The average rent in Vaughan, reported together with Richmond Hill, is $2,012 a month for an unfurnished one-bedroom in September 2026, according to liv.rent’s Ontario rent report, which tracks asking rents. Canada Mortgage and Housing Corporation (CMHC) publishes one rent zone for Vaughan, Richmond Hill, and King, and its October 2025 survey of occupied units puts the average there at $1,583 for a one-bedroom and $1,827 for a two-bedroom. Whether renting or buying comes out ahead is answered in the last section, which uses September 2026 apartment prices. Rents and prices are as of the date this post was published, and they change, so confirm the current rent with the landlord before you decide.
Where to rent around Vaughan and Richmond Hill: average rent by area
CMHC’s October 2025 survey puts average rent in the Richmond Hill/Vaughan/King zone at $1,583 for a one-bedroom and $1,827 for a two-bedroom. That is a single zone, so there is no official split between Vaughan and Richmond Hill, and the figures describe CMHC zones, not neighbourhoods.
The table below places the shared zone beside four neighbouring zones, using CMHC’s average rent table for the Toronto survey area (October 2025 survey). CMHC’s averages cover occupied units, so they can sit below liv.rent’s current asking rents.
| Area (CMHC zone, October 2025) | One-bedroom | Two-bedroom |
| Richmond Hill/Vaughan/King | $1,583 | $1,827 |
| North York (Northwest) | $1,517 | $1,751 |
| Brampton (East) | $1,770 | $1,992 |
| Aurora, Newmarket and Whitchurch-Stouffville | $1,863 | $2,183 |
| Markham | $1,885 | $1,996 |
In the October 2025 survey, the shared zone is the second lowest of the five zones in our table, above only North York (Northwest), at $1,517 for a one-bedroom and $1,751 for a two-bedroom. Markham is the highest in our table on one-bedrooms at $1,885, and Aurora, Newmarket and Whitchurch-Stouffville is the highest on two-bedrooms at $2,183. CMHC rates the Markham two-bedroom figure as good reliability, a step below very good.
liv.rent’s October 2026 Ontario rent report puts Vaughan-Richmond Hill’s average asking rent at $1.98 per square foot in October 2026, the second-lowest of the Ontario areas liv.rent tracks after Brampton at $1.52. Its September 2026 Ontario rent report, published September 3, 2026, put the average unfurnished one-bedroom asking rent for the combined Vaughan-Richmond Hill area at $2,012, up 9.87% from August and up 2.96% year over year, while the October report’s text has no one-bedroom dollar figure for the region.
Statistics Canada’s quarterly rent statistics, released September 9, 2026, put the Toronto metro area’s average two-bedroom asking rent at $2,650 a month in the second quarter of 2026. These experimental estimates cover units listed on major rental platforms across the whole metro area, not Vaughan and Richmond Hill alone, so they sit beside, not inside, the CMHC table.
To see current asking rents, browse Vaughan rentals on liv.rent and Richmond Hill rentals. The rest of this post puts these rents beside the cost of owning, and the last section answers renting versus buying.
Two cities, one rent zone: how we built the comparison in October 2026
We compared the monthly cost of owning a Vaughan or Richmond Hill apartment, bought at the September 2026 reference price, with average one-bedroom and two-bedroom rents from CMHC’s October 2025 survey, then followed each side’s net worth for 25 years. Whoever spends less in a month invests the difference, and break-even is the first year-end when the owner’s net worth, after selling costs, is at least the renter’s. It is an illustration, not a prediction or advice.
One shared calculator produces every number. Each of the two prices runs against each of the two rents, giving four pairings, under two price paths: flat, and up 2% a year. The table lists what stays frozen.
| Assumption | What we used |
| Price data month | September 2026 |
| Rent data | CMHC Rental Market Report, October 2025 survey: average rent for occupied purpose-built apartments in the Richmond Hill/Vaughan/King zone, used for both cities; the model does not use liv.rent’s September 2026 asking rent or Statistics Canada’s second-quarter 2026 estimate |
| Down payment | 20%, so no mortgage insurance premium |
| Mortgage | 4.50% five-year fixed, held for the whole period; 25-year amortization |
| Closing costs | Ontario land transfer tax on the standard schedule with no exemptions, plus $3,000 for legal and inspection |
| Condo fee and insurance | $500 a month, rising 2.2% a year |
| Property tax | The city’s 2026 all-in residential rate applied to the apartment price, rising 2.2% a year |
| Rent growth | 2.2% a year |
| Investment return | 4.0% a year on any money not spent on housing |
| Selling costs | 4% of the sale price |
| Home price scenarios | Flat, and 2% a year |
| Not counted | Tenant insurance, maintenance beyond the condo fee, tax on investment returns |
The rent source is the one assumption that differs from liv.rent’s published Metro Vancouver buy-vs-rent post. That post used liv.rent’s October 2026 asking rents; this one uses CMHC’s October 2025 averages. The text of liv.rent’s October 2026 Ontario report gives no average one-bedroom rent for Vaughan-Richmond Hill, and we ran no pairing on liv.rent’s September 2026 figure of $2,012, which covers the two cities together. CMHC’s averages cover occupied units, many on older leases, so they can sit below current asking rents. A renter signing a new lease today may pay more, so the month-one gaps below are, if anything, wider than a new-lease renter would see. They are not comparable with the Metro Vancouver post’s gaps.
These are modelling assumptions, not forecasts. The 4.50% mortgage rate is a round number chosen for the series, not a quote, and we compound it semi-annually. The 2.2% growth figure is also an assumption: the Government of Ontario’s rent increase page (updated June 23, 2026) lists an Ontario guideline of 2.1% for 2026 and 1.9% for 2027, which does not cover new buildings, additions and most new basement apartments first occupied for residential purposes after November 15, 2018. We chose 2.2% as a round figure slightly above the guideline.
What prices, rents and tax rates apply in Vaughan and Richmond Hill?
We used the Toronto Regional Real Estate Board (TRREB) reference prices for September 2026 of $523,100 in Vaughan and $493,000 in Richmond Hill, CMHC’s October 2025 average rents of $1,583 (one-bedroom) and $1,827 (two-bedroom) for the zone both cities share, and 2026 property tax rates of $7.49217 and $7.60104 per $1,000 of assessed value. With one rent for both, price and tax rate are all that separate the cities.
The apartment price: two measures that disagree
According to TRREB’s September 2026 MLS Home Price Index tables, the typical apartment was priced at $523,100 in Vaughan and $493,000 in Richmond Hill. These reference prices are built from the MLS Home Price Index (HPI), not averages of sales, and TRREB publishes them for each municipality as a whole. Its Market Watch for September 2026, released October 6, 2026, points the other way: the average condo apartment sale price was higher in Richmond Hill, though that average rests on only 34 sales. The two measures disagree on which city costs less, and we use the HPI for both.
| Measure (TRREB, September 2026) | Vaughan | Richmond Hill |
| Apartment reference price (MLS HPI) | $523,100 | $493,000 |
| Change from September 2025 | Down 4.92% | Down 12.27% |
| Average sale price, condo apartments | $548,958 | $574,564 |
| Condo apartment sales in the month | 62 | 34 |
The rent: one CMHC zone for both cities
In the CMHC table we used, Vaughan and Richmond Hill sit together with King in one zone, so the survey cannot tell their rents apart. CMHC’s average rent by bedroom type table for the Toronto area zones shows an average of $1,583 for a one-bedroom (reliability rated excellent) and $1,827 for a two-bedroom (very good) in October 2025, for occupied purpose-built units, row and apartment structures combined.
liv.rent’s October 2026 Ontario rent report treats Vaughan-Richmond Hill as one region. Its text puts average asking rent there at $1.98 per square foot in October 2026, the second-lowest of the Ontario areas liv.rent tracks after Brampton at $1.52, and says the furnished one-bedroom average asking rent fell 3.89% from September. That text gives no average one-bedroom rent for the region, so we ran no asking-rent pairing. The model keeps CMHC’s October 2025 zone rent and does not use the September 2026 report’s $2,012 for the combined area, quoted in the first section.
Property tax: the rates, and the assessed-value catch
Ontario property tax is the municipal, York Region and education rates multiplied by the home’s assessed value from the Municipal Property Assessment Corporation (MPAC). Vaughan’s 2026 residential total is 0.749217%: 0.203805% for the City, 0.392412% for York Region and 0.153000% for education, per City of Vaughan By-law 103-2026, passed May 26, 2026. Richmond Hill’s is 0.760104%, with a City rate of 0.214692% and the same York Region and education rates, per the City of Richmond Hill’s 2026 tax rates page. York Region’s 2026 Property Tax Policy Update confirms its 0.392412%, up from 0.375863% in 2025. Applied to the price, that is about $327 a month in Vaughan and $312 in Richmond Hill in 2026, by our arithmetic. Water, wastewater, stormwater and other fees are not in those schedules and are not counted.
The catch is that the rate applies to assessed value, not price. MPAC’s page on the assessment cycle says assessments for the 2026 property tax year “will continue to be based on” “fully phased-in January 1, 2016 current values”. An apartment bought in 2026 would therefore normally carry an assessment below its price, so a price-based calculation overstates the tax. We kept it as the main case and show a bound in the break-even section: the same runs with property tax set to $0.
Monthly cost in Vaughan and Richmond Hill: owning from $2,995 to $3,143 against rent from $1,583 to $1,827
On September 2026 prices and CMHC’s October 2025 rents, owning costs more than renting in month one in all four pairings, according to the shared calculator. The gap runs from $1,168 a month (Richmond Hill against the two-bedroom rent) to $1,560 (Vaughan against the one-bedroom rent). Owner cost here means the mortgage payment, property tax and the frozen $500 condo fee and insurance figure.
| Pairing | Mortgage payment | Owner cost, month one | Rent (CMHC, October 2025) | Owner cost above rent |
| Vaughan ($523,100) against one-bedroom rent | $2,316 | $3,143 | $1,583 | $1,560 |
| Vaughan ($523,100) against two-bedroom rent | $2,316 | $3,143 | $1,827 | $1,316 |
| Richmond Hill ($493,000) against one-bedroom rent | $2,183 | $2,995 | $1,583 | $1,412 |
| Richmond Hill ($493,000) against two-bedroom rent | $2,183 | $2,995 | $1,827 | $1,168 |
The rent is the same in both cities, so the difference between them is price. For the household choosing a city, the $30,100 gap in reference prices means an owner cost $148 a month lower in Richmond Hill ($2,995 against $3,143, on September 2026 prices) and $6,622 less cash up front, shown below.
| Up-front cash | Vaughan | Richmond Hill |
| Apartment price (TRREB, September 2026) | $523,100 | $493,000 |
| 20% down payment | $104,620 | $98,600 |
| Ontario land transfer tax | $6,937 | $6,335 |
| Closing costs including $3,000 legal and inspection | $9,937 | $9,335 |
The Ontario Ministry of Finance’s land transfer tax page (updated April 22, 2026) sets the standard schedule: 0.5% up to and including $55,000, 1% from $55,000 to $250,000, 1.5% from $250,000 to $400,000, and 2% above $400,000, with a further 2.5% band above $2 million for land with one or two single family residences, which neither price approaches. We applied no exemptions and only this provincial tax.
Does owning in Vaughan or Richmond Hill ever pull ahead of renting?
Break-even, the first year-end when the owner’s net worth after selling costs is at least the renter’s, arrives in only one of the eight combinations we ran: Richmond Hill against the two-bedroom rent with prices up 2% a year, in the 20th year. In the other seven, the owner is still behind after 25 years, according to the shared calculator on September 2026 prices.
| Pairing | Break-even, flat prices | Break-even, prices up 2% a year |
| Vaughan against one-bedroom rent | Not within 25 years | Not within 25 years |
| Vaughan against two-bedroom rent | Not within 25 years | Not within 25 years |
| Richmond Hill against one-bedroom rent | Not within 25 years | Not within 25 years |
| Richmond Hill against two-bedroom rent | Not within 25 years | 20th year |
The next table gives net worth at three points, owner first, then renter.
| Pairing and price path | After five years | After 10 years | After 25 years |
| Vaughan, one-bedroom rent, flat | $134,766 / $240,438 | $198,562 / $387,588 | $502,176 / $999,846 |
| Vaughan, one-bedroom rent, up 2% a year | $187,033 / $240,438 | $308,536 / $387,588 | $823,873 / $999,846 |
| Vaughan, two-bedroom rent, flat | $134,766 / $223,593 | $198,562 / $348,312 | $502,176 / $843,678 |
| Vaughan, two-bedroom rent, up 2% a year | $187,033 / $223,593 | $308,536 / $348,312 | $823,873 / $843,678 |
| Richmond Hill, one-bedroom rent, flat | $127,011 / $222,572 | $187,137 / $355,930 | $473,280 / $905,211 |
| Richmond Hill, one-bedroom rent, up 2% a year | $176,270 / $222,572 | $290,782 / $355,930 | $776,466 / $905,211 |
| Richmond Hill, two-bedroom rent, flat | $127,011 / $205,727 | $187,137 / $316,654 | $473,280 / $749,042 |
| Richmond Hill, two-bedroom rent, up 2% a year | $176,270 / $205,727 | $290,782 / $316,654 | $776,466 / $749,042 |
The owner’s figures do not change with the rent. With prices flat, the owner holds $502,176 in Vaughan after 25 years, exactly 96% of the $523,100 price (September 2026), and $473,280 in Richmond Hill, 96% of $493,000: the mortgage is paid off, selling costs are out, and nothing has been invested on top, because owning never costs less than renting in those 25 years. The renter’s figures change with the rent, since a larger monthly gap leaves more to invest.
Only one run ends with the owner ahead: Richmond Hill against the two-bedroom rent with prices up 2% a year, at $776,466 for the owner against $749,042 for the renter after 25 years (September 2026 prices). Vaughan against the same rent and price path ends $19,805 short ($823,873 against $843,678), because the renter there starts with more cash to invest and saves more each month.
If property tax is lower than the model assumes
Because the model applies the tax rate to the purchase price, we reran every pairing with property tax set to $0 (September 2026 prices, CMHC’s October 2025 rents). Treat $0 as a floor for the owner’s tax, not a prediction: real tax falls between zero and the full-price figure. Even then, month-one owner cost is $2,816 in Vaughan and $2,683 in Richmond Hill, still $856 to $1,233 a month above the rent.
| Pairing | Owner cost above rent with tax at $0 | Break-even, flat prices | Break-even, prices up 2% a year |
| Vaughan against one-bedroom rent | $1,233 | Not within 25 years | 20th year |
| Vaughan against two-bedroom rent | $989 | Not within 25 years | Eighth year |
| Richmond Hill against one-bedroom rent | $1,100 | Not within 25 years | 15th year |
| Richmond Hill against two-bedroom rent | $856 | Not within 25 years | Seventh year |
With no property tax at all, break-even still never arrives on flat prices, and arrives between the seventh and the 20th year when prices rise 2% a year. The 2% column is a what-if, not a forecast: TRREB’s HPI had Vaughan apartments down 4.92% and Richmond Hill apartments down 12.27% in the year to September 2026, so if prices hold, read the flat rows.
Which household suits owning in Vaughan or Richmond Hill, and what changes the answer?
On these September 2026 prices and October 2025 rents, renting costs less in month one in every pairing, and the numbers give no honest basis for preferring one city on cost alone. Richmond Hill’s lower reference price trims the owner’s bill by $148 a month, but its average sale price is higher and its price index fell further. A buyer chooses between them on price and horizon.
A buyer with a long horizon and a way to carry a month-one gap of $1,168 to $1,560 is the person the model treats most kindly. A household whose cash flow cannot absorb that gap, or that values the flexibility to move, spends less in month one by renting in either city. For a landlord or owner reading the market, CMHC’s October 2025 averages of $1,583 to $1,827 describe sitting tenants, and sit well below the $2,995 to $3,143 it costs in the model to carry a new purchase.
Ontario’s refund for first-time homebuyers could trim the up-front cash, though we did not apply it. The page (updated February 10, 2026) sets a maximum of $4,000 and asks that the buyer be at least 18, a Canadian citizen or permanent resident, move in as a principal residence within nine months, and never have owned an eligible home anywhere in the world. Both prices are above the $368,000 on which the page says no land transfer tax is payable for eligible homes, so the full $4,000 would apply: net tax of $2,937 in Vaughan and $2,335 in Richmond Hill in 2026, by our arithmetic.
Several things would move the result: the price path, which changes break-even by years; the mortgage rate; and a specific building’s condo fee and assessed value, which will differ from our frozen figures. Selling costs of 4% also make a short stay expensive for an owner.
CMHC’s context is thin for these two cities. CMHC’s vacancy rate table puts the zone’s vacancy at 2.4% for all unit types in October 2025, and at 3.1% for one-bedroom units, a figure CMHC rates as poor reliability, to be used with caution. The zone’s year-over-year rent change is marked “not statistically significant” for every bedroom type in CMHC’s rent change table, so we quote no rent growth figure. This is general information, not financial advice, and a mortgage broker or financial planner can run numbers for your own situation.
Checks to make before weighing a Vaughan or Richmond Hill apartment
Start with the rent for the size of unit you would actually live in, then compare it with real figures for a specific apartment: the building’s condo fee, its MPAC assessment and a mortgage quote. Read liv.rent’s October 2026 Ontario rent report for asking-rent trends, browse the rent reports for earlier months, and see liv.rent’s guide to renting vs buying for the trade-offs. If you rent while you decide, liv.rent’s post on Ontario rent increases covers the rules for raising rent in Ontario.
Renting vs buying in Vaughan and Richmond Hill: the short answer
A hypothetical York Region household with the same savings is choosing between Vaughan and Richmond Hill, where TRREB’s September 2026 apartment reference prices differ by $30,100. For that household, renting costs less in month one in both cities, by $1,168 to $1,560 a month against CMHC’s average rents from October 2025.
Break-even arrives in only one of the eight combinations we ran: Richmond Hill against the two-bedroom rent with prices up 2% a year, in the 20th year. Owning suits a buyer with a long horizon and a way to carry the month-one gap; a household whose cash flow cannot absorb it, or that values the flexibility to move, spends less in month one by renting. The reference prices are for each city as a whole, and CMHC’s rents are for occupied units, so a new lease may cost more. This is an illustration, not a forecast or advice.
For the national picture, read Canada’s 2026 price-to-rent ranking on the liv.rent blog.
What is the average rent in Vaughan and Richmond Hill?
liv.rent‘s September 2026 Ontario rent report puts the average unfurnished one-bedroom asking rent for the combined Vaughan-Richmond Hill area at $2,012. Canada Mortgage and Housing Corporation’s (CMHC) October 2025 survey of occupied purpose-built units puts the shared Richmond Hill/Vaughan/King zone at $1,583 for a one-bedroom and $1,827 for a two-bedroom.
Where is rent lowest near Vaughan and Richmond Hill?
Of the five CMHC zones in our table, North York (Northwest) had the lowest averages in the October 2025 survey, $1,517 for a one-bedroom and $1,751 for a two-bedroom. The shared Richmond Hill/Vaughan/King zone was second lowest at $1,583 and $1,827.
Is it cheaper to rent or buy an apartment in Vaughan or Richmond Hill?
In liv.rent‘s model, renting costs less in month one in both cities. On the Toronto Regional Real Estate Board’s September 2026 apartment reference prices and CMHC’s October 2025 average rents, owning costs $1,168 to $1,560 a month more. Break-even arrives in only one of the eight combinations we ran, in the 20th year. This is general information, not advice.
Which is cheaper for a condo, Vaughan or Richmond Hill?
It depends on the measure. TRREB’s September 2026 MLS Home Price Index puts a typical apartment at $493,000 in Richmond Hill and $523,100 in Vaughan. The average condo apartment sale price points the other way: $574,564 in Richmond Hill on 34 sales against $548,958 in Vaughan on 62. We use the index for both cities.
How much is land transfer tax on a condo in Vaughan or Richmond Hill?
On Ontario’s standard schedule, land transfer tax is $6,937 on a $523,100 apartment and $6,335 on a $493,000 one, before any refund, as of October 2026. Eligible first-time buyers can claim a refund of up to $4,000, according to the Ontario Ministry of Finance page updated February 10, 2026. Our model applies no refund.
How long does it take for buying to beat renting in Vaughan or Richmond Hill?
In our model, only Richmond Hill against the two-bedroom rent with prices up 2% a year reaches break-even within 25 years, in the 20th year. With property tax set to $0, a bound rather than a realistic figure, break-even arrives between the seventh and 20th year on rising prices, and never on flat ones.
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