation connects to your goals.
– What is the total cost? Confirm the rate, payment, lender or broker fees, appraisal costs, legal costs and any other charges that apply to your situation.
– How is the prepayment penalty calculated? Fixed and variable mortgages can use different formulas. Ask for examples and understand what might happen if you sell, refinance or break the term early.
– What can I prepay each year? Review lump-sum and payment-increase privileges, when they reset and whether unused room carries forward.
– Can I move, refinance or add a HELOC? Portability, blend-and-extend options, collateral charges and refinance restrictions can matter long before renewal.
– What conditions remain? An approval may still depend on income documents, down-payment verification, appraisal, insurance or property details. Get a clear list and deadlines.
– What happens after closing? Ask who supports you at renewal, where payments and tax information are found, and how early your options should be reviewed.

These questions are useful whether you are speaking with a bank representative or a mortgage broker in Pickering, Durham Region or anywhere in Ontario. Murali Raveendran encourages borrowers to compare answers, not just advertisements. A low rate can be valuable, but only when the mortgage also fits your plans.

Bring your estimate to the conversation and use these seven questions as your checklist.
Bring your estimate to the conversation and use these questions as your checklist.

What a bank can offer

Your bank already knows your day-to-day banking relationship, and keeping accounts together can feel convenient. A bank may offer a competitive promotion or package. The limitation is that the representative compares products available through that institution, not the wider market.

What a mortgage broker can offer

A broker can approach different lender types and help structure an application before it is submitted. That can be useful for a straightforward purchase and especially helpful when income, property type, credit history or business ownership needs more explanation. Lender access varies by broker, so ask which options were considered.

“Best rate” needs context

In 2026, rate advertisements still do not tell the whole story. A restrictive mortgage with a low rate may cost more if you need to break it, refinance it or access equity. Compare the annual rate alongside prepayment privileges, penalty language, portability, fees, HELOC availability and service.

How to make the choice

Ask both the bank and broker to explain the recommendation in writing. Use the same loan amount, amortization and payment frequency so the comparison is fair. Then consider how likely your income, family plans, property or borrowing needs are to change during the term.

Murali Raveendran works with borrowers in Pickering, Durham Region and across Ontario to compare mortgage and financing options around the client’s real plan. The goal is not to claim every broker beats every bank; it is to make the trade-offs visible before you sign.

See how the payment changes with different planning rates, then book a time to review the full picture.
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See how the payment changes with different planning rates, then book a time to review the full picture.Try the payment calculator