Our you considering renting or buying a condo in Toronto? The Liberty Quotes Team have done some research to help our clients decide what the best areas are in the GTA to buy or rent condos. Once you decide what option works best for you, we will assist in determining the best best insurance options for you to get you the best coverage with the best rates.
Buy or Rent a Condo in The 6ix
For those considering whether or not they should commit to buying a condo or continue renting, Zoocasa looked at how condo ownership versus rental affordability varies across the city and the results might surprise you.
The new report revealed that in 21 of the 35 City of Toronto neighbourhoods, the monthly cash outflow from paying a mortgage is lower than paying rent, so you may want to reconsider your current living situation.
To determine which neighbourhoods are cheaper to rent or own, Zoocasa compared the average monthly rent price based on data from the Toronto Real Estate Board’s Q2 2018 Condo Rental Market Report to the average condo price from the TREB’s Q2 2018 Condo Market Report.
According to the report, the monthly mortgage payment amount assumes a 20% down payment, 3.05% mortgage interest rate and a 25-year amortization. Keep in mind costs such as utilities, insurance, condo fees and property taxes were not factored in.