Is Losing $4,000 / Month Scary?

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.

Average Condo Sale Prices

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.

Looking to Buy a Home?  Call Me Any Time

Call (416) 276-4895!


Are you looking for the hardest
working agent in the GTA?

I am always available!
I look forward to working with you now or in the future…

LAWRENCE MAK
Real Estate Broker
EXP Realty, Brokerage
(416) 276-4895
Homes@LawrenceMak.com


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