Posted: Feb 08, 2019 9:03 pm
GTA
This couple shares a 335-square-foot micro condo on Queen St. — and they love it
https://www.thestar.com/news/gta/2019/0 ... it.htmlmic
Want to buy a Toronto condo? You now need an annual income of at least $100,000
https://business.financialpost.com/.../ ... ed-an-an...
Apr 11, 2018 - Amid low supply and soaring demand, the average price of a resale condo in the city hit $558000 in the first quarter of 2018.
https://business.financialpost.com/real ... ast-100000
No surprise then that so many are opting to stay in the rental market a little longer, driving up average rents amid vacancy rates that are now below one per cent. Rents for an average unit of 740 square feet in the city of Toronto grew 10.7 per cent year-over-year in the first quarter, to $2,206.
Indeed, Urbanation found it was still less expensive to rent than to carry the ownership costs of the equivalent sized condominium. For the average 740 square foot unit rented in the first quarter of 2018, the cost of a mortgage plus condo fees (with a 20 per cent down payment) would be $170 a month higher than the average monthly rent of $2,206. Two years ago, the costs of owning and renting were roughly equal.
