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Toronto Home Renters

Discussion in 'TRIBE Main Forum' started by KickIT, Jul 26, 2010.

  1. KickIT

    KickIT TRIBE Member

    What's the housing rental market like these days? Is it a renter's market?
  2. Sal De Ban

    Sal De Ban TRIBE Member

    i'd say it isn't a renter's market, nor a lardlord's market: it is more of a ball-licker's market. right now if you want to rent a decent place, it is a lot like trying to buy a house. I have gone through both processes in the past 6 months and have found that locating a house/apartment to rent is about as competitive and stressful as trying to buy.

    and if this below gives you a better picture of costs:

    our mortgage was going to be about $400 less than the rent we will be paying now
  3. KickIT

    KickIT TRIBE Member

    Good to know. I remember a time where you'd have to bring your cheque book to the open house and sign the lease right then and there. Then I remembered when landlords were offering 1-3 months of free rent in order to get rid of a place.

    So it seems it's slightly more tilted to the owner side these days. I wonder how things will play out once all the dozens of condos going up are completed.
  4. Ms. Fit

    Ms. Fit TRIBE Member

    where/what did you rent before compared to where/what you bought now?
  5. Sal De Ban

    Sal De Ban TRIBE Member

    we failed at buying.

    then we almost failed at renting.

  6. veteze

    veteze TRIBE Promoter

    i just moved from renting a 2 bedroom house in parkdale to owning a 5 bedroom house in parkdale and my mortgage is about $300/month less than what i was paying in rent. but when you add in all the other costs that i wasn't paying before then it adds up to more. property taxes are brutal.
  7. Ho||yw0oD

    Ho||yw0oD TRIBE Member

    TD Economists did some research on renting v. buying late last year. Their findings corresponded with similar research efforts in the past. With regards to being fiscally prudent, renting is better than buying.

    If money is your only consideration, then renting will save you money in the long-term. Rent sometimes is a bit more than a mortgage payment but when you factor in all the other costs they can be comparable. Factor in the cost of upkeep and renting becomes more prudent (e.g. painting, appliances, repairs). Also by law, I believe a landlord cannot increase cost of rent by more than 2.1% per year. This means that if you stay in the same place for medium or long-term, your rent is not keeping pace with inflation.

    However, renting is not for everyone. Buying is particularly attractive if you are looking at raising a family. The last thing you need is to love your home and then have a landlord give you 60 days notice that (s)he or a family member of theirs will need the place to move into and thus legally kicking you out. Also, you have a lot less freedom over the property when you do not own (e.g. needing permission for changes to the place, other restrictions, not having a choice of appliances).

    So if you need to rent right now, I'd say try and find someplace inexpensive that you can tolerate for a year or two. Many are suspecting that housing will plummet in the next few years. If you are interested in condos, the condo market is forecasted to nosedive in the Q1 of 2011.
  8. glych t.anomaly

    glych t.anomaly TRIBE Member

    we lucked out hard when finding a place to rent.

    850/month incl w/ cable for a 1000sqft 2/3's basement in a new home, and our landlords are gone to Greece from May - October, sometimes even November.

    Laundry, Central Air etc, so we wont be leaving it till we buy a place with a finished basement to rent out to subsidize the mortgage.

    Probably the best rental we have lived in, aside from the 500k home we were renting for 800.00/mnth before the place we are in now ;)

  9. Dirty Girl

    Dirty Girl TRIBE Member

    strange that they would spend the summers in greece and winters here :O
    now i want baklava...
  10. Crass

    Crass TRIBE Member

    I have been looking for a rental for the past month and everything is shit if you aren't renting a basement apartment. And most decent places have waiting lists. FML.

    I decided to try to get approved for a mortgage... time is running out.
  11. glych t.anomaly

    glych t.anomaly TRIBE Member

    they like being here in the fall winter spring to spend time with their Kids and Grand Kids, xmas n all that jazz.

    i thought it was weird too, till i realized man its so much better partying all summer, having the deck and the back yard etc.


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