{"id":31400,"date":"2024-08-20T06:00:00","date_gmt":"2024-08-20T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=31400"},"modified":"2024-08-27T09:27:59","modified_gmt":"2024-08-27T13:27:59","slug":"invest-or-rent-what-university-housing","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/invest-or-rent-what-university-housing\/","title":{"rendered":"Invest or Rent? What Parents Should Consider for University Housing"},"content":{"rendered":"\n<p>Many parents prioritize saving for their child&#8217;s post-secondary education. While tuition fees are a primary consideration, living costs are equally important when creating a financial plan for this exciting milestone. This is where real estate investment can be beneficial. In some university towns, purchasing a condo may be the more affordable solution than paying rent over several years.<\/p>\n\n\n\n<p>To help parents explore these options, Zoocasa analyzed rental prices and monthly mortgage payments in Canadian university towns to see where it was more affordable to invest or rent.&nbsp;<\/p>\n\n\n\n<p>The total mortgage and average monthly mortgage payments were calculated by assuming a 20% down payment, a 25-year amortization, and a 5-year fixed rate of 4.29%. Average condo apartment prices were sourced from CREA and local real estate boards, and all rental prices were sourced from Zumper.&nbsp;<\/p>\n\n\n<div style=\"min-height:1124px\" id=\"datawrapper-vis-zW3BC\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/zW3BC\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-zW3BC\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/zW3BC\/full.png\" alt=\"\" \/><\/noscript><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">Western Canada: Affordable Markets with Growth Potential<\/h1>\n\n\n\n<p>Western Canada is a top choice for affordable university housing with growth potential. Cities like <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate?utm_campaign=&amp;utm_source=google&amp;utm_medium=cpc&amp;utm_adgroup=&amp;utm_content=694313998496_c&amp;utm_term=mls%20edmonton&amp;utm_loc_interest_ms=1001808&amp;utm_loc_physical_ms=9000945&amp;gad_source=1&amp;gclid=Cj0KCQjw2ou2BhCCARIsANAwM2F6B778V0NZSHA01EJlUn8BzW8Exf6GFra6KS-WkAhg9mIf9MzxL3saAhIMEALw_wcB\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a>,<a href=\"https:\/\/www.zoocasa.com\/lethbridge-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\"> Lethbridge<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Regina <\/a>offer much lower condo prices, resulting in mortgage payments that are significantly cheaper than rent. For example, Edmonton&#8217;s average condo price of $204,315 translates to a monthly mortgage payment of just $886\u2014$609 less than the average rent. Similarly, Lethbridge offers even more significant savings, with mortgage payments of $811, a whopping $664 less than renting. These savings can be reinvested into your child&#8217;s education while building equity in a market poised for growth.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary<\/a> also stands out as a smart investment. With an average rent of $1,943 and a mortgage payment of $1,480, owning a home could save you $463 monthly.<\/p>\n\n\n\n<p>Calgary&#8217;s inventory is particularly noteworthy. In July 2024, Alberta\u2019s largest city recorded 2,380 sales and 3,604 new listings, leading to an increase in inventory to 4,158 units\u2014the first time in nearly two years that the number of available properties has exceeded 4,000. For apartments specifically, Calgary has seen a 23% increase in apartment listings over the past year.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read:<\/strong> <strong><a href=\"https:\/\/www.zoocasa.com\/blog\/cost-of-a-single-detached-home-in-alberta\/\" target=\"_blank\" rel=\"noreferrer noopener\">Here\u2019s How Much It Costs to Own a Single Detached Home Across Alberta <\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Narrow Margins: University Cities Where Renting and Buying are Almost Equal<\/h1>\n\n\n\n<p>For parents of university students, investing in real estate can be a strategic move, especially in cities where the cost difference between buying and renting is minimal. Cities like <a href=\"https:\/\/www.zoocasa.com\/kitchener-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Kitchener-<\/a><a href=\"https:\/\/www.zoocasa.com\/waterloo-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Waterloo<\/a>, <a href=\"https:\/\/www.zoocasa.com\/peterborough-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Peterborough<\/a>, St. John&#8217;s, and <a href=\"https:\/\/www.zoocasa.com\/abbotsford-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Abbotsford<\/a> offer unique opportunities. The difference between buying and renting in these locations is often less than $100 per month. This small gap allows parents to build equity while maintaining affordability, turning what might otherwise be rental expenses into a long-term investment.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/the-best-cities-for-torontonians-to-rentvest-in\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Best Cities for Torontonians to Rentvest In<\/a> <\/strong><\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">City Real Estate: The Case for Buying in Canada\u2019s Urban Centers<\/h1>\n\n\n\n<p>The average condo price in <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> is $748,330, leading to a substantial monthly mortgage payment of $3,244\u2014$645 more than the average rent. While this represents a higher cost of homeownership, it comes with significant benefits. With five publicly funded community colleges and six universities, Toronto&#8217;s robust rental market promises a steady demand for rental properties, positioning it as a lucrative long-term investment.<\/p>\n\n\n\n<p>Furthermore, the current Toronto condo market offers a unique opportunity for potential investors. There&#8217;s a dramatic increase in inventory. The Toronto Regional Real Estate Board\u2019s Q2 2024 market report states that listings surged 83.6% year-over-year. With more available properties paired with a current dip in sales, buyers now have greater leverage to negotiate favorable terms.<\/p>\n\n\n\n<p>On the other hand<a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">, Mississauga<\/a> offers another promising investment option with a smaller financial gap. With an average condo price of $631,810, the monthly mortgage payment is $2,739\u2014just $132 more than the average rent. Similar to Toronto, Mississauga is also experiencing an influx of listings. There were 2,121 units on the market at the end of July, a substantial gain of 54.1% from July 2023. \u201cActive listings haven\u2019t been this high in July in a decade,\u201d CREA reports.<\/p>\n\n\n\n<p>With an average condo price of $768,200, requiring a down payment of $153,640, the resulting monthly mortgage payment is $3,330\u2014$364 higher than the average rent of $2,966. Despite the higher costs,<a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\"> Vancouver\u2019s<\/a> real estate market is known for its historical appreciation, making it a worthwhile consideration for investors. In Metro Vancouver, the market is also tilting in favor of buyers. New listings in July 2024 increased by 20.4% year-over-year, while apartment sales dropped by 6.9%. This scenario will likely create more motivated sellers, opening doors for savvy investors to secure properties at attractive prices.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/top-10-cities-in-canada-to-avoid-if-you-hate-traffic\/\" target=\"_blank\" rel=\"noreferrer noopener\">10 Cities in Canada to Avoid if You Hate Traffic <\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<h1 class=\"wp-block-heading\">Funding Your Investment: Where to Get a Downpayment<\/h1>\n\n\n\n<p>Opting for a 20% down payment can make mortgage payments more manageable in many Canadian university towns and cities. In 60% of these areas, owning a home is more affordable than renting, providing parents with a cost-effective solution that doubles as an investment.<\/p>\n\n\n\n<p>When financing your investment, banks provide several mortgage options for rental properties, particularly if you leverage the equity from another mortgage, like your primary residence. Areas with many post-secondary institutions typically have strong and growing rental demand, which can reinforce the bank\u2019s confidence in the investment. Consulting with mortgage brokers and financial advisors can provide valuable insights and help ensure your decisions align with your family\u2019s future success.&nbsp;<\/p>\n\n\n\n<p>Are you looking to invest in a property? <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call today<\/a>! One of our experienced real estate agents would be happy to help you and your family. <\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Looking for an investment property?<\/div>\n<div class=\"cta-body\">Contact us today to talk to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Many parents prioritize saving for their child&#8217;s post-secondary education. While tuition fees are a primary consideration, living costs are equally important when creating a financial plan for this exciting milestone. This is where real estate investment can be beneficial. In some university towns, purchasing a condo may be the more affordable solution than paying rent [&hellip;]<\/p>\n","protected":false},"author":157,"featured_media":31401,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1114,1111,560,1242],"tags":[],"class_list":["post-31400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-canada","category-home-investment","category-renting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Invest or Rent? What Parents Must Consider for University Housing<\/title>\n<meta name=\"description\" content=\"Zoocasa analyzed rental prices and monthly mortgage payments in Canadian university towns to see where it was more affordable to invest or rent.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/invest-or-rent-what-university-housing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Invest or Rent? 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