The Financial Upside of Home Buying vs. Renting in Toronto 2023 - Insights from the Johnson Team
Posted by Maryann Jones on
The Financial Upside of Home Buying vs. Renting in Toronto 2023 - Insights from the Johnson Team
In 2023's vibrant real estate climate of Toronto, understanding the financial dynamics of renting versus buying is imperative. This informative piece aims to illuminate these dynamics, guide you through the tangible benefits of homeownership over renting, and help you make an informed decision.
When considering the cost of renting downtown, with average prices around $2,500 a month, you're facing an annual expense of $30,000. In a five-year span, this amounts to $150,000 - a significant outflow with no financial return.
Now, let's evaluate the scenario of buying a $500,000 property. The minimum down payment required is 5%, equating to…
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