Looking for a new place? Well, you can make the right move with your money by looking in Toronto neighbourhoods where renting is cheaper than buying.
The age-old question of whether to rent or buy in Toronto can seem impossible to answer, especially as the real estate market changes.
Thankfully, this new report by Zoocasa breaks down all of the areas where the monthly rent on a condo is more affordable than the mortgage.
To get their findings, Zoocasa analyzed the average sold prices of condos in April 2023 and rental rates of condo apartments in Q1 of 2023 using Toronto Regional Real Estate Board (TRREB) data.
The report found that renting is cheaper than buying in 14 out of 35 neighbourhoods.
In some areas, you’d be saving well over $1,000 a month by renting instead of buying.
The most extreme example of this is in the York Mills, Bridle Path, and Hoggs Hollow areas, where renting saves you an average of $2,310 per month.
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According to the report, here are 10 Toronto neighbourhoods where renting is cheaper than buying.
- York Mills, Bridle Path, and Hoggs Hollow: $2,310 cheaper per month
- Bedford Park-Nortown, Lawrence Park, and Forest Hill North: $1,873 cheaper per month
- Rosedale, Moore Park: $1,406 cheaper per month
- Beaches, Upper Beaches: $1,356 cheaper per month
- Mount Pleasant East: 4486 cheaper per month
- East York, Danforth Village: $485 cheaper per month
- Yorkville, Annex, and Summerhill: $413 cheaper per month
- Forest Hill, Oakwood Village: $385 cheaper per month
- Roncesvalles, Parkdale, High Park-Swansea: $349 cheaper per month
- Birchcliff: $328 cheaper per month
With all of this being said, there are plenty of neighbourhoods where you’ll be saving more with a mortgage payment than monthly rent.
The most affordable home price is in the North Beaches and Beaches area, where the average price of a condo is $468,160.
Monthly mortgage payments are $2,029 on average, which is $256 a month cheaper than renting.
Now that you’re equipped with the facts, it’s time to get out there and start searching!
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