Should You Rent or Buy a Toronto Home? Or… Should You Rent the Space… Or Rent the Money?
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- Опубликовано: 7 сен 2024
- With the plentiful number of home listings in the Toronto real estate market, it would make sense to negotiate with sellers and make an offer to buy a home... and stop renting... right? After all, if you are renting, you are still paying someone else's mortgage. So why not just buy your own home?
On this episode of Real Estate Chat, Robert Ede (www.unclebobexp...) and Johnder Perez (www.johnder.com) answer the proverbial 'age old' question -- should you rent, or should you buy?
Inspired by commentary on a Financial Post article, Robert and Johnder give you insight into which of these you should do.
Read the article here:
financialpost....
"The Toronto Condo Update
Condo inventory in Toronto has reached a record 10,688 units. Meanwhile, sales fell by 28% in June while this inventory rose by 16% and active listings shot up by 70%.
The people who are willing and able to look for a home right now can't live in a 1 bedroom condo with a max 600 square feet. This is the classification of the vast majority of the units available for sale right now. These units were solely built for investors to rent out because at the time it made economic sense for the developers, the investors and the city to collect their precious taxes. A money grab for all involved. No one ever thought about the end user that is currently in the market shopping for a livable condo right now.
Now that end users are calling the shots, hopefully developers will put all future efforts into building larger, more livable condos. "
Did they factor in opportunity cost? It's not a simple cash v rent calculation 😂
Let me help you out
I am leasing a condo that has lost $100,000 in the last 12 months
Cash.
I pay $3k a month.
$1500 does not go the the landlord as that's taxes interest and condo fees
So $18,000 went to rent
$100k was lost by landlord.
So far.
And he thanks me ever time I see him. Lmao😂