31 Jul Home ownership is more affordable than rent in these Toronto locales – Via Canadian Real Estate Magazine
Home ownership is more affordable than rent in these Toronto locales – Via Canadian Real Estate Magazine
Toronto condo prices have reached historic highs with a 6.5% year-over-year increase in Q2 2018, up to $603,480.
Accompanying record-low rental vacancy rates of below 1%, these factors are increasingly pushing home ownership as the more sensible path in sections of the red-hot market, according to a new analysis by real estate information firm Zoocasa.
Using second-quarter pricing data from the Toronto Real Estate Board, the study found that monthly payments for mortgage are lower than those of rent in 21 out of 35 City of Toronto neighborhoods. This is assuming a 20% down payment, a 3.05% mortgage interest rate, and a 25-year amortization, while not taking into account utility costs, insurance, condo fees, and property taxes.
The following neighborhoods (with TREB notations) have average monthly mortgage payments lower than the average rent: