Is It Better To Buy Or Rent A Home In Ontario? A New Study Reveals Both Are Expensive
Between a rock and a hard place.
A Mississauga home. Right: Toronto apartments in winter.
To rent or to buy? It's a question many Ontario residents are struggling with as the price of homes and rental rates continue to remain costly in the province.
Which is cheaper? According to the latest data from Point2Homes, that question is like asking what the difference between a rock and a hard place is in 2023. There's a difference, they just both suck.
In Oakville, Vaughan and Milton, both renters and owners spend more than $2,000 on shelter costs. However, renting in Toronto costs an average of $1,562 per month and owning reaches $2,038.
Residents of Kingston are in a similar position. The city's price difference between homeowners and renters is just 9%, with those in the latter category paying just $120 more according to the report.
Owners in Markham, Brampton and Ajax pay even more than for housing costs, swinging things heavily in favour of those choosing to rent. Additionally, in Brampton, owners pay a whopping $676 more on average than renters. Yikes.
Ontario's most affordable cities to own a home in, Windsor, Greater Sudbury and St. Catharines, also give a slight advantage to renters. For example, those renting in Windsor pay an average of $1,046 a month, while owners pay $1,169.
So, which is more affordable? Owning or renting? The latter, for the most part. However, being a homeowner remains the dream for most Canadians and owning property does usually pay off in the long run.
But, the question isn't whether homeownership is a worthwhile venture because the fact is that Canadian renters who become homeowners in 2023 pay an average of $857 more a month for housing costs.
This article's cover image was used for illustrative purposes only.