The difference between owning a home and renting is about $4,000 per month.
Is that scary? Is that even true?
In the past 4 years, the average price of condos have gone up about $200,000. That’s $50,000 / year.
For many, the question is whether you can afford a home.
Let’s look at the numbers:
1-bedroom condos in Toronto rent for $2,000 month.
The monthly payments for a $450,000 mortgage is $2,000.
2-bedroom condos in Toronto rent for $2,700 / month.
The monthly payments for a $600,000 mortgage is $2,700.
For down payments, you can pay as little as 5% on a $500,000 property, which is $25,000.
So if you could afford a house, but decide to rent, you are leaving $4,000 / month on the table for every month you wait.
Of course, these numbers may be different for your unique situation. But if you haven’t talked with a mortgage professional, how do you know what you could afford?
When you’re ready, I’m happy to put you in touch with one of my mortgage partners to see what your options are. Remember: Don’t wait to buy real estate. Buy real estate and wait.
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