As the price of homes in the Greater Toronto Area (GTA) continues to rise, many people are looking to rent rather than buy. In the last month, the average price of a detached home in the GTA rose to $1.28 million and the average home price is now $782, 051. As the number of sales rise nearly 11% from the same time last year, many people are left wondering if buying a home in Toronto is worth it.
CBC Toronto investigates what Julian Battiston, President of Oben Flats, calls a “growing trend of people entering the rental sector largely because of affordability.” Renters are often left choosing between rental buildings that are over forty years old or new build condos that don’t offer the benefits of property management to tenants the way they should. Oben Flats aims to fill the niche market of people looking for a purpose built rental building with sophisticated design and the uncompromising freedom that renting affords in terms of lifestyle.
Home ownership, “at least in Toronto, is no longer the sole objective in life,” says Battiston. Balancing your personal finances doesn’t have to come at the expense of lifestyle if you decide to rent rather than buy.
Recently, Rob Carrick, from The Globe and Mail, explained that a young couple should be saving between 15-20% of their income for retirement – a feat that may be impossible if also planning on diving head first into the GTA’s hot real estate market. Carrick says, “you may need to rent in order to save what you need to save.”
As Oben Flats on CBC Toronto News shows, renting no longer means compromise. Register now for Oben Flats in Leslieville!