Homeownership is no longer the milestone it once was. With real estate prices in the Greater Toronto Area already prohibitive and still rising, owning a home can be more cumbersome than it’s worth.
Homes in the GTA averaged $1.04 million at the beginning of the year, with detached houses and townhomes reaching $1.38 million and $984,000, respectively. Between saving enough for exorbitant down payments, the cost of mortgage rates, rising with property taxes—a 9.5% increase last year followed a 7% rise in 2023—and now talk of a looming home equity tax, the case for rentals has never been stronger.
Renting offers flexibility with fewer financial risks and access to premium locations and apartments. Dunpar is redefining luxury renting with Kingsway Village Square in the south Etobicoke neighbourhood. Whereas owning a home requires a typical down payment of 20% of more, as well as closing costs, two land transfer taxes, legal fees, home inspections—not to mention ongoing maintenance costs for repairs, upgrades and other unexpected issues—renting at Kingsway Village Square only requires a security deposit and monthly rent.
Renters benefit from fixed monthly costs and aren’t subject to market vagaries, like fluctuating mortgage rates or rising condominium maintenance fees, nor even special assessments or sudden maintenance expenses. On the contrary, because everything is already covered, financial planning is much easier. Another benefit is that renters typically enjoy a measure of liquidity and financial flexibility, especially those who rent in luxury buildings. This allows them to invest money in stocks, business ventures or travel, all the while enjoying a premium lifestyle in a luxury rental building.
The builder is your landlord in a private rental building like Kingsway Village Square, and while individual landlords may be unresponsive or otherwise unpredictable, Dunpar has a sterling reputation. Professional property management ensures rapid responses to maintenance requests as residences enjoy a consistently high standard of living in well-maintained and –manicured properties. Moreover, there’s no risk of unexpected eviction due to a landlord’s personal circumstances.
Maintenance and amenities are included in rentals, which helps renters save money and better plan for their futures. If a faucet is leaky or appliances break, the landlord will fix them free of charge. Additionally, buildings like Kingsway Village Square have premium amenities such as a rooftop patio, concierge service, fitness centre, party room and guest suite as well as secure parking.
