on Monday, it states average monthly rent is still less expensive than monthly mortgage payments for a condo in 11-out-of-15 major Canadian cities.
“The rise in demand for rentals is reflected in the housing market; in September of last year when interest rates were low, there were 9,046 sales across the GTA,” Daniel Crook, author at Zoocasa, said in the post. The only major cities where monthly mortgage payments are actually cheaper than rent are in Western Canada. The average monthly mortgage payment in Edmonton is $954, which is 19.22 per cent less than the average rent of $1,181.
The organization also found that the homeowners’ replacement cost index, which looks at the price of new homes, increased slightly in September , which was lower than the 8.4 per cent rise in August.Methodology for Zoocasa
Renting is always financially smart decision. In addition to mortgage, several other expenses are incurred by home owners like property taxes, insurance and maintenance costs.
And both are 2x-3x what they would be if it weren’t for the real estate bubble.
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