Buying a home isn’t always all it’s cracked up to be. There are a lot of hidden expenses — from closing costs at time of purchase to moving costs and maintenance costs. When you own a home, you’re responsible if the dishwasher stops working or your hot water tank fizzles out. Add the financial responsibilities to the fact that you’ll also be on the hook for all the outside chores and upkeep of the home and renting is started to look like a fantastic option.
Buying a home is expensive — but buying a home in a trendy community in a big Canadian city can be exceptionally expensive. In certain big-city neighbourhoods, buying a home is out of the question for many. And, the cost just went up – the Liberal government has raised the minimum down payment to 10% on all home prices topping $500,000.
This doesn’t mean that Millennials and others don’t want to live in those communities. So what do they do? They rent!
Renting an apartment can be a solid option for those who want to live in a thriving, trendy community but can’t afford the price of the mortgage. Apartment finding services can help with finding a great apartment in cities like Toronto, Calgary, and Vancouver and across Canada.
Here are some communities in three major Canadian cities where it’s more affordable to rent than buy.
Mission is an inner-city neighbourhood that has great walkability and is a short commute (biking, walking, or transit) away from the Downtown Core. The community features eclectic shopping, delicious dinning, and fun entertainment.
Average price of purchasing a condo: $757,310
Community: The Beaches
The Beaches is a historic neighbourhood in Toronto. It’s full of charm and character and is in close proximity to “Old Toronto”. If you crave independent shops and restaurants alongside gorgeous lake scenery, The Beaches is for you.
Average price of purchasing a condo: $622,750
Gastown has historic roots in Vancouver and has enjoyed a recent rejuvenation. Now home to trendy restaurants, shops, and nightlife, Gas Town is a hip place to live and play.
Average price of purchasing a condo: $524,451
Is Renting For You?
When making the decision to rent or buy, think about the kind of lifestyle your dollars can get you. Your budget may only buy you a low-key suburban lifestyle if you choose to buy. If you rent, that same budget can probably get you a trendy apartment in a energetic neighbourhood with an exciting lifestyle.
Not sure if you should rent or buy? Take the Quiz in our First Time Home Buyer’s Guide>