Decisions, Decisions.
To rent or buy
If you are trying to make that crucial decision on whether to rent or buy in Toronto, you are not alone. This beautiful city is one of the biggest in Canada and one of the most expensive ones. But living downtown in any major city in the world is bound to be steep. These cities are popular for a reason, and the population is typically dense. In time, properties become rare and in high demand. So if you are thinking of renting in Toronto, you most likely have an idea of what you are getting yourself into. With that in mind, arm yourself with patience, and you will find the right rental in no time.
First-time Toronto residents
So you have decided to rent a property in Toronto, and you are wondering if it is the right option for you? Have no doubt that no matter what is on your wish list, you will be able to find the right fit with some flexibility. Toronto is a very diverse, cosmopolitan city. If you are moving to Toronto for the first time, you will discover many cultural benefits to this city. The residents are super polite and welcoming, and you will feel right at home as soon as you move in. Depending on what your preferences are, you will need to decide:
Is being close to all the major sights and social activities your priority? This will naturally require you to live downtown. It will also mean somewhat higher rent and cost of living.
Do you prefer to live in a quieter, peaceful area? This option will give you more flexibility price-wise but will entail a daily commute, and it can be challenging in those winter months.
Worry less about maintenance
As in any renting situation, this is a big selling point. Once you get a mortgage, you take on all responsibility for taking care of your property. Renting in Toronto will give you peace of mind where you will not need to worry about any maintenance issues as your landlord will be responsible for them. So if your washer is broken or there are issues with the heating, as a tenant, you will not have to spend a ton of money or burden yourself with organizing the repairs. Although this is not an issue for some, many busy professionals will prefer not to deal with such problems.
Stay flexible
When you buy your own property or get a loan to do so, you cannot go back. Perhaps you overlooked specific details before you made the purchase, and after a while, they rear their ugly heads. Maybe there is a lot of noise coming from the nearby road. Your new neighbor might have a dog that barks incessantly. Or you realize that the property is too small for you, or maybe you hate the neighborhood. You always have an option to move when renting, even if you need to break the contract and lose a bit of money in the process. You might even decide to move to a different city, and you can easily do so without a big headache.
Renting in Toronto is excellent for the commitment-phobic
Buying a house or an apartment is a huge commitment. It is not an easy decision for many people. You will have lease agreements when renting in Toronto, and they offer long-term but also short-term options for tenants. This is ideal for those who are not ready to commit. You could be just moving out of your parents' home and moving into your first rental, and you want to see what is out there. It may also be your first time in Toronto, and you are testing the waters, deciding on the right neighborhood. For all the possible reasons, a short-term rental can be a perfect option.
It is cheaper to rent than buy in Toronto
Although it makes more financial sense to pay for a mortgage in the long run, getting enough for that down payment can sting. On average, renting in downtown Toronto will set you back around $2,000.00. This is generally high. However, your mortgage payments would be higher. Understandably, your rent money will be gone forever, unlike the mortgage payments that are an investment for your home. Nonetheless, you may not earn enough for mortgage approval or to even make those payments. Therefore, renting has all the benefits for you financially and otherwise.
Organizing a small move
As demanding as moving all your possessions may be, you will do it in no time if your move is on the smaller side. You may be a minimalist and prefer not to hoard unnecessary stuff. Or you do not possess any furniture or a grand piano. But typically, renters have fewer items to move than homeowners, so relocations are much more straightforward. Professional movers can help you relocate to your new rental even if you do not have a large amount to move. It is a great idea to get help with all your fragile items. The experts can wrap everything up for you and safely transport it. You may not have a lot, but you still might value what you do have, and you want it to reach your new rental in mint condition.
The final decision
If you recognize yourself in most of what we have discussed, then renting in Toronto is the best decision you will make. When you rent, you will always be able to change your mind and move. You can also easily decide to buy later on. But the other way around would be a much more tedious process. Test out the best neighborhoods, get the feel of what suits you best by renting. Perhaps you were convinced that you wanted to live downtown but renting helps you realize that you prefer the suburbs. Or maybe you wanted to buy an apartment instead of a house, and this experience stops you from making that mistake. There are so many benefits of renting, and in a city like Toronto, you will certainly experience all of them.