Real Estate

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

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
Deal Fanatic
Mar 15, 2005
5491 posts
1035 upvotes
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
Deal Addict
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Mar 23, 2003
4385 posts
1112 upvotes
Hamilton
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.
Jr. Member
Sep 10, 2009
144 posts
45 upvotes
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.
Deal Addict
Nov 2, 2005
4276 posts
1548 upvotes
WFH
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.
Deal Fanatic
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Feb 2, 2014
8976 posts
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Toronto
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
[OP]
Sr. Member
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Dec 21, 2008
558 posts
110 upvotes
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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