Free Rent vs Buy Calculator for Canada. Compare the true cost of renting vs buying a home, including mortgage costs, CMHC insurance, land transfer taxes, and break-even timelines.
No — it depends on your situation. In expensive cities like Toronto and Vancouver, renting and investing the savings can actually outperform buying, especially if you're only staying for a few years.
CMHC insurance is a mandatory cost in Canada when your down payment is less than 20% of the home price. The premium is 2.8–4% of your mortgage amount. Homes over $1,000,000 aren't eligible.
Toronto is the only city in Ontario that charges its own Municipal Land Transfer Tax (MLTT) on top of the provincial one, meaning buyers pay roughly double the land transfer tax.
If the home is your primary residence, no — your profit is completely tax-free under Canada's principal residence exemption.