{"id":27147,"date":"2024-02-06T06:00:00","date_gmt":"2024-02-06T11:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=27147"},"modified":"2024-02-26T09:47:44","modified_gmt":"2024-02-26T14:47:44","slug":"rent-vs-mortgage-costs-jan-2024","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-costs-jan-2024\/","title":{"rendered":"To Rent or Buy: How Do Rental and Resale Monthly Costs Compare in 2024?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">This year kicked off with a <a href=\"https:\/\/www.zoocasa.com\/blog\/boc-announcement-jan-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\">hold of the overnight lending rate<\/a>, and as a result, fixed rates have begun to come down. In October, the 5-year fixed mortgage rate peaked at 5.49%, but by January 2024 the rate dropped as low as <a href=\"https:\/\/www.ratehub.ca\/5-year-fixed-mortgage-rate-history\" target=\"_blank\" rel=\"noreferrer noopener\">4.89%<\/a>. High interest rates don\u2019t just impact homeowners, they also affect the rental market. As interest rates have climbed over the past two years, asking rents have increased by 22% according to <a href=\"https:\/\/rentals.ca\/national-rent-report#rentalsca-data\" target=\"_blank\" rel=\"noreferrer noopener\">Rentals.ca<\/a>. In this climate of rising rents and declining mortgage rates, Canadians are wondering if this year is the year to buy or rent.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To find out how much more affordable it is to rent rather than buy, Zoocasa analyzed 26 markets across Canada and compared monthly rental prices and monthly mortgage payments using average prices in December 2023. Additional costs were not considered, such as utilities or property taxes. Rental price numbers were sourced from Rentals.ca and were calculated by finding the average price of one-bedroom and two-bedroom rentals. Monthly mortgage payments were calculated assuming a 20% down payment and a 5-year fixed mortgage rate of 4.84% amortized over 25 years.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><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<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1819\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-287-2.png\" alt=\"\" class=\"wp-image-27151\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-287-2.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-287-2-99x300.png 99w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-287-2-338x1024.png 338w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-287-2-768x2329.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-287-2-507x1536.png 507w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-287-2-675x2048.png 675w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Narrowing Gap: The Difference in Monthly Mortgage and Rent is Under $500 in 7 Markets<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">Out of all the markets we analyzed, one city stood out for its resale affordability: Winnipeg. The average rent in Winnipeg is $1,526, while the monthly mortgage payment based on the average price amount to $1,521 &#8211; $5 less than the average rent. Though this is the only market on our list that has an average mortgage payment less than average rent, <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Regina<\/a> and Quebec City came very close.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The gap between average rent and average monthly mortgage payments is just $54 in Quebec City and $62 in Regina. Homeowners in Regina also benefit from having the smallest average monthly mortgage payment of the markets we analyzed, with Winnipeg and Quebec City closely following behind.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/single-family-home-price-change-2013-vs-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Here\u2019s How Much the Cost of a Single-Family Home in Canada Has Changed Over the Past 10 Years<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">With an average home price under $400,000, it\u2019s not surprising that <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a> is the next most affordable market for mortgage payments. Edmonton has a difference of $253 between the average monthly rent of $1,444 and the average monthly mortgage payment of $1,697. As <a href=\"https:\/\/www.zoocasa.com\/calgary-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Calgary&#8217;s<\/a> popularity continues to rise and pushes prices up, Edmonton is positioned as a more affordable alternative for those who may find themselves getting priced out of the Calgary market.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rounding out the list of markets with less than a $500 gap between monthly mortgage and rent are <a href=\"https:\/\/www.zoocasa.com\/halifax-ns-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Halifax<\/a>, Montreal, and <a href=\"https:\/\/www.zoocasa.com\/saskatoon-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Saskatoon<\/a>. However, Kingston, <a href=\"https:\/\/www.zoocasa.com\/london-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">London<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/ottawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Ottawa<\/a> are not far behind as all have a gap of just over $500 between the average rent and average monthly mortgage payment. Of those, <a href=\"https:\/\/www.zoocasa.com\/kingston-on-real-estate\">Kingston<\/a> has the smallest difference, with average rent at $1,970 and the average monthly mortgage payment of approximately $2,494. That makes Kingston the most affordable Ontario market for buying a home, but when it comes to renting, <a href=\"https:\/\/www.zoocasa.com\/st-catharines-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">St. Catharines<\/a> and <a href=\"https:\/\/www.zoocasa.com\/windsor-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Windsor<\/a> have it beat.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1273\" height=\"278\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-282.png\" alt=\"\" class=\"wp-image-27152\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-282.png 1273w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-282-300x66.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-282-750x164.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Frame-282-768x168.png 768w\" sizes=\"auto, (max-width: 1273px) 100vw, 1273px\" \/><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">Improving Affordability as National Rent and Mortgage Payments Leveling Out&nbsp;<\/h1>\n\n\n\n<p class=\"wp-block-paragraph\">On a national level, the disparity between rental costs and mortgage costs is not that significant. For condos, the average rent is $2,340, while the average monthly mortgage payment is $2,417. That comes out as just a $77 difference, suggesting condo homeownership is still an affordable option for those looking to buy in areas with an average condo price comparable to the national average of $527,600. On the other hand, when looking at townhouses, the average rent is $2,354, while the average monthly mortgage payment is $3,023 &#8211; a difference of $669. The type of property and location are two major factors in affordability.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/tips-for-a-successful-home-sale\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>2024 Home Selling: Mistakes to Avoid for a Successful Sale<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Even with the national average price of a townhouse at $660,000, buying one remains a more affordable option compared to buying a home at the benchmark price in most of Ontario or British Columbia, where average home prices are nearly double that. <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a> is the only city we analyzed with an average monthly mortgage payment above $5,000, though it\u2019s not the city with the largest gap between monthly rent and monthly mortgage payments. That title belongs to <a href=\"https:\/\/www.zoocasa.com\/surrey-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Surrey<\/a>, which has a $2,565 difference between the average monthly rent and the average monthly mortgage payment. That\u2019s followed by <a href=\"https:\/\/www.zoocasa.com\/burlington-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Burlington<\/a>, with a $2,441 difference, and <a href=\"https:\/\/www.zoocasa.com\/brampton-on-real-estate\">Brampton<\/a>, with a $2,257 difference. The gap in affordability in <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> is slightly less pronounced than in those cities, with a difference in rent and mortgage payments of $1,970.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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 getting into the market this spring?<\/div>\n<div class=\"cta-body\">Sign up for a free consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>This year kicked off with a hold of the overnight lending rate, and as a result, fixed rates have begun to come down. In October, the 5-year fixed mortgage rate peaked at 5.49%, but by January 2024 the rate dropped as low as 4.89%. High interest rates don\u2019t just impact homeowners, they also affect the [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":27149,"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":[1114,1111,1160],"tags":[],"class_list":["post-27147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-canada","category-market-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>To Rent or Buy: How Do Rental and Resale Monthly Costs Compare in 2024? | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"This year kicked off with a hold of the overnight lending rate, and as a result, fixed rates have begun to come down. In October, the 5-year fixed\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-costs-jan-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"To Rent or Buy: How Do Rental and Resale Monthly Costs Compare in 2024? | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"This year kicked off with a hold of the overnight lending rate, and as a result, fixed rates have begun to come down. In October, the 5-year fixed\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-costs-jan-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-06T11:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-26T14:47:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Blog-x-Social-Images-2024-02-01T162503.953.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mackenzie Scibetta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2024\/02\/Blog-x-Social-Images-2024-02-01T162503.953.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mackenzie Scibetta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-costs-jan-2024\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-costs-jan-2024\/\"},\"author\":{\"name\":\"Mackenzie Scibetta\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/f94c43a0733031723a673cfb21916c34\"},\"headline\":\"To Rent or Buy: How Do Rental and Resale Monthly Costs Compare in 2024?\",\"datePublished\":\"2024-02-06T11:00:00+00:00\",\"dateModified\":\"2024-02-26T14:47:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-costs-jan-2024\/\"},\"wordCount\":824,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Affordability Reports\",\"Canada\",\"Market Insights\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-costs-jan-2024\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/rent-vs-mortgage-costs-jan-2024\/\",\"name\":\"To Rent or Buy: How Do Rental and Resale Monthly Costs Compare in 2024? | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2024-02-06T11:00:00+00:00\",\"dateModified\":\"2024-02-26T14:47:44+00:00\",\"description\":\"This year kicked off with a hold of the overnight lending rate, and as a result, fixed rates have begun to come down. 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