Whether you choose to purchase a home or rent a home in Owen Sound, your mortgage or rent will be just one thing to factor into the cost of living. With owning a home, you’ll also have to pay for utilities such as hydro and heat, municipal water (unless your home is on a well), property taxes, home insurance, and maintenance costs, among others. Living in Owen Sound will also likely necessitate owning a car, so factor in any car payments. With a vehicle, you’ll also pay for gas, maintenance, and auto insurance.
Unfortunately, Ontario has some of the highest auto insurance rates in Canada, second only to British Columbia. The average cost of auto insurance in Ontario is $1,528, according to the Insurance Bureau of Canada.
While searching for the lowest mortgage rates in Owen Sound, you might also want to consider the other costs of living that you’ll have to cover as well. It’s a good idea to make a budget to determine whether or not the move is affordable.