Rent vs. Buy in the GTA: Which Option Saves You More in 2024?

Curious about whether to rent or buy in the GTA this year? With Toronto’s diverse neighborhoods, understanding the cost difference between renting and owning is crucial. In some areas, mortgage payments can be up to 170% higher than rent. Zoocasa’s latest research breaks down the numbers across 35 neighborhoods, revealing where you might save or spend more. Dive in to see how these insights can help you make confident, informed decisions about your next move in the real estate market.

Key Findings:

• High Mortgage Areas: In King, Oakville, and Richmond Hill, mortgage payments can be up to 170% higher than rent.
• Affordable Options: Cities like Brampton, Whitby, and Halton Hills offer mortgage payments below $5,000.
• National Trends: Canada’s average rent hit a record high of $2,202 in May 2024, comparable to GTA’s lower-end rentals.
• Affordable Rentals: Oshawa, Simcoe County, and Brampton have the lowest rental prices in the GTA.

Detailed Comparison:

1. Mortgage vs. Rent: In high-cost areas like King, Oakville, and Aurora, mortgages are significantly higher than rent. King, for instance, sees mortgage costs at 170% more than renting.
2. Affordable Locations: In contrast, 43% of GTA cities, such as Brampton and Whitby, have mortgage payments under $5,000, offering more budget-friendly options.
3. National vs. Local: The national average rent of $2,202 is similar to lower-end GTA rentals, with Oshawa and Simcoe County being the most affordable.

Neighborhood Insights:

• Toronto’s Affordable Rentals: Mount Pleasant, Yorkdale Glendale Weston, West Hill Centennial Scarborough, and Rockcliffe Smythe Keelsdale Eglinton West offer rents under $2,500.
• Ownership Costs: The most affordable neighborhoods for buying are Regent Park, St. James Town, and Corktown, with monthly mortgage costs around $4,430.