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RSS FeedsHow many months´ rent does it take to buy a Toronto condo?
(The Star Travel)


15 november 2019 01:00:09

How many months´ rent does it take to buy a Toronto condo?
(The Star Travel)

Toronto’s condominiums are continuing to soar in price — but a new study has found that there are still areas in the city where less than a year’s worth of rent is enough for a down payment. New research from real estate brokerage and website Zoocasa Realty Inc. ranks 35 neighbourhoods in the 416 by the amount of time it would take to save for a condo down payment if you didn’t have to pay local rental costs. The most affordable condos were in West Hill and Centennial Scarborough, where it would take 7.7 months’ worth of rent for the minimum down payment on a condo. The least affordable were in Yorkville, Annex and Summerhill where it would take more than 74 months.For the City of Toronto as a whole, an average renter would need to save the equivalent of 14.7 months of rent to come up with the minimum $37,807 down necessary to purchase the average condo apartment unit priced at $628,074. Not an easy feat for those who do have to pay rent, but a potential scenario for the nearly 50 per cent of young adults Statistics Canada says live in the family home.Neighbourhoods where it would take the least time to save for a condo are largely located in both the eastern and western edges of the city and away from the core, including West Hill, Malvern, Rouge, Black Creek and Rexdale.The priciest neighbourhoods are mostly clustered around midtown and include North York as well as in the south of the city. These neighbourhoods, including Rosedale-Moore Park, Yorkville and York Mills, all have walkable amenities nearby and close access to major highway arteries and public transit.Zoocasa calculated the minimum down payment required to purchase the average condo unit in each neighbourhood, as well as the number of months of rent that would be equivalent to the down payment amount. It arrived at the comparison using Toronto Real Estate Board (TREB) data against a backdrop of rising rents in Toronto, where vacancy rates for all rental units hover at ...

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