The hidden cost of free - MoneySense

The hidden cost of free

Winning a dream home in a lottery comes at a price for Markham, Ont. resident Kit Ling Kwan.

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A lucky Markham, Ont. resident, Kit Ling Kwan, recently won the Princess Margaret Welcome Home Sweepstakes dream home: a gorgeous, fully furnished $3.99-million mansion in Oakville, Ont. But if Kwan actually moves in, she may find that maintaining her dream home is a nightmare.

Each year, she’ll  pay:

Property tax: $30,700

Insurance: $5,000

Utilities: $7,100

Total annual expenses: $42,800

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