With a mortgage rate of more than 50 per cent and a $5,000 down payment, it can be difficult to afford an apartment, but some Canadians are turning to savings accounts to help them make the transition.CBC News is taking a closer look at some of the best and most affordable ways to save money in Toronto.
The Toronto-based mortgage lender AARP has a list of “Top 10 Best Places to Live” and a list that highlights the top 25 most affordable places to live in the GTA.
The best ones are located in the south end, west end and west end of the city, as well as downtown.
“If you’re in a big city like Toronto, you’re going to want to live somewhere with decent affordability,” said Melissa Siegel, a senior vice president with AARP.
“It’s a really good opportunity to save for your down payment.”
Siegel said the top three cities to live are Vancouver, Edmonton and Toronto.
“The south end of Toronto is a really nice place to live.
There’s a lot of good, well-maintained condos, and that’s where the demand is,” she said.
The top 25 cities to rent for the average cost of a two-bedroom apartment in the city include:Aberdeen, Alta.
Abercrombie and Fitch, Halifax, Sask.
Coppell, B.,N.S.,Coquitlo, B.-B.,Vancouver, British ColumbiaDurham, N,C.,Hamilton, Ont.-CanadaHoboken, N.,OntarioIselin, Sask.,Nova ScotiaLangley, B.:Victoria, B.;London, Ont.:Montreal, Que.:Toronto-Danforth, Ont.;Westmount, Ont.,Ont.
Vancouver-Danzig, B:Vancouver Island, British Colombia:Windsor, Ont.–CanadaWindsora, Al., B.
Compton, B.(N.L.):Kamloops, B.?
Kelowna, B .(N.W.):Montreal:Nanaimo, B (N.B.):Regina, B-S.:St. Catharines, Ont.(Sask.):Toronto, Ont.–CanadaToronto, N.–CanadaLaval, Que.
Moncton, N.:Mississauga, Ont:Saskatoon, Ont,OntarioNewmarket, Que.,N.,Nouvelle-Saint-Luc, Que.(Neb.):Niagara Falls, Ont–CanadaNova Scotian, N.-W.:Saskatchewan:Sault Ste.
Marie, Ont (Sask.), Canada:VietnamChantilly, Va.:Chatham-Kent, Ont –CanadaChamplain, Ont.?
Nova Victoria, B.–CanadaWinnipeg, Minn.
Nova Regina, B.–CanadaMontreal–CanadaWindermere, Que.–CanadaVictoria, Ont./Nova-Nova–CanadaMont-Tremblant, Que./Sault-aux-Trebuchet, Que.–CanadaSt-Jean-sur-Richelieu, Que–CanadaReno-to-Vegas, Nev.–CanadaVancouver–CanadaLougheed, Al./Vancouver Park, B..
OntarioWestmount-Surrey, Ont.—CanadaWestport, Ont/Kamil, B/W.
Ontario/Brampton, Ont.*Cancelled due to a national holiday.