Braden White (https://BradenWhite.com/), a real estate sales representative with Chestnut Park Real Estate Ltd., one of Toronto’s leading luxury real estate brokerages, is advising first-time home-hunters that the current state of the city’s housing market means that renting may be in their best interest. The announcement comes on the heels of a report by the Economist, which stated that Canada has the largest price difference between the costs of buying a house and renting one.
“This is not true across the entire country, of course,” says Braden White. “Real estate markets are highly dependent on individual cities but the prices of property in urban centres like Toronto and Vancouver have contributed to this topping national average.”
The current trend of rising real estate prices in such areas have left some observers worried about who will be hurt when the real estate market experiences an inevitable correction, but so far, predictions of when these corrections will occur have not panned out.
“Property values continue to go up within Toronto and most of the GTA, meaning that there are still opportunities for people to enter or leave the market while still earning a return on their investment,” White explains. “But those who are more concerned about simply finding their first home and who have limited access to funds for a down payment may feel that they are being priced out of the market.”
As rental prices have not increased at the same rate as purchasing prices, the answer may be to shift expectations. Braden explains that real estate agents can help customers find rental properties just as much as they assist in finding purchasable ones.
“Furthermore,” White adds, “a realtor can assist in the drafting of the lease agreement and will ensure that their client’s rights are protected.”
Braden White is a licensed real estate sales representative with Chestnut Park Real Estate Ltd., one of Toronto’s leading luxury real estate brokerages, and an exclusive affiliate of Christie’s International Real Estate in Toronto. He is a committed advocate for his clients and has extensive knowledge of the ins and outs of buying, selling, and leasing properties across Toronto. More information can be found at https://bradenwhite.com/.