Free Tool
Rent or buy?
Run the numbers.
Most people get this decision wrong because they're comparing the wrong things. This calculator shows you the real break-even point — step by step.
Rent vs Buy calculator
Canadian defaults · province-specific LTT · principal residence exemption
Step 1 of 5
Location & purchase
Select your province — it sets your property tax rate and calculates the Land Transfer Tax (LTT) automatically. CMHC mortgage insurance is also calculated automatically based on your down payment.
Province / city
First-time home buyer
Applies LTT rebates and federal $1,500 tax credit where available
Purchase price
How much your future home costs
C$
Down payment
Under 20% requires CMHC insurance
%
Auto-calculated for Ontario
Down payment
C$65,000
CMHC premium
C$18,135
Added to mortgage
Land transfer tax
C$9,475
No rebates
Total principal
C$603,135
Loan + CMHC
Total closing costs (buy)
C$11,625
LTT + legal + title
Property tax rate
0.73%
~C$395/mo · Ontario avg
Stress test: To qualify for this mortgage, you'd need to prove you can afford payments at 6.90% (your rate + 2%, or 5.25%, whichever is higher) — that's C$4,224/mo vs your actual C$3,491/mo.