Rent vs buy in Toronto - which is better for families?

Is it time to move to a new home in Toronto, ON? If you are considering this option, one of the first decisions to make is - rent vs buy in Toronto. How to decide which option is better for you and your family? Also, how to organize a relocation to a new home? Moving all those household items is not an easy task.

What to know about Toronto real estate market?

When having kids, looking for a family home can be stressful. Choosing the right location is one of the first steps to take. Where are the best family neighborhoods in Toronto? No matter will you rent or buy a home, a good location is a key. It must be safe, family-friendly, affordable, and it should have highly-rated schools.

Some of the neighborhoods to consider as your new home are:

• Rockcliffe-Smythe
• Bloor West Village
• Riverdale
• Leslieville
• Lawrence Park South
• Danforth Village
• Davisville Village
• Leaside

By researching, you will know is it better to rent vs buy in Toronto. If you are not from Ontario, you should visit it before making the final call. To plan your cross-country move like a pro, you need to investigate everything on time. Relocation process and also potential homes.

After exploring neighborhoods in Toronto where you may move to, it is time to explore the real estate market.

The average home prices in the Toronto area are around $1,255,000 and every year prices are going up. Of course, there are plenty of more affordable neighborhoods as we have mentioned before. 

The question of rent vs buy in Toronto

Toronto is the capital of Ontario and it has a population of almost 2.95 million. 400,000 of them are kids, 14 years old and younger which means a lot of families live in Toronto. Consider all the factors before making the final big decision.

Pros of renting

To find a good rental in Toronto you need to know all the right reasons why renting is a better option for you and your family. Why should you rent a home in Toronto and what are the advantages of renting?

• There will be no maintenance costs and repair bills. Your landlord should take care of all the major repairs in your home. They have full responsibility for all maintenance and improvement which will save your money and time as well.
• If you are renting an apartment complex, you will have access to different amenities such as a fitness center or a swimming pool.
• No real estate taxes when you don’t own a home. Taxes rates depend on the value of a home, but it is not your problem because you don’t have to pay it. Rent is the only cost you will have to pay.
• Speaking of finances. paying a down payment when buying a home is not cheap. It is a big up-front cost while renters need to pay just a security deposit that is equal to one month’s rent.
• More flexibility when it comes to the location where you want to live. If you don’t like it anymore, you can always move after a few months or years.

To move to Toronto - a vibrant city full of opportunities, you need to find a home first. Should you rent vs buy in Toronto?

If you are going to rent a home in Toronto, know how much money you can spend of rent each month.

When it comes to buying and selling, transactions decreased by 41% since April 2021 (last year). Most types of sold homes are houses and the least are condo townhomes.

Pros of buying

If you are already from Toronto and you are tired of renting a home, maybe now is the right time to invest money in Toronto real estate. You can enlist the help of specialists for local moving in Toronto and start a new life in your own home.

What are the advantages of purchasing a home in Toronto?

• Investing and building equity because instead of paying your monthly rent you can pay a mortgage. Also, home values in Toronto are rising all the time. If you decide to sell a home after a couple of years, you will sell it for a bigger price.
• You will have more privacy as a homeowner.
• More privacy includes full control over your entire home. You can renovate it whenever and however you want.
• Owning a home means longer-term stability. Homeowners move less than home renters and your family will have a stable home which is a family home.

Buying a home is a big investment but, on a long-term it is worth it

How to move your items to a new home?

After finding your dream home, no matter will you buy or rent it, it is time to transport all your household items there. By hiring Number 1 Movers Canada you will be able to organize your relocation on time and with ease. 

Research moving companies from Toronto, contact a few of them, and compare their services and prices. How to do it faster and safer? Set a moving budget and a date for the relocation first.

Renting a storage unit when moving

Besides finding professional assistance for relocation, most people need to rent a storage unit when moving. If you are renting or buying a home that is smaller than your current one, a storage unit can be a great option for items you don’t use often or off-season items.

Toronto is a big city and pro movers can help you move with ease.

Also, if you are renovating a new home and it is not ready for moving in, keep all your items safe in a self-storage facility in Toronto. It is an affordable option and you don’t have to worry about your things.

Summary

To decide between rent vs buy in Toronto, you should explore all the options and have a good plan for the future. There are plenty of factors that will affect your decision. What is better for your kids and what is a better financial decision.