Should I buy a new condo?

[ChristopherSpeicher]

Hey guys,
I and my wife are new to North York, Canada. We moved here last year and currently, we are living in a rented condo near the Bayview village. The rent is quite on the higher side but as our offices are within walking distance, we can save money on transportation. It's going good so far and I am pretty much-enjoying city life. But, now I think the rent for the same unit will now cost 10% more based on my research. So I am thinking if it's a good idea to buy a new condo or just continue renting.

 

[Kotori]

I would say buy, just because the money you pay would be building equity. there are a few downsides to owning, including wear and tear, but you would be able to renovate the condo how you want. If you wanted to, you could even rent it out while living elsewhere! One thing to look out for would be HOAs, but I'm sure you've run into those already.