Buying a Home in Prince George: The Real Cost of Homeownership in Your First Year
If you are renting right now, homeownership can look deceptively simple. You see a mortgage payment online, compare it to rent, and think, hey, I can swing that. Easy peasy, lemon squeezy… until reality shows up with a toolbox and a heating bill.
In Prince George and across Northern BC, one of the biggest surprises for first-time buyers is not the purchase price — it is the true cost of owning and running a home during that first year. And trust me, the house does not care if you are new. It will still need heat, maintenance, and the occasional “well, that was unexpected” repair.
Before you buy, it helps to zoom out and look at the full picture. Not just the mortgage, but the real, everyday costs of homeownership in Prince George.
Mortgage, property taxes, insurance, and strata fees
Your mortgage payment is only the starting point. It includes your principal and interest, and if your down payment is under 20 percent, mortgage default insurance rolled into the loan. On top of that, you will pay annual property taxes based on the home’s assessed value, plus home insurance, which lenders require.
If you are buying a condo or townhome, add monthly strata fees. Those cover things like building insurance, common area maintenance, snow removal, and long-term repairs. While strata fees feel separate, they are really just another way of paying for upkeep — similar to maintenance costs on a detached home.
These core expenses form the foundation of your homeownership budget and will follow you every year you own the property.
Closing costs in the first year
This is where many buyers get caught flat-footed. Closing costs are real, unavoidable, and very much a year-one expense.
In Canada, closing costs typically run between 1.5 and 4 percent of the purchase price. These can include a home inspection, appraisal, legal fees, title insurance, property tax adjustments, utility adjustments, a possible survey, and moving costs.
They are not monthly, but they arrive all at once. Planning for them upfront keeps your first year of homeownership from starting with financial whiplash.
Monthly utilities and living costs
When you own a home in Prince George, you pay for everything that keeps it running. Electricity, natural gas or heating oil, water, sewer, garbage and recycling, internet, and sometimes TV or phone services.
If you are moving from an apartment where heat or water was included, expect a noticeable jump. A smart move is to ask for past utility bills and budget using the most expensive month. That way winter heating costs feel expected, not shocking.
Seasonal services like snow removal, lawn care, or pest control can also become part of your regular expenses, especially for busy homeowners or those planning ahead for aging in place.
Home maintenance and repairs
This is the part no mortgage calculator warns you about.
As a homeowner, every squeak, drip, crack, and rattle is now your responsibility. Small jobs add up: leaky taps, worn caulking, sticky doors. Bigger jobs arrive eventually: hot water tanks, furnaces, roofs, appliances, driveways, and siding.
A common rule of thumb is to budget 1 to 3 percent of your home’s value each year for maintenance and repairs. Older homes or fixer-uppers may land closer to the high end of that range.
Your home inspection is your best crystal ball. If it mentions items likely needing attention in the next one to three years, assume they will cost real money — because they will.
Setting up your home from scratch
Many first-time buyers underestimate how much “stuff” a house needs. Furniture that fit an apartment may not work in a larger space. Window coverings, lighting, storage, rugs, and basic tools often get purchased quickly after move-in.
Then there is the seasonal gear that comes with Prince George living. Lawn equipment in spring, gutter tools in fall, snow shovels, ice melt, and heavy mats in winter. Planning for these gradually beats panic-buying everything in one weekend.
Emergency funds and first-year learning curves
Even the most prepared buyers make first-year mistakes. Buying the wrong part, hiring the wrong contractor, or discovering a repair you did not anticipate happens to almost everyone.
Having a small, separate savings buffer helps you handle both true emergencies and normal learning moments without leaning on high-interest debt. Think of it as future-you’s stress-reduction fund.
The goal is not perfection — it is resilience.
Planning ahead makes homeownership manageable
Buying a home in Prince George should feel exciting, not suffocating. When you understand the full cost of homeownership — from mortgage and utilities to maintenance and setup — you can buy with confidence instead of crossing your fingers.
If you are thinking about buying your first home, downsizing, or comparing condo fees versus house expenses, I am happy to walk through the numbers with you in plain language. No pressure, no jargon, and no pretending the litter box does not smell when it needs cleaning. 😸
To talk through your options, reach out anytime:
jasonlukehomes@gmail.com
250-301-9960
Helping Prince George homeowners plan smarter moves, one paw-sitive step at a time. 🐾🏡
