{"id":23135,"date":"2023-07-26T06:00:00","date_gmt":"2023-07-26T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=23135"},"modified":"2023-07-26T21:14:46","modified_gmt":"2023-07-27T01:14:46","slug":"rent-vs-mortgage-canada-july-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-canada-july-2023\/","title":{"rendered":"Renting vs. Buying: Where Monthly Mortgage Payments are Comparable to Monthly Rent Across Canada"},"content":{"rendered":"\n<p>With interest rates increasing, and <a href=\"https:\/\/www.zoocasa.com\/blog\/how-much-interest-on-mortgages\/\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage payments likewise climbing<\/a>, many prospective buyers are looking to the rental market as a more affordable housing option. But how much more affordable is it actually to rent rather than to buy?<\/p>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/annual-population-growth-vs-national-home-price\/\" target=\"_blank\" rel=\"noreferrer noopener\">Record population growth<\/a> is not only driving up home prices but also rental prices. The average asking rent reached a record high in June 2023, according to Rentals.ca, and the demand for affordable housing will continue to grow in conjunction with rising house prices and high-interest rates. At the same time, <a href=\"https:\/\/www.zoocasa.com\/blog\/crea-june-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">home price growth is starting to slow down in several large markets<\/a> and could be an indication of an impending decline in home prices.<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<p>Zoocasa analyzed data for 27 markets across Canada and compared monthly rental prices and monthly mortgage payments for the average home in each in June. Additional costs for each were not considered, such as utilities or property taxes. Rental price numbers were sourced from Rentals.ca, while the monthly mortgage payments were calculated by assuming a 20% down payment and a mortgage rate of 5.04% amortized over 30 years on the average-priced home.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1844\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/Frame-101.png\" alt=\"\" class=\"wp-image-23138\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/Frame-101.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/Frame-101-98x300.png 98w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/Frame-101-333x1024.png 333w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/Frame-101-768x2361.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/Frame-101-500x1536.png 500w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/Frame-101-666x2048.png 666w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Less than $500 Difference in Monthly Mortgage vs. Rent in 11 Markets&nbsp;<\/h1>\n\n\n\n<p>Though no market is more affordable to buy in than rent, there are several markets where the rental and mortgage payments are similar, though these are all outside of Ontario and British Columbia. In Winnipeg the cost of renting and buying is nearly identical with the average monthly rent at $1,475 and the average monthly mortgage payment at $1,493 &#8211; a difference of just $18. Quebec City and <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Regina<\/a> also have small gaps in rental and mortgage payments at differences of $54 and $148 respectively.&nbsp;<\/p>\n\n\n\n<p>The least expensive rental payments and least expensive mortgage payments can both be found in Alberta and Saskatchewan, where monthly payments don\u2019t exceed $1,700. <a href=\"https:\/\/www.zoocasa.com\/grande-prairie-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Grande Prairie<\/a> has the lowest monthly rent at $1,097, while Regina has the lowest monthly mortgage payment at $1,367 for a home at the average price of $318,700.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/ontario-most-competitive-july-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Ontario\u2019s Most Competitive Real Estate Markets: Where are Houses Selling the Fastest?<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>Kingston is the most affordable city in Ontario for both renting and buying a home; the average rental payment is $1,812 while the average monthly mortgage payment is $2,438 &#8211; a $626 difference in rental and mortgage payments. St. Catharines is the next most affordable Ontario city for renting and buying with an average monthly rent of $1,853 and an average monthly mortgage payment of $2,590.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">The Gap Between Rent and Mortgage Payments Growing in Larger Markets<\/h1>\n\n\n\n<p>In March 2023, Zoocasa conducted the same analysis comparing monthly mortgage payments with monthly rental payments and found that <a href=\"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-2023-canada\/\" target=\"_blank\" rel=\"noreferrer noopener\">two cities, Winnipeg and Quebec City, had monthly mortgage payments cheaper than monthly rent<\/a>.&nbsp;<\/p>\n\n\n\n<p>Now, in a span of less than four months, there are no longer any cities with mortgage payments more affordable than monthly rental payments and the gap is growing larger. In March, the difference in monthly rental and monthly mortgage payments in <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> was $1,495. In June, the difference in payments in Toronto grew to $2,086.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/upsizing-tips\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>4 Smart Strategies for Upsizing Your Home in Low-Inventory, High-Rate Times<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>However, the largest difference in payment is in <a href=\"https:\/\/www.zoocasa.com\/surrey-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Surrey, BC<\/a>, where the average monthly rent is $2,202 and the average monthly mortgage payment is $4,841 &#8211; a $2,639 price difference. <a href=\"https:\/\/www.zoocasa.com\/burlington-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Burlington<\/a> and <a href=\"https:\/\/www.zoocasa.com\/brampton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Brampton<\/a> have similarly large gaps in rental and mortgage payments as well. In Burlington, the average monthly rent is $2,395 while the average mortgage payment is $4,960, and in Brampton, the average monthly rent is $2,317 while the average mortgage payment is $4,777.&nbsp;<\/p>\n\n\n\n<p>Do you have questions about entering the real estate market? <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call<\/a>! Our experienced real estate agents will help you navigate the market to find the right home for you.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Considering entering the summer market?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>With interest rates increasing, and mortgage payments likewise climbing, many prospective buyers are looking to the rental market as a more affordable housing option. But how much more affordable is it actually to rent rather than to buy? Record population growth is not only driving up home prices but also rental prices. The average asking [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":23140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1114,1111,468],"tags":[],"class_list":["post-23135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-canada","category-mortgages-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Renting vs. Buying: Where Monthly Mortgage Payments are Comparable to Monthly Rent Across Canada | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Renting is often seen as more affordable than buying, but how much more affordable is it really? 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