Just buy a home in the suburbs instead of the city. A pricing comparison of housing in and outside Toronto shows a consistent suburban discount for detached and semi-detached houses, townhomes and condos.
A recent poll from Toronto-Dominion Bank documented this willingness to buy homes in the suburbs, a small town or a rural location. Urban living was the top choice at 33 per cent of surveyed millennials in 2008, compared with 38 per cent in 2015. According to March data from the Toronto Real Estate Board, the average saving on housing of all types is 25.4 per cent when you leave the city proper, known by its 416 area code, and move to the surrounding areas known by their 905 area code. Here’s a breakdown:Averaged $910,624 in the 905, 28.2-per-cent cheaper than the average cost of $1,267,598 in the 416.Averaged $680,501 in the 905, 33.3-per-cent cheaper than the average $1,020,561 in the 416.
You’ll have to pay for mortgage insurance if your down payment is less than 20 per cent, but you’ll still save a lot every month in the 905 compared with the 416. The payment on the average 905 house bought with a 10-per-cent down payment is $4,214, which means a monthly saving of $844 compared with our 416 example with 20-per-cent down. Let’s see how much of that amount is left after covering the additional costs of suburban living, most of them related to transportation.
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