Updated for 2026 housing and mortgage trends
If you’re renting in Ontario right now, you’ve probably asked yourself:
“Should I keep renting, or is it finally time to buy?”
The truth is, there’s no one-size-fits-all answer. But understanding the numbers, the lifestyle trade-offs, and where the Ontario market stands in early 2026 can help you make a smart decision.
Let’s break it down.
📊 The Cost of Renting in 2026
Rental prices across Ontario have continued to rise modestly, especially in cities with low housing inventory and high immigration. As of January 2026:
A 1-bedroom apartment in mid-sized cities like London or Kitchener: $1,800–$2,100/month
A 2-bedroom unit in St. Thomas or Guelph: $2,300–$2,700/month
A 3-bedroom home in suburbs or small towns: $2,800–$3,200/month
That means many renters are spending between $30,000–$40,000 a year on housing—with none of that going toward equity.
🏡 The Cost of Buying in 2026
Let’s say you're looking at a home priced at $550,000 in Elgin County, Middlesex, or Oxford—still realistic in many areas. With 5% down and current mortgage rates hovering around 5.2%, your monthly mortgage payment would be roughly:
$3,200/month (including property tax and basic utilities)
Total yearly cost: $38,000–$42,000
However, unlike rent, part of this payment goes toward:
Building equity in a home you own
Appreciation (long-term growth of your asset)
Potential tax-free gains if it’s your principal residence
🧮 Rent vs. Buy: What Makes More Sense?
👉 Buying might make sense if:
You have a stable income and plan to stay in one place for 3–5 years
You want to build equity and stop paying someone else’s mortgage
You qualify for first-time buyer incentives or gifted down payments
👉 Renting might make sense if:
You’re uncertain about your job, relationship, or location
You have debt or poor credit that would make ownership risky
You’d prefer flexibility over long-term commitment
🤔 So... What Should You Do?
Here's the truth: renting isn’t “throwing money away,” and owning a home isn’t always the smartest financial move.
But if you’re renting AND saving nothing, buying could be your way to finally start building real wealth.
If you’re curious where you stand, I’ll run the numbers for your specific situation. No pressure, no sales pitch—just a real breakdown of your options.
📩 Reach out for a free Rent vs. Buy analysis customized for your city, your income, and your future goals.