As the Toronto condo market sags, maybe renting is better after all

📆 7/30/2024 2:06 PM
📰 globeandmail

⏱ Reading Time:
46 sec. here
49 min. at publisher
📊 Quality Score:
News: 186%
Publisher: 92%

Canadian News News

Canada News,Breaking News Video,Canadian Breaking News

There’s a pile-up of six months’ worth of inventory of Toronto condos. Even if nothing new comes up for sale, it would still take six months to sell every condo

All feedback I received from loved ones and industry people was unanimously in favour of buying. And experts quoted in the media seemed to support – or at least presume – the positive outcomes of ownership. Conversations were framed in the context ofand locked in rate holds. I was ready but convinced that a couple more Bank of Canada rate drops would perfect my plan.The landlord of my condo rental put my one bedroom plus den unit up for sale. He priced it averagely for the current market.

Clearly, both my landlord and I have been slow to settle into this very new reality. But this isn’t just my condo – it’s the Toronto condo market in 2024. A modest one-bedroom condo priced at $550,000 with taxes and fees costs about $3,200 a month for mortgage payments. Renting a unit of this size in the first quarter of 2024 averaged $2,400 a month. For investors, the math no longer works.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Argos and TFC president leaves MLSE ‘by mutual agreement’ as Pelley begins to put his stamp on companyToronto FC and Toronto Argonauts president Bill Manning parts ways with MLSE
Source: globeandmail - 🏆 5. / 92 Read more »