{"id":31250,"date":"2024-08-14T06:00:00","date_gmt":"2024-08-14T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=31250"},"modified":"2024-08-14T14:30:34","modified_gmt":"2024-08-14T18:30:34","slug":"the-best-cities-for-torontonians-to-rentvest-in","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/the-best-cities-for-torontonians-to-rentvest-in\/","title":{"rendered":"The Best Cities for Torontonians to Rentvest In"},"content":{"rendered":"\n

It\u2019s often suggested that for Torontonians to afford a home in today\u2019s pricey real estate market they should move to more affordable cities like Calgary<\/a>, Kitchener-Waterloo<\/a>, or Saint John<\/a>. But what if you don\u2019t want to give up the metropolitan life Toronto has to offer? That\u2019s where “rentvesting\u201d comes in.  <\/p>\n\n\n\n

Rentvesting is an equity-building strategy where you purchase a property in a more affordable city and rent it out to earn investment income, while simultaneously renting a home in a typically more expensive city where you prefer to live. After a few years of earning monthly income from your tenants and building equity in your investment property, you can sell it and use the gains for a down payment on a home in your desired city. <\/p>\n\n\n\n

For a Torontonian, this could mean buying a condo apartment in Regina<\/a>, where the average price is more than three times less than that of an average apartment in Toronto. By renting it out for five years and earning rental income, they could accumulate enough funds for a down payment on a condo in Toronto.<\/p>\n\n\n\n

So where are the best cities for Torontonians to rentvest in to achieve their homeownership dreams? To find out, Zoocasa calculated the maximum mortgage amount that the average income in six GTA cities could afford. We then analyzed average condo apartment prices across Canada, comparing the average rent and the average monthly mortgage payment in each location to determine where Torontonians could afford to buy and where investments would potentially be profitable.<\/p>\n\n\n