The mysterious bunker unearthed at York University could have fetched $875,000 in the Toronto real estate market.

Or so went the joke on social media.

The average cost of a detached home in Toronto surpassed the $1M threshold for the first time this year, with condo prices reaching $400,000.

The cost of real estate in the city adds to the appeal of renting.

Certainly owning real estate is not the only way to build wealth; a case can be made that renting frees up capital that can be put toward other investment vehicles.

Still, the appeal of creating wealth through owning real estate endures. After all, one needs a place to live anyways, and living in one’s investment can be both practical and pleasurable.

So… are you owning your long-term wealth plan?

As easy as it is to rent, it’s worth considering how easy owning a property can be, and how it can help you achieve longer-term financial goals. The earlier you start, the more equity you can build.

However the housing market in Toronto performs, building equity in a house or condo continues to be a prudent investment. As property managers, we’re well-attuned to both the evolving market and steady real estate investments. Depending on your long-term goals, some opportunities will deliver greater value than others. We’re ready when you are.