Does it Make More Financial Sense to Own a Condo or Rent an Apartment?
"For many people, it is more advantageous to own rather than rent property. Over time, the value of property appreciates, and equity in the property increases as monthly mortgage payments gradually reduce the principal amount of the mortgage. Renters, in contrast, pay a set monthly amount to the owner for use of the space. Instead of building their own equity in the rented property, they are helping the apartment building owner build equity.
Things definitely tilt in a property owner’s favour over a longer period, regardless of the economy and periodical market swings. Owners of real estate properties gradually build up the benefit of equity as the principal of the mortgage debt is reduced and eventually paid off over time."
Source: Dan Barnabic - The Globe and Mail
“Toronto’s Condo Authority”