An investment that pays itself off in six months?
Justin da Rosa
Canadian Real Estate Wealth
This is how crazy Toronto real estate has gotten.
The average one bedroom apartment rental in Toronto costs $1,465 a month – pricing many young professionals and other Torontonians out of the rental market.
With that in mind, the CBC recently published an article focusing on sub-$1,000 rentals, entitled What kind of apartment can you get in Toronto for under $1,000?
Featured were three standards; a bachelor apartment in an aging building in the east-end costing $995 a month, a junior one bedroom in mid-town costing $925 per month, and a one bedroom basement apartment in the Beaches, a sought after, popular Toronto ‘hood costing $999 per month.
But a fourth option was perhaps the most intriguing.
“This unconventional Craigslist find is by far the cheapest listing in our round-up,” the CBC article says. “It’s a parked, 19-foot-long 1980s motorhome — ‘retro classic vintage self-contained,’ says the ad.
Wait, what? Parked?
You read that right.
Rents in Toronto have gotten so out-of-hand that our national news organization featured a $475 per month ramshackle motorhome parked in the Annex in a roundup of affordable rental apartments. (Admitedly, one would assume CBC wrote this with its tongue in its cheek).
“The listing says the motorhome sleeps two to three people and comes with three automotive batteries to plug in lights and charge your phone,” the article says. “But you’ll have to buy your own gasoline to run the generator.”
What a steal.
Still, one savvy investor likely purchased the home-on-wheels for no more than $3,000. Meaning if he or she rented it out for the desired $475 per month, the investment would be paid off in just over six months.
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