18 months of rent is needed for a Toronto condo down payment: report
BNN Bloomberg
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.
A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022.
Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
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New York Stock Exchange-parent Intercontinental Exchange said on Tuesday it has launched a product to bring greater transparency to the private credit market, an asset class beleaguered by heightened investor concerns.
Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
Canada’s annual inflation rate slowed in February to 1.8 per cent, but many economists believe the new Statistics Canada data may be the dip before a spike driven by oil prices and the war in Iran.