Renting? Here’s how we help tenants find their next home!
We’re currently updating our Tenant’s Guide and will be unveiling a new page here shortly.
Articles for Tenants
Renting well means understanding affordability, lease rules, rent control, landlord expectations, and when it may make sense to move from renting to owning. Here are more articles that go deeper into those parts of the process.
Tired of renting?
We regularly work with tenants and in our experience, there are just three reasons to rent.
Reason #1 – Downpayment Dilemma
One of the biggest reasons people rent rather than purchase their own home is they don’t have enough money saved up for a downpayment. Whether it’s 20%, 10% or just 5%, with the housing prices in Toronto and the GTA, it can be difficult to save up the necessary downpayment. While you work to save up the necessary funds, your rental payments each month help your landlord build equity, but not you.
Reason #2 – Qualifying Questions
Another big reason that keeps people renting rather than buying is not being able to qualify for a mortgage. Whether it is credit score issues, type and amount of income or length of time in your job, lenders can make it quite difficult to qualify for the best rates. Depending on your situation, you may find that you can’t qualify for a mortgage that would cost you the same each month as your rent, despite being able to manage your rent payments just fine!
Reason #3 – Terrible Timing
The final reason to rent rather than buy that we see in our work with tenants has to do with timing. If you have the downpayment and can qualify for a mortgage that works for you, you still may not want to do it right now. Perhaps you’re considering a move to a far away location, maybe you think housing prices are due to drop, or you just don’t want to tie yourself down to a particular place right now.
When the market shifts, opportunities show up!
While the timing aspect will always be dependent on your specific situation, we’ve helped a number of tenants make the move to home owners. The key is in understanding that when markets shift, new opportunities to buy can be created. If you’re tired of renting and think you can’t come up with a downpayment or can’t qualify for enough of a mortgage to buy a place that works for you, the below guide is for you!
See what you could buy in Toronto, the GTA, and nearby markets
Pick where you want to live
Start with Toronto, Peel, York, Halton, Durham, Dufferin, or Simcoe.
Use your rent as the starting point
Compare your current monthly rent to condo ownership scenarios with similar monthly costs.
See condo units you could buy
Open live MLS searches showing condo apartments currently listed near each purchase price.
Most rent-versus-buy articles stop at the math. This project connects the numbers to live condo listings, so you can see what your current rent may translate into in real property options.
Choose where you want to look
Each area page includes five rent-to-condo-ownership scenarios and live MLS searches showing condo units near the matching purchase price. These are not generic examples. They are active condo apartment searches designed to show what may be available right now.
Toronto
Etobicoke, Scarborough, East York, North York, and central Toronto.
See condo units you could buy
Peel
Mississauga, Brampton, Caledon, and nearby communities.
See condo units you could buy
York
Markham, Vaughan, Richmond Hill, Aurora, Newmarket, King, and nearby areas.
See condo units you could buy
Halton
Oakville, Burlington, Milton, Halton Hills, and surrounding communities.
See condo units you could buy
Durham
Pickering, Ajax, Whitby, Oshawa, Clarington, Brock, and nearby areas.
See condo units you could buy
Dufferin
Orangeville, Mono, Amaranth, Melancthon, Mulmur, and surrounding areas.
See condo units you could buy
Simcoe
Barrie, Bradford, New Tecumseth, Orillia, Essa, and nearby communities.
See condo units you could buyHow the tenant-to-owner analysis works
For each area, we compare five common rent levels against an estimated condo purchase price, monthly ownership cost, cash required to close, and five-year principal paydown. Then we connect each scenario to live MLS searches so you can see condo apartments near that price point.
Choose an area
Select Toronto, Peel, York, Halton, Durham, Dufferin, or Simcoe.
Compare rent levels
Review the condo ownership scenario closest to your current monthly rent.
View live condo listings
Open MLS searches showing condo units currently listed near that purchase price.
Review what is realistic
We can help assess the condo building, fees, financing, location, and resale risk.
The five rent levels used in the analysis
These are the five baseline scenarios used across the area pages. The monthly ownership numbers are modelled to line up with each rent level, but the cash required to close will differ between Toronto and non-Toronto areas because Toronto has an additional municipal land transfer tax.
| Current Rent | Approx. Condo Purchase Price | Price Search Range | Monthly Ownership Cost | Effective Monthly Cost After Principal Paydown |
|---|---|---|---|---|
| $2,000/month | $275,000 | $261,000 – $289,000 | $2,000/month | $1,570/month |
| $2,500/month | $365,000 | $347,000 – $383,000 | $2,500/month | $1,930/month |
| $3,000/month | $455,000 | $432,000 – $478,000 | $3,000/month | $2,280/month |
| $3,500/month | $550,000 | $523,000 – $578,000 | $3,500/month | $2,660/month |
| $4,000/month | $645,000 | $613,000 – $677,000 | $4,000/month | $2,990/month |
These examples are modelled scenarios, not mortgage approvals. Actual affordability depends on income, debt, credit, down payment source, condo type, lender rules, and current mortgage rates.
What changes by area?
The biggest calculation difference is closing cost. Toronto condo purchases include both Ontario land transfer tax and Toronto municipal land transfer tax. Condo purchases outside Toronto use Ontario land transfer tax only.
Toronto area page
- Uses Toronto-based closing cost assumptions
- Includes Ontario land transfer tax
- Includes Toronto municipal land transfer tax
- Includes live Toronto condo searches by price point
Other GTA and nearby area pages
- Uses non-Toronto Ontario closing cost assumptions
- Includes Ontario land transfer tax only
- Does not include Toronto municipal land transfer tax
- Includes live condo searches by area and price point
Important assumptions and limitations
The numbers are designed to make the comparison useful, but they should not be treated as a mortgage approval or a recommendation to buy a specific condo unit.
Included in the model
- Estimated mortgage payment
- Estimated property tax
- Estimated condo fee
- Estimated CMHC insurance
- Minimum down payment
- Estimated legal fees and land transfer tax
- Estimated principal paid down after five years
Not included in the model
- Utilities
- Insurance
- Repairs or maintenance inside the unit
- Moving costs
- Rate changes at renewal
- Special assessments
- Appraisal or lender-specific costs
- Changes in condo value
The live MLS links are not recommendations to buy any specific condo apartment. Each condo unit still needs to be reviewed for price, condition, monthly fees, financing, building health, location, and resale risk.
Want to know what is realistic for you?
Choose an area to start reviewing live condo apartment options, or contact us directly and we can help compare your current rent, savings, preferred location, and likely buying range.