Renting a house for the first time, just found out that it's oil heated... how much are we looking at paying?

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Feb 20th, 2018 11:02 pm

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Feb 18th, 2018 6:34 pm

NeoSlasher [OP]: Sr. Member; Dec 21, 2008; 558 posts; 110 upvotes

Feb 18th, 2018 6:34 pm

Renting a house for the first time, just found out that it's oil heated... how much are we looking at paying?

Hi everyone,

I can't seem to find any solid sources about how much it could cost to heat a house with oil. I've seen a huge range, anywhere from $90 a month to quite a few horror stories of $500 to $1000 a month.

Realistically, how much can I expect to pay? I know it depends on consumption, but is there a range that could give me an idea? It's a bungalow with a basement in North York.

Thanks in advance for any information!

7 replies

Feb 18th, 2018 8:10 pm

Ziggy007: Deal Fanatic; Mar 15, 2005; 5491 posts; 1035 upvotes

Feb 18th, 2018 8:10 pm

Will really depend on square footage, furnace efficiency, home insulation and preferred indoor temp, but wouldn't be surprised at a couple hundred dollars or more per month

Feb 18th, 2018 8:13 pm

Spiritwalker2222: Member; Dec 5, 2017; 207 posts; 166 upvotes

Feb 18th, 2018 8:13 pm

Ask the landlord, he should know what it has used in the past.

Feb 19th, 2018 2:36 am

sidshock: Deal Addict; Mar 23, 2003; 4385 posts; 1112 upvotes; Hamilton

Feb 19th, 2018 2:36 am

What's the size and what's the eff rating of oil furnace?
Just look at it. If it's newer it'll have a tag or sticker boasting the eff. 70% or higher is good on oil if I remember correct.
Also oil will heat faster. (gets hotter than your natural gas furnace)
If the home is insulated and it's a newer oil furnace. It will be good.

Feb 20th, 2018 1:04 pm

mtran66: Jr. Member; Sep 10, 2009; 144 posts; 45 upvotes

Feb 20th, 2018 1:04 pm

I also had a bungalow that came with an oil furnace. The seller filled it up prior to the sale in Dec. It lasted until February. A whole tank is about $700 i think. I worked with my oil supplier to plan a change to natural gas heating. I filled up $550 worth in Feb and it lasted just long enough until spring.

Feb 20th, 2018 1:43 pm

dirtmover: Deal Addict; Nov 2, 2005; 4276 posts; 1548 upvotes; WFH

Feb 20th, 2018 1:43 pm

Depending on the property it can get pretty horrific. In my experience the Enbridge energy calculator does fair job of estimating your costs if you know the stats of the property. Heating with oil will cost about 170% more than high efficiency gas.

Feb 20th, 2018 6:51 pm

CdnRealEstateGuy: Deal Fanatic; Feb 2, 2014; 8976 posts; 2569 upvotes; Toronto

Feb 20th, 2018 6:51 pm

NeoSlasher wrote: ↑ Hi everyone,

I can't seem to find any solid sources about how much it could cost to heat a house with oil. I've seen a huge range, anywhere from $90 a month to quite a few horror stories of $500 to $1000 a month.

Realistically, how much can I expect to pay? I know it depends on consumption, but is there a range that could give me an idea? It's a bungalow with a basement in North York.

Thanks in advance for any information!

It's way more pricey than gas. Is the rent super low?

Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

Feb 20th, 2018 11:02 pm

NeoSlasher [OP]: Sr. Member; Dec 21, 2008; 558 posts; 110 upvotes

Feb 20th, 2018 11:02 pm

CdnRealEstateGuy wrote: ↑ It's way more pricey than gas. Is the rent super low?

Moderately low, but not low enough considering the place was pretty meh. It was $2000 for a bungalow with a basement in the Toronto area, which is an ok price.

I think, based on the advice in this thread, I'm going to pass on the place. It doesn't seem worth the risk.

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