With interest rates on a downward slope, it may now be cheaper to buy a condo than to rent a comparable unit in the same community, says one real estate data firm.
The monthly rent in a development can now surpass the mortgage payment for some homes there, a fact that can help industry professionals convince their clients to transact, says Zonda Urban.
Jon Bennest, the company’s Vancouver-based VP of product development, said that just two years ago, market conditions were such that buying was almost double the cost of renting.
But now, due to where prices and mortgage rates currently sit, buying can cost slightly less per month,
→ Continue reading at BIV