Toronto Condos Rent Versus Buy
Should you rent in the Toronto Condos market or should you buy, a question many downtown residents ask themselves lately.
Ratios like the Toronto House Price To Rent Index is one of the many gauges of housing affordability between rents and home prices, Toronto Condominiums included.
Take Toronto and Vancouver where the ratio of how much a home is worth versus how much income could be charged for renting , has almost doubled since 1995.
New 25 year mortgage regulations for CMHC-insured mortgages are reducing the borrowing amounts for buyers as these mortgages now have to be paid back faster.
Renting Condos is proving to be a better option in the Toronto Condos market, especially downtown where professionals and other residents are in Toronto working on a contract basis and their future employment might not be Toronto in the near future.
Renting is the better option with a lot of choices too in the short-term but buying over the long term..buying is the best option.
Take a look at our Toronto Condos Rent Versus Buy Calculator and view some scenarios that can help your own decisions.
Iris Li, is a Toronto Remax Condos Realtor who specializes in Toronto downtown Condos, Condominiums and Lofts.
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