You often hear people say that “the time is now to buy a home,” but is it really? For some, yes. Others, no, and despite the many benefits in owning your own place, the advantages of renting are beneficial, too. As a renter, you have more flexibility—with your lifestyle and your bank account—two things that are particularly relevant in these new times we find ourselves in.
When it comes to buying a home, the Canadian real estate brokerage and analysis firm Zoocasa reviewed home and price sales data for 28 markets in Ontario to understand how market dynamics have shifted since last year as a result of the pandemic. Average home prices have shot up by more than $100,000 in nine of Ontario markets with GTA cities dominating the list with the highest dollar growth. In particular, the City of Toronto house sales are up 24%, and expected to rise even higher due to tighter supply. With Toronto home prices soaring, many people can’t afford the deposit on a new home, while the idea of moving into an older, needs-to-be-renovated home is equally as unattractive. On the contrary, the newest opportunities in the rental living space offers people a more viable chance to find a fabulous place to live without drowning all of their savings and being “house poor.”
Renters generally have to pay a security deposit equal to one month’s rent (a deposit that will be returned to them when they move out), but when purchasing a home with a mortgage, you’re required to have a sizable down payment—typically around 20% of the property’s value. In addition, there are far less concerns about decreasing property value. While property values go up and down, and this may affect homeowners in a big way, it affects renters substantially less, if at all. Your home value can impact the amount of property taxes you pay and the amount of your mortgage. In a rocky housing market, renters may not be as adversely affected as homeowners.
It certainly goes without saying that a home can be beneficial for homeowners in the long run—we know this to be true due to the amount of equity they acquire in their home, but like anything in life, nothing has to last forever, and there isn’t a period of time in your life when you must own a home and when you must stop renting. Everyone is on a different path, and it’s an ever-evolving one, too. If you’re looking to avoid the hassles of homeownership, the costs of upkeep and renovations, plus property taxes, renting is something that warrants consideration.
I’ve been working with Dunpar Homes on a new townhouse development called Kingsway Village Square, and what makes it so unique to the Toronto market is that it offers a lifestyle synonymous with upscale condominium living without the obligation of ownership. This carefully-crafted boutique luxury rental residence at 571 Prince Edward Drive North, a sought-after Kingsway neighbourhood, is a rare gem surrounded by beautiful parkland and amenities, plus lush landscaping. The eight-storey mid-rise features Manhattan-style concierge services, a ground-floor terrace, a fully-equipped gym, plus an elegant private dining room with a full-service catering kitchen that opens to a landscaped seating area with barbecues. Residents can also access exclusive á la carte services such as dog walking, dry cleaning services, house cleaning, snowbird services, personal mail pickup and more.
It’s a classic building that never goes out of style; and the maintenance is low, plus it’s designed so well for a convenient lifestyle. Surrounded by shopping, restaurants, attractions and entertainment, everything needed for everyday living is at their fingertips. While they may move to owning a home in the future, they’re happy with living in a rental that still gives them the flexibility to pick up and move if and when that time comes. To me, I think that’s wonderful. Having a choice to live how you want without having to sacrifice a lovely home and budget.
Models are still available for viewing, so if you would like to book an appointment, I’d encourage you to visit https://kingswayvillagesquare.ca.