Toronto Condo VVip . Buy or rent an apartment in the Toronto area? The average price of the apartment is now the same as the 22-year rent paid. The prices of apartments in Toronto are so high that renting may be wise in some areas.
Zoocasa surveyed 35 communities in Toronto to determine the exact price of living in Toronto. According to the report, the current average price of an apartment in Toronto is $661, 458, and the average monthly rent is about $2501. Buying an apartment is the same as paying 22 years’ rent.
Based on their findings, Zoocasa concluded that renting an apartment may actually be more valuable than buying it now.
“overall, renting an apartment may now be more valuable than buying an apartment in most Toronto neighborhoods.”
Especially in the city’s central communities, such as Regent Park,St. James Town,Corktown, Yorkville,Annex and Summerhill, it costs more than 22 years’ rent to buy a house.
For example, if you want to buy it in Rosedale or Moore Park, the price will be equivalent to 35 years’ rent.
But there are still some places in the city worth buying. For example, East York, Danforth Village, West Hill,Centennial Scarborough. The rent-to-price ratio in these areas is the lowest in Toronto, and the average purchase price of an apartment is equal to 15 years’ rent.
The number of new offerings in many districts fell in June, both year-on-year and month-on-month. The number of new offerings in June 2021 was 16189, down 0.12% from 16208 in June 2020 and 13% from 18586 in May this year.
Kevin Crigger, president of the Real Estate Bureau, said that although the performance of the property market can provide some relief to home buyers in the short term, due to the recovery of the growth of the immigrant population, the relief period is believed to last only a few months.
However, the Toronto Real Estate Bureau is still optimistic about the property market in many districts in 2021, and has raised its annual forecast. It is now estimated that the total property transaction volume in many districts in 2021 will reach 115000, with an average transaction price of 1.07 million yuan. The bureau’s previous forecast was 105000 transactions in the whole year, with an average transaction price of 1.025 million yuan.
Mercer said that property inventories in individual markets are still in short supply and buyers will continue to bid in these areas, resulting in an average transaction price of more than 1 million yuan until the end of 2021.
The Real Estate Bureau believes that the number of monthly transactions in 2021 has reached its peak, and it is believed that the record-breaking transaction volume will not be recorded in the following months.