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

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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.

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