Rent remains cheaper than monthly mortgage payments in most Canadian cities: Zoocasa
BNN Bloomberg
The cost to rent an apartment is still cheaper than an average mortgage payment in most Canadian cities, according to a brokerage Zoocasa.
In a post published by the brokerage 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.
For example, the average price of a condo in Toronto is $769,058, with an average monthly mortgage payment of $3,335. That’s still 44.81 per cent more expensive than the average monthly rent for a one-bedroom apartment in Toronto ($2,303), Zoocasa states.
“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.
