Enter your real numbers to find out whether renting or buying makes more financial sense in your situation right now.
Enter the monthly rent you would pay for the home you want, then the purchase price of a comparable home you could buy. Fill in your down payment, current mortgage rate (check your bank or a mortgage broker for a real quote), estimated property taxes, and any condo fees. The calculator estimates your total monthly ownership cost and compares it to renting.
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Get KOHO Free — Use Code 45ET55JSYACanada's housing market in 2026 presents a genuinely complex rent vs buy calculation. After the dramatic price run-up of 2020–2022 and the correction and stabilization of 2023–2025, Canadian home prices remain elevated in most major markets. Mortgage rates, while lower than the 2023 peak, remain above the historically low levels that fuelled the buying frenzy.
In many Canadian cities, the pure monthly cost of owning (mortgage + taxes + condo fees) significantly exceeds renting a comparable unit. This "buy premium" has caused many Canadians to reassess the automatic assumption that buying is always better than renting.
As of 2026, Canadian 5-year fixed mortgage rates are in the 4.5–5.5% range depending on lender, borrower profile, and down payment size. Variable rates are currently 5.0–5.8%. The Bank of Canada rate has stabilized, but rates remain significantly above the 2020–2021 lows of 1.5–2%. Always get a mortgage pre-approval before making purchase decisions — your actual rate may differ from posted rates.
| City | Avg 1BR Rent | Avg Condo Price | Monthly Buy Cost* |
|---|---|---|---|
| Toronto | $2,480 | $680,000 | $3,800 |
| Vancouver | $2,620 | $750,000 | $4,200 |
| Calgary | $1,920 | $390,000 | $2,400 |
| Edmonton | $1,680 | $280,000 | $1,900 |
| Ottawa | $2,050 | $490,000 | $2,900 |
| Montreal | $1,550 | $420,000 | $2,500 |
*Estimated monthly cost includes mortgage (5% down, 5.2% rate, 25yr), property tax, and $400 condo fee. For illustration only.
In most major Canadian cities, the monthly cost of buying exceeds renting a comparable unit. This favours renting in the short term. Over longer horizons (7+ years), buying builds equity and provides stability. The right answer depends on your city, finances, and life plans.
The minimum is 5% for homes up to $500,000, and 10% on the portion between $500,000 and $999,999. Homes over $1M require 20% down. Down payments under 20% require mortgage default insurance (CMHC).