Owning a Home
in Toronto

Closing day is the finish line of the purchase and the starting line of ownership. Once the keys are in your hand, the priority list shifts fast. The first 30 days are about securing the property, setting up the essentials, and taking care of the administrative work that most people let slide until it becomes a problem.

The most common mistakes new homeowners make are assuming things are set up that aren't (utilities, property tax, address changes) and skipping the obvious first step that everyone forgets: changing the locks.

• Change the locks immediately You have no way of knowing how many key copies exist. Rekeying costs $100 to $200 and should happen before you unpack a single box.
• Set up utilities in your name Toronto Hydro or Hydro One for electricity, Enbridge for gas. Confirm accounts are active on closing day. Do not assume the previous owner's accounts transfer to you automatically.
• Locate all shutoff valves and your electrical panel Know where your main water shutoff, gas shutoff, and circuit breakers are before you need them in an emergency.
• Update your address with CRA and Service Ontario CRA affects your tax return, benefits, and RRSP Home Buyers' Plan notices. Ontario law requires updating your driver's licence within 6 days of moving.
• Confirm your property-tax account and upcoming instalments Your lawyer normally sends the ownership information needed to update the City's account. Review your Statement of Adjustments, confirm the next property-tax due date, and watch for the City's Property Tax Account Statement. Once you receive the customer number, set up online access, eBilling, or pre-authorized payments. You remain responsible for payment even if the first bill has not yet arrived.
• Know your RRSP Home Buyers' Plan repayment schedule If you used the Home Buyers' Plan (up to $60,000 per person for withdrawals after April 2024), you generally repay the balance over 15 years. Your CRA HBP statement shows the minimum required repayment for each year, which is initially based on approximately one-fifteenth of the amount withdrawn but can change after early or missed repayments. Repayment normally begins the second year after the year of withdrawal, but withdrawals made between 2022 and 2025 have a temporary deferral to the fifth year.
• Sort out the Vacant Home Tax handoff Obtain the seller's filed Vacant Home Tax declaration or confirmation and understand which party is responsible for the next declaration. Toronto's transaction rules differ depending on when the closing occurs.
• Confirm insurance is in force as of closing Make sure the policy took effect on the closing date and that the insurer knows about anything relevant, older wiring, rental units, vacancies, oil tanks, or planned renovations.
• Record a baseline for major systems and appliances Note the model numbers and ages of the furnace, air conditioner, water heater, roof, and major appliances. Replace filters and test the smoke and carbon-monoxide alarms.

Toronto's climate is genuinely demanding on a home. Freeze-thaw cycles crack foundations and driveways. Humid summers invite mold. Ice dams in gutters cause roof and water damage that costs far more to fix than to prevent. The homeowners who avoid large unexpected repair bills are almost always the ones who treat maintenance as a regular habit rather than a crisis response.

A useful rule of thumb: budget 1 to 2 percent of your home's value per year for maintenance and repairs. On a $1 million property, that is $10,000 to $20,000 annually. Some years you spend much less. Some years the furnace or the roof reminds you the number is real. The percentage rule is a cash-reserve guideline, not a forecast; actual needs depend more on age, condition, size, construction, and remaining service life than on market value alone.

Most homeowners will renovate their property at some point. Done right, a renovation improves how you live in the space and protects or enhances resale value. Done wrong, it creates a paper trail of problems that surfaces at the worst possible time: when you are trying to sell.

Two decisions determine whether a renovation goes well or badly. The first is whether you pull the required permits. The second is who you hire to do the work.

Common projects that may require permits or separate regulatory approvals include structural alterations, additions, new or enlarged openings, basement work involving structural changes or new plumbing, underpinning, secondary suites, decks more than 60 centimetres above grade, and the installation or modification of heating and plumbing systems. Electrical work may require notification and inspection through the Electrical Safety Authority. Permit requirements depend on the exact scope, so confirm with Toronto Building and the appropriate authority before work begins.

On the contractor side, the vetting process matters as much as the quote. Ask for proof of liability insurance and confirm whether the contractor is registered with WSIB or qualifies for an exemption. A valid WSIB clearance confirms that a registered contractor's account is in good standing, but homeowners directly hiring contractors for certain residential renovation work may fall within an exemption from the mandatory clearance rules. Beyond insurance, look for a written scope of work, references from comparable recent jobs, any licences that apply, the required municipal permits, a realistic payment schedule with no large up-front deposit, a warranty, and clarity on who is responsible for subcontractors and inspections. Confirming a contractor's HST registration is a reasonable check, but it speaks only to tax registration, not to competence or solvency.

Toronto homeowners have historically benefited from mortgage paydown and periods of long-term price growth, but ownership outcomes vary substantially by purchase timing, financing, property condition, and holding period. Equity does not build itself. Homeowners can improve their long-term financial position by maintaining the property, making carefully selected improvements, and using home equity cautiously, although market conditions and financing remain major factors.

There are three levers Toronto homeowners typically use to build and access value over time.