TORONTO RENTERS, THIS IS FOR YOU

TORONTO RENTERS, THIS IS FOR YOU

  • Claudine Montano
  • 04/3/24

Rent versus buying remains a contentious issue among homebuyers, with no clear winner, especially considering inflation and location.

Only 9 out of 35 Toronto neighbourhoods have average monthly mortgage payments lower than average rent, making renting the most affordable option in 77% of them. The York Mills—Bridle Path-Hoggs Hollow neighbourhood offers the most affordable option, with an average mortgage payment of $6,273.

Some neighborhoods are more budget-friendly to rent than buy, such as Mount Pleasant, Mimico, Willowdale East, Scarborough Village, Stonegate and Queensway, and Birchcliff. Black Creek and York University Heights offer the most budget-friendly mortgage payment at $2,281, which is $400 lower than the average rent. In 17% of the analyzed neighborhoods, the difference between buying and renting is within $100.

The Willowridge-Martingrove-Richview neighborhood shows a significant price difference in favor of buying-over-renting, with an average mortgage payment $549 less than the average rent.

Work With Claudine

With more than a decade of experience, Claudine Montano possesses a strong business acumen of Toronto’s constantly evolving real estate market. Claudine Montano is a Broker of Record with RE/MAX Hallmark Montano Group Realty affiliated with RE/MAX Hallmark.

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