Free Tool

Rent vs Buy Calculator — which makes more sense for you?

Renting isn't throwing money away — and buying isn't always smarter. This calculator compares the true 10-year cost of both options in your situation.

Rent vs buy comparison

Adjust the numbers — the true cost comparison updates instantly.

🏠 Buying

$650,000
$130,000
4.05%
3.5%

🏢 Renting

$2,200
3%
5%
Net worth — buying (10 yr)
$0
Equity minus total costs
Net worth — renting (10 yr)
$0
Invested down payment + savings
Verdict
Calculating...
Get Pre-Approved
Common questions
Is renting really throwing money away?
No. Rent pays for housing — just as mortgage interest and property taxes do. The real question is whether the equity build-up from ownership outweighs the opportunity cost of your down payment and the extra costs of owning (maintenance, taxes, insurance). This calculator models that comparison.
How does rising rent factor into the decision?
Rent increases compound over time — at 3%/year, a $2,200 rent becomes $2,956 in 10 years. Your mortgage payment (fixed rate) stays the same. Over 10+ years, buying typically becomes more cost-effective in appreciating Canadian markets.
More questions
What hidden costs of ownership does this calculator include?
The 10-year buy cost includes: mortgage payments, estimated property tax (1% of value/year), maintenance (1% of value/year), CMHC insurance if applicable, and closing costs (~2%). It credits you with equity from principal paydown and home appreciation.

Ready to take the next step?

One call connects you with 50+ lenders. Free consultation, no obligation.

— or —
Responses shortly during business hours.