Should You Rent an Apartment or Buy a Condominium?
Owning your home could be cheaper than renting. Find out how much you could save by choosing the right property.

To give you an idea on the savings you could enjoy, we’ve calculated the numbers off the assumption of a 2.91% interest rate, with 35% down payment on a 30-year loan. These calculations also take into consideration property taxes at 2.20%, Homeowners Association (HOA) fees per square foot of $0.70, based on a marginal tax rate of 37% and an historically accurate appreciation rate of 4%*
Savings
Taking into account everything including purchase price, costs per sq foot, downpayment, mortgage payments and taxes — buying your home can still be cheaper than renting in a lot of cases.For example, let’s compare a 2 bedroom unit at our Fitzroy Residences condominiums, part of our Laneways Midtown district. Even once you add up all upfront and ongoing costs including mortgage payments, HOA fees and property tax, you’re still $371 better off year-on-year compared to renting a similar property.
When you look at a studio at Fitzroy Residences, the benefit is even greater. After taking all costs into consideration, you’re saving an extra $551 per year.
This goes to show that owning your home, can be kinder to your hip pocket in the long term.
Appreciation
Historically, property is seen as a good investment, as the value of property generally rises.Based on a historical 4% appreciation, after 5 years your home could appreciate in value from between $51,626* (studio) to $244,911* (3 bedroom).
Unlevered Yield
Investing in a condo is also highly beneficial, with investors enjoying anywhere from 1.9% - 5.3% unlevered yield year-on-year. These figures take into account tax savings, purchase price, costs and rental income. There’s no capital growth included in these estimated figures, so the overall benefits could be even greater.Long-term Benefits
There are other benefits to owning your home besides the savings.
For example:
- You’ll no longer be paying off someone else’s mortgage
- You can use your home as equity for future property purchases
- You’ll have the freedom to personalize your space however you want
- Your home can be used as a retirement nest egg
Browse our high-rise condominiums to begin your homeowner journey.
*4% appreciation value comes from the S&P/Case-Shiller U.S. National Home Price Index. Historical data from the national home price index indicates appreciation rates around 4% annually.)