Toronto's 35 Neighbourhoods: Where Is It Cheaper To Rent Or Own A Condo?

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In the City of Toronto, do you think it is it better to buy or rent a condo?

Well, the challenge of owning and finding a rental in the condo market have both increased dramatically.

The average City of Toronto condo price is at an all-time high of $603,480 (Q2 2018). This is up 6.5 per cent from last year, while rental vacancy rates continue to be at a historic low below one per cent (Q2 2018).

READ: GTA Condo Rental Prices Keep Going Up, Demand Outweighs Supply

To understand how condo ownership and condo rental life affordability varies across the City of Toronto, Zoocasa released a report today comparing the average monthly rent and average monthly mortgage payment.

Now you can determine if it's cheaper to rent or own in each of the Toronto's 35 neighbourhoods.

The report found that in 21 of the 35 City of Toronto neighbourhoods, the monthly cash outflow from paying a mortgage is lower than paying rent.

Neighbourhoods where paying a mortgage costs less than paying rent

1. W05: Black Creek, York University Heights

Buying saves $606/month

Average rent: $1,939

Average mortgage: $1,333

2. W09: Willowridge, Martingrove

Buying saves $600/month

Average rent: $2,107

Average mortgage: $1,507

3. E10: West Hill, Centennial Scarborough

Buying saves $576/month

Average rent: $1,650

Average mortgage: $1,074

4. W10: Rexdale-Kipling

Buying saves $551/month

Aaverage rent: $1,834

Aaverage mortgage: $1,283

5. E11: Malvern, Rouge

Buying saves $490/month

Average rent: $1,751

Average mortgage: $1,261

Neighbourhoods where paying a mortgage and paying rent cost about the same

1. C07: Willowdale West

Buying saves $14/month

Average rent: $2,341

Average mortgage: $2,327

2. C14: Willowdale East

Buying saves $12/month

Average rent: $2,246

Average mortgage: $2,234

3. C13: Don Mills, Victoria Village

Buying saves $11/month

Average rent: $2,064

Average mortgage: $2,054

4. C15: Hillcrest Village, Bayview Village

Buying saves $10/month

Average rent: $2,011

Average mortgage: $2,001

5. C01: Downtown

Renting saves $51/month

Average rent: $2,563

Average mortgage: $2,614

The average monthly rent price was calculated based on data from the Toronto Real Estate Board's Q2 2018 Condo Rental Market Report. The average condo price was sourced from the Toronto Real Estate Board's Q2 2018 Condo Market Report. And the monthly mortgage payment amount assumes a 20 per cent down payment, 3.05 per cent mortgage interest rate and a 25-year amortization. Costs such as utilities, insurance, condo fees and property taxes were not factored in.

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Toronto's 35 Neighbourhoods: Where Is It Cheaper To Rent Or Own A Condo?

Neighbourhoods where paying a mortgage costs less than paying rent

Neighbourhoods where paying a mortgage and paying rent cost about the same

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According to a survey conducted by the CMHC this year, 85% of rental developers said they're having difficulties financing their projects.

Brett Armstrong, who relocated from Toronto to Vancouver a few months ago, takes over the Managing Director role as of December 2.

The 2315 W 4th Avenue site in Vancouver is currently occupied by a Safeway and its surface parking lot.