down payment<\/a> on a condo and 20% on a detached home, the affordability gap in Toronto remains significant,\u201d said Leah Zlatkin, licensed mortgage broker and LowestRates.ca expert.<\/p>\n\u201cAt today\u2019s average prices, a condo costs about $655,000 compared to roughly $1.35 million for a detached house. A buyer with a five-year fixed rate mortgage would pay approximately 3.89% on an insured condo loan and 3.94% on an uninsured detached mortgage. That works out to an estimated monthly payment of about $2,976.59 for the condo versus $5,645.94 for the detached home. This difference shows why condos are a more attainable option for those looking to enter the market and stay within their budget,\u201d Zlatkin said.<\/p>\n
For buyers not planning major life changes, such as expanding their family or relocating, Zlatkin said the math makes a compelling case for condos.<\/p>\n
\u201cThey allow buyers to stay in the city, build equity, and manage costs responsibly while maintaining financial flexibility,\u201d she said.<\/p>\n","protected":false},"excerpt":{"rendered":"As listings reach multi-year highs and bidding wars become less common, financially prepared homebuyers are finding more opportunities…\n","protected":false},"author":2,"featured_media":215978,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,99,132068,171,132067,132066],"class_list":["post-215977","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-au","tag-australia","tag-business","tag-condo-prices","tag-markets","tag-toronto-condo-buyers","tag-toronto-condo-market"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/215977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=215977"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/215977\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/215978"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=215977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=215977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=215977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}