Comparing renting to buying

Here I compare a 40 year old rental apartment at the corner of Avenue Road and Prince Arthur Avenue, an extremely desirable location in Toronto, with a new condo building right next door.

You decide. Which is the better deal?

The rental building

20 Prince Arthur Avenue
2 bedroom, 2 bath includes all utilities and parking
Rent: $1800 a month
Costs: protected by Rent Review Board
Residents protected by provincial legislation

The condo building

The Prince Arthur
38 Avenue Road
2 bedroom, 2 bath includes parking
Price: $1,049,000 (on Power of Sale)
Fees:        $1,302 a month
Costs:  Municipal taxes
            interest on your mortgage
            Future condo fee increases
            Special Assessments (unknown)
If they get into a dispute with the  condo board of directors, the owners will have to pay a lawyer and go to mediation, arbitration or court to protect their rights

Of course, the condominium building is a finer building. It is new and it has features and amenities that this rental building cannot match.

Yet, 20 Prince Arthur has both charm and the same million dollar location.

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