Should I buy a house in Toronto or Rent ?

Folks usually ask if it makes more sense to buy a house in Toronto or maybe rent. Here's the short answer: Buy. Owning your own home historically has frequently paid off. Having your house in Toronto and reducing your mortgage faithfully is quite simply the most important thing folks have to do right after paying off debts. In several books going back a century, this specific piece of advice is repeated:

Own your own home.

Investing in a home in Toronto can be a dream for many Canadians and even though property in the United States has depreciated significantly recently, property in Toronto has actually increased slightly through the major economic downturn. Additionally, Canada's prospects are bright and the job outlook is excellent, which means the property values should continue being stable for the near future.

Areas to buy a house in Toronto:

East York, Danforth, Riverdale, The Beach are my personal top recommendations to own a house in Toronto and here's why:



o TTC Access. Being really close to the Bloor subway line implies it truly is a quick walk to a subway station, and for several Riverdale, East York or Danforth residents, that means they can do without a car. A newly released report on high, medium and low income neighbourhoods predicts that areas close to subways could transform to high income neighbourhoods by 2025.

o Very close to Downtown Toronto. Houses in East York and Danforth Village are just a short distance from Downtown. For example, a house near Danforth and Pape is just a 10 minute subway ride to Yonge and Bloor!

o Excellent schools. The well known Jackman Public school is located in the Jackman district and if one lives here, this is the school to place your kids in. RH McGregor is a great option when you are serious about french immersion. A good number of quality catholic, public and private schools exist in the area.

o Close to key Hospitals. East General Hospital is located at Coxwell and Mortimer and various downtown hospitals including Sick Kids, Toronto General tend to be a short distance away.

o Inexpensive houses. Sure there are several costly spots within all these areas and there are also several spots to avoid, nonetheless detached houses here can certainly be bought for $520K to $900,000. Semi-detached houses can be had from $450,000 to $650,000.



Toronto is truly a big city and it's natural to feel a little overwhelmed while looking for a home in Toronto because of the many choices available to you. Adhere to the areas above and you'll do well.

If you'd like some more details with regards to acquiring or maybe selling a home in Toronto go to Kristy Bhagat's website at KristyBhagat.com.