The cost of a City of Toronto condominium is equal to 22 years worth of rent – leading to real estate listing services Zoocasa suggesting it’s better to rent than buy in some areas.
The typical cost of a condo is CA$661,458, compared to an average monthly lease rate of CA$2,501.
Across 35 neighbourhoods, the areas offering the strongest case for buying over renting are in the East of the city
The neighbourhoods of E03 (East York and Danforth Village), as well as E10 (West Hill, Centennial Scarborough) have a price to rental ratio of 15.
In the west end, areas with a price to rental ratio of 17 include W05 (Black Creek, York University Heights) where the average price is CA$434,340 and average lease rate is CA$2,140, and W10 (Rexdale-Kipling, West Humber-Claireville).
The research is based on data from The Toronto Regional Real Estate Board.
This post has originally been featured in Property Wire.