14 Feb 2020

Rent vs. Buy 2020

Posted by Andrew Dybenko

Etobicoke Detached Rent vs. Buy

Rental4,000Purchase1,350,000
First/Last Deposit8,000Down Payment 20%270,000
Closing Costs less rebate26,175
Total8,000Total296,175
Rent4,000Mortgage @ 2.9%5,055
Property TaxesProperty Taxes500
Maintenance FeesMaintenance Fees
Insurance75Insurance130
Utilities and upkeep300Utilities and upkeep800
Monthly Costs4,375Monthly Costs6,485
Potential GIC Returns on DP and CC*631Monthly Equity Gained2,644
Net Costs3,744Net Costs3,841

*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

Rental2,450Purchase700,000
First/Last Deposit4,900Down Payment 5.33% / 20%140,000
Cash Required for Closing Costs
Less FTB Rebate
14,175
Total4,900Total154,175
Rent2,450Mortgage @ 2.9%2,622
Property TaxesProperty Taxes225
Maintenance FeesMaintenance Fees475
Insurance60Insurance60
Utilities and upkeep100Utilities and upkeep200
Monthly Cost2,550Monthly Cost3,582
Potential GIC Returns on DP and CC*322Monthly Equity Gained1,371
Net Costs2,228Net Costs2,211