Property buying vs Rent in GTA
Advantages of renting a property
- Maintenance would be less as compared to own a property
- Easy to switch Property
Advantages of buying a property
- Payments are add-on to asset.
- Property appreciation by the time
- Free to make changes
Those with a small down payment may prefer to rent rather than buy a home. But mostly, people who can afford to make a down payment would prefer to buy a property. Normally a house worth of 700K with 3 bed rooms and finished basement in Toronto neighbourhood goes on rent at 2500 dollars a month on the other hand if a buyer make 20% down payment, will be paying approximately 2500 dollars a month as mortgage amount.
So the bottomline is, if you don’t have a down payment, want to live a risk-free life, and do not live in any area consistently, then you must rent a home.
But if you can afford a down payment, want to pay mortgage for your own property rather than someone else’s, and want to make an investment, then you must buy a home.
