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Does it Make More Financial Sense to Own a Condo or Rent an Apartment?

"For many people, it is more advantageous to own rather than rent property. Over time, the value of property appreciates, and equity in the property increases as monthly mortgage payments gradually reduce the principal amount of the mortgage. Renters, in contrast, pay a set monthly amount to the owner for use of the space. Instead of building their own equity in the rented property, they are helping the apartment building owner build equity.

Things definitely tilt in a property owner’s favour over a longer period, regardless of the economy and periodical market swings. Owners of real estate properties gradually build up the benefit of equity as the principal of the mortgage debt is reduced and eventually paid off over time."

>>Click here for the full Globe and Mail article

Source:  Dan Barnabic – The Globe and Mail

 

>>Click here to contact me if you want to buy or sell a Toronto condo or loft

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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