Rent vs buy in the GTA (fall 2026): the real monthly math
Toronto rents are slipping and the average GTA condo sold for $621,400 in October. Here are the honest numbers.
By Inderpal Sidhu · Updated November 2026 · 6 min read
Quick answer
Is it cheaper to rent or buy in the GTA in 2026?
Month to month, renting is cheaper: a Toronto one-bedroom rents for about $1,969 to $2,316, while buying the average $621,400 GTA condo with 10% down costs about $2,859 to $3,140 a month at 4.34% before fees and tax. Buying wins if you stay 5+ years and buy below asking.
Updated November 2026 · Inderpal Sidhu, Salesperson, HomeLife Silvercity Realty Inc., Brokerage
Should you keep renting or buy? In fall 2026 the answer is closer than it has been in years. Rents in Toronto are softening, prices are below last year, and rates just went up. Here is the math on an average GTA condo.
The numbers right now
- Average GTA condo apartment price, October 2026: $621,400 (TRREB, 1,385 sales).
- Unfurnished 1-bedroom in the City of Toronto: about $1,969 a month, down 3.7% from a year ago (liv.rent).
- Markham bucks the trend: about $2,081, up 5.7%.
- Best 5-year fixed mortgage: about 4.34%.
Buying the average condo with 10% down
| 25-year | 30-year (first-time buyer or new build) | |
|---|---|---|
| Down payment | $62,140 | $62,140 |
| Mortgage with CMHC insurance | $576,597 | $577,716 |
| Monthly payment at 4.34% | $3,140 | $2,859 |
| Principal paid in year 1 (equity you keep) | about $13,100 | about $9,700 |
Add maintenance fees and property tax, which vary by building. Always read the status certificate before you buy a resale condo.
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The honest answer
Month to month, renting a 1-bedroom is still cheaper. Buying wins when:
- You will stay at least 5 years.
- You buy below asking. GTA homes sold at 97% of list in October, with 4.6 months of inventory.
- You lock a payment you can carry even if rates rise again.
When renting is smarter
Your job feels shaky, you might move within 3 years, or you would have less than 3 to 6 months of payments saved after closing. With Ontario unemployment at 7.3% in October, that last point matters more than usual.
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Is it cheaper to rent or buy a condo in Toronto in 2026?
Month to month, renting a 1-bedroom (about $1,969) is cheaper than the roughly $2,859 to $3,140 mortgage payment on an average $621,400 GTA condo with 10% down, before fees and tax. Buying builds equity and wins over 5+ years.
How much do I need to buy a $620,000 condo?
At least 5% of the first $500,000 plus 10% of the rest, about $37,000, plus closing costs. The example above uses 10% down.
Are Toronto rents going down?
Yes. A 1-bedroom in the City of Toronto was down about 3.7% year over year in liv.rent's October 2026 report. Markham was up.
Questions? Call, text or WhatsApp me. I answer personally.
Call or text 647-338-6875Sources
TRREB Market Watch, October 2026
CMHC mortgage loan insurance premiums
General information only, not legal, tax, mortgage or financial advice. Rules and rates change; confirm with a real estate lawyer, mortgage professional and the CRA before you act. Inderpal Sidhu, Salesperson, HomeLife Silvercity Realty Inc., Brokerage.