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Rent vs Buy Toronto Real Estate

The Battle of Renting vs Buying Toronto Real Estate

The average renter in Toronto needs approximately 14 months of rent payments to afford the minimum downpayment for a condo purchase. A typical rental rate in Toronto for a 1-2 bedroom unit is on average $2,680/mo. This means the average first-time homebuyer needs approximately $37,520 to purchase an entry-level condo unit.

Is it worth it? The average price of a condo in Toronto is $628,074, appreciating at an average annual rate of 8.24% (year-over-year for October 2019). If the general trend continues it will take about 9 months for the buyer to recoup their investment in appreciated value. So yes, generally speaking, it’s worth it.