Toronto was just ranked the most expensive city in Canada to rent. Rentals.ca has just released a report that shows average rent has hit $1,902 per month for a one bedroom. The price indicates a 2.8 per cent increase month-over-month.
Coming in at second place is Richmond Hill, where a one bedroom clocks in around $1,796 a month. Vancouver was third ($1,760), Etobicoke fourth ($1,620), and Mississauga in fifth ($1,587).
Unsurprisingly, after seeing the top five, Ontario was ranked the most expensive province ―about $1,889 on average.
Downtown was the area of Toronto with the most expensive rent by postal code, specifically around the Entertainment District, King West, and the waterfront.
The study examined 9,000 active listings on rentals.ca, and looked at both one bedrooms and two bedrooms.
Although it may be more expensive to purchase, it does become an appealing prospect for those with the ability to fork over a down payment and pay off a mortgage rather than give rent towards something that will never be owned.
There has never been a better asset to own than real estate. Even if it is not your dream home or exactly what you had in mind, get into the game and change the mind frame. Start earning equity. Think of your future.
Renting equals paying off your landlord’s investment. Purchasing a property is putting your money into your own savings account that will continue to grow over time – that is not debatable. There is nothing better than owning an investment that is tangible. As you pay your mortgage down the equity you can pull out grows.
There is always going to be a ‘fear factor’ that will come in the way of making any financial decision, but when you simplify that to an investment that goes directly to you and your family, there is no other choice than Real Estate.