How to Afford to Live and Own in Downtown Toronto

17 July 2018
Remax-Condos-Plus
How to Afford to Live and Own in Downtown Toronto

Living and owning downtown toronto has its challenges.

Prices are high. Bank of Canada Governor Poloz did not help matters recently by telling millennials to just buy a cheaper house. If they cannot afford 400 sq.ft. downtown, how much smaller do you think these people should go Mr. Poloz?

Our suggestion for people who want to live downtown is to get rid of your car. If you're a couple, get rid of both of them. Use Uber, walking or biking. Electronic bikes are the fastest growing segment of the transportation market. Did you know ridership on public transit is declining in most major cities across the world, including Toronto? That means you should live even closer to work and entertainment. Ditching the car can save you $1,000 per month. So, trade that depreciating asset for a bigger mortgage of $200,000. Remember, almost half of the mortgage payment goes to principle repayment. It's forced savings.

That's how you live downtown today


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