Stop renting for a Condo Down Payment. Here's the time needed.
Updated: Nov 18, 2019
Do you have the resources to somehow live rent free and as a result take all that money you would have been spending on rent and put it towards a down payment for a Toronto Condo?
Well based on averages for a one-bedroom condos which now go for almost $2500 per month, In about 9 months you'll have just enough to grab a condo..in Scarborough.
If you're looking at buying a condo closer to the city centre you will have to save the same amount of money for about 75 months or just over six years.
New data just released compares the average condo rental rates with average condo sold prices across the City of Toronto's 35 neighbourhoods. Analysts then went on to calculate the necessary down payment required to purchase condos in each neighbourhood and the number of months of rent that would be required to meet that same down payment amount.
The overall average result, a person would need to have 14.7 months rent free to come up with the minimum down payment ($37,807) for an average condo apartment ($628,074). Obviously he better the neighbourhood the longer the time frame. The results also showed that there are only 13 neighbourhoods in Toronto where you could meet the downpayment requirement within just 1 year.
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