How a Kitchen Renovation in Toronto Adds Value to Your Home
June 10, 2025
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Choosing between owning a house vs renting can feel confusing. Let’s break it down simply, helping you decide what’s best for you.
Owning a home means every monthly payment builds equity—money you get back when you sell your home. You have control over your space and can make changes without asking permission.
Renting offers flexibility. You can move easily and don’t have to worry about property taxes, repairs, or maintenance costs.
Owning a house includes mortgage payments, property taxes, insurance, and maintenance costs. Renting usually covers just monthly rent and sometimes utilities.
In Toronto, the average monthly rent for a one-bedroom apartment is around $2,400. Over a year, that’s about $28,800 spent on rent.
If instead, you used that $2,400 monthly towards owning a home, you’d be building equity. Here’s a simple breakdown:
Monthly rent: $2,400 (no equity built)
Monthly mortgage payment: Approximately $2,400 could allow you to own a condo valued at around $400,000 to $450,000, building equity each month.
When renting, your money helps pay someone else’s mortgage. When owning, you’re investing in yourself. After several years, homeowners typically see their investment grow significantly through equity and home value increases.
Deciding between owning a house vs renting depends on your personal goals and finances. If you’re staying put for several years, buying often makes sense. If you prefer flexibility and minimal maintenance responsibilities, renting might suit you better.
Still unsure whether owning or renting is right for you?
Selecting the right agent can make this decision easy for you. Team Filipe’s deep knowledge of Toronto and proven track record ensures a smooth process.
Contact us here or give Filipe a call at (647) 298-9299
License# 4713274
Cell/Direct: 647-298-9299
1192 St Clair Ave WEach office independently owned and operated. For even more listings, visit remax.ca.
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