Ongoing costs like property taxes, strata fees, and maintenance typically add 0.5–2% of your home's value each year in Greater Vancouver and the Fraser Valley, with stratas carrying higher fixed fees but less personal upkeep than detached homes.

Property Taxes in Greater Vancouver/Fraser Valley

Rates average 0.40–0.50% of assessed value annually, blending municipal (0.25–0.35%) and school taxes (around 0.11%), so a $1.5 million home might run $6,000–$7,500 yearly or $500–$625 monthly. The Home Owner Grant offsets $570 for principal residences under $2.175 million assessed value, applied automatically, with bills split into payments due late spring and fall.

Strata Fees (Condos/Townhomes)

Expect $0.50–$1.00 per square foot monthly, meaning $600–$1,200 for a 1,200 sq ft unit, covering insurance, management, amenities, utilities, and contingency reserves. Older buildings or those with pools/gyms trend higher; scrutinize the depreciation report for looming repairs like piping or balconies that could add special levies of $10,000–$30,000 per unit.

Maintenance and Utilities

• Detached homes: Plan 1% of value per year ($15,000 for $1.5M home) for roofing, siding, HVAC, and yard work—big-ticket items cycle every 10–30 years.

• Stratas: Focus on interiors (flooring, appliances: $3,000–$5,000/year), as the corporation handles exteriors.

• Utilities run $250–$450 monthly (BC Hydro $120, gas $90, water/sewer $120), varying by size, efficiency, and heating type; multi-family units often share meters.

Budgeting Tips

Include these in total housing costs (target under 35% of income with mortgage). Compare utility bills from seller data, get insurance quotes ($1,000–$2,000/year), and reserve $10,000+ for emergencies. Inflation pushes 3–6% annual increases, so overestimate for safety.