18 months of rent is needed for a Toronto condo down payment: report

A new report suggests the average condo renter will need to save nearly 1.5 years’ worth of rent to afford a condo down payment.

Using data from the Toronto Regional Real Estate Board, real estate firm Zoocasa found the average one-bedroom condo renter paid $2,532 in August, while the average down payment needed was $51,983. That means those looking to buy a condo in the city to need to save an average 17.9 months’ worth of rent to afford a down payment.

DEALS TO BE HAD

There are deals to be had, however, as condo down payments in five Toronto boroughs currently require less than a year’s rent, while the down payments needed in eight boroughs have actually declined in the last year.