14
Feb
2020
Rent vs. Buy 2020
Etobicoke Detached Rent vs. Buy
| Rental | 4,000 | Purchase | 1,350,000 |
| First/Last Deposit | 8,000 | Down Payment 20% | 270,000 |
| Closing Costs less rebate | 26,175 | ||
| Total | 8,000 | Total | 296,175 |
| Rent | 4,000 | Mortgage @ 2.9% | 5,055 |
| Property Taxes | Property Taxes | 500 | |
| Maintenance Fees | Maintenance Fees | ||
| Insurance | 75 | Insurance | 130 |
| Utilities and upkeep | 300 | Utilities and upkeep | 800 |
| Monthly Costs | 4,375 | Monthly Costs | 6,485 |
| Potential GIC Returns on DP and CC* | 631 | Monthly Equity Gained | 2,644 |
| Net Costs | 3,744 | Net Costs | 3,841 |
*Potential GIC returns (2.2%/year) on down payment and closing costs, and additional monthly costs, that would be earned if invested.
Leslieville Condo Rent vs. Buy
| Rental | 2,450 | Purchase | 700,000 |
| First/Last Deposit | 4,900 | Down Payment 5.33% / 20% | 140,000 |
| Cash Required for Closing Costs Less FTB Rebate | 14,175 | ||
| Total | 4,900 | Total | 154,175 |
| Rent | 2,450 | Mortgage @ 2.9% | 2,622 |
| Property Taxes | Property Taxes | 225 | |
| Maintenance Fees | Maintenance Fees | 475 | |
| Insurance | 60 | Insurance | 60 |
| Utilities and upkeep | 100 | Utilities and upkeep | 200 |
| Monthly Cost | 2,550 | Monthly Cost | 3,582 |
| Potential GIC Returns on DP and CC* | 322 | Monthly Equity Gained | 1,371 |
| Net Costs | 2,228 | Net Costs | 2,211 |
