{"id":68814,"date":"2026-08-12T12:45:43","date_gmt":"2026-08-12T19:45:43","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=68814"},"modified":"2026-08-12T12:45:50","modified_gmt":"2026-08-12T19:45:50","slug":"renting-vs-buying-canada-city-ranking-price-to-rent-ratio-2026","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/featured\/renting-vs-buying-canada-city-ranking-price-to-rent-ratio-2026\/","title":{"rendered":"Where renting saves you the most vs. buying: Canada’s 2026 price-to-rent ranking"},"content":{"rendered":"\n

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What is the price-to-rent ratio, and why does it matter for renters in 2026?<\/h2>\n

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The price-to-rent ratio is a simple way to compare the cost of owning a home against the cost of renting one in the same city. Divide the median home price by the median annual rent, meaning monthly rent multiplied by 12, and the result shows roughly how many years of rent would equal the price of the home.<\/p>\n\n

In 2026, renting is the cheaper monthly option in nearly every major Canadian city, and the gap is widest in Oakville, Vancouver, and Surrey, where owning costs $1,957 to $2,240 more per month than renting a comparable home. Only two cities, Regina and Winnipeg, currently tip the other way, where a mortgage payment runs below average rent. Here is a city-by-city look at where the price-to-rent math favours renters most in 2026, using the latest data, and what the numbers do not tell you.<\/p>\n\n

Three rough zones help make sense of the number. A ratio under 15 tends to favour buying. A ratio between 16 and 20 is close to neutral. A ratio above 21 tends to favour renting on a pure cash-flow basis, according to Rain City Properties’ 2026 rent-versus-buy analysis<\/a> of the Vancouver market. Vancouver itself sits at a ratio of about 24.7, calculated using Greater Vancouver Realtors’ May 2026 average apartment price<\/a> of $697,800 and comparable May 2026 condo rent data, firmly in rent-favourable territory.<\/p>\n\n

Nationally, home prices have also been climbing faster than rents since 2015. Canada’s OECD-tracked price-to-rent index reached 122.8, on a scale where 2015 equals 100, in the first quarter of 2026, per OECD data compiled by CEIC<\/a>, down slightly from 124.6 the previous quarter but still well above the 2015 baseline. That gap between home price growth and rent growth is exactly what shows up, city by city, in the numbers below.<\/p>\n\n

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The 2026 city-by-city snapshot: where renting saves the most<\/h2>\n

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Every January, Zoocasa runs the numbers on mortgage payments versus average rent across 30 Canadian markets. Its January 2026 analysis<\/a> found that Oakville has the widest gap in the country: the average monthly mortgage payment there runs $2,240 higher than average rent. Vancouver follows at $2,011, and Surrey is close behind at $1,957, all in Lower Mainland and Southern Ontario markets where home prices have pulled well ahead of rents.<\/p>\n\n

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Tier by tier: how the ownership premium narrows<\/h3>\n

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Victoria’s renters save $1,413 a month over homeowners, per the same Zoocasa analysis<\/a>, while Waterloo’s gap sits at $781, driven in part by home price growth tied to the region’s tech sector. Moving into more moderate territory, Calgary at $433, Montreal at $434, and Ottawa in the $400 to $450 range show a smaller but still meaningful renting advantage, and Alberta cities like Lethbridge at $382, Airdrie at $144, and Red Deer at $114 narrow the gap further still.<\/p>\n\n

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City<\/strong><\/td>Province<\/strong><\/td>Who saves monthly<\/strong><\/td>Amount<\/strong><\/td><\/tr><\/thead>
Oakville<\/td>ON<\/td>Renters<\/td>$2,240<\/td><\/tr>
Vancouver<\/td>BC<\/td>Renters<\/td>$2,011<\/td><\/tr>
Surrey<\/td>BC<\/td>Renters<\/td>$1,957<\/td><\/tr>
Victoria<\/td>BC<\/td>Renters<\/td>$1,413<\/td><\/tr>
Waterloo<\/td>ON<\/td>Renters<\/td>$781<\/td><\/tr>
Montreal<\/td>QC<\/td>Renters<\/td>$434<\/td><\/tr>
Calgary<\/td>AB<\/td>Renters<\/td>$433<\/td><\/tr>
Lethbridge<\/td>AB<\/td>Renters<\/td>$382<\/td><\/tr>
Airdrie<\/td>AB<\/td>Renters<\/td>$144<\/td><\/tr>
Red Deer<\/td>AB<\/td>Renters<\/td>$114<\/td><\/tr>
Edmonton<\/td>AB<\/td>Renters<\/td>$85<\/td><\/tr>
Winnipeg<\/td>MB<\/td>Buyers<\/td>$92<\/td><\/tr>
Regina<\/td>SK<\/td>Buyers<\/td>$120<\/td><\/tr><\/tbody><\/table><\/figure>\n

Table reflects Zoocasa’s January 2026 snapshot. Several cities have moved since then, most notably Winnipeg and Edmonton; see the sections below for July 2026 updates.<\/em><\/p>\n

Source: Zoocasa, “Decoding Canada’s Price-to-Rent Ratios in 2026,” January 2026.<\/p>\n

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Toronto did not appear as an isolated line item in Zoocasa’s latest release, but the city’s home prices remain among the country’s highest, and liv.rent’s July 2026 Ontario Rent Report<\/a> puts the average unfurnished one-bedroom in the city at $1,961 a month, down $87 year-over-year. With home prices still well above the national average, the renting advantage there remains substantial even without a single dollar figure attached.<\/p>\n\n

For an ongoing read on what renters are actually paying month to month, liv.rent’s Canadian rent reports<\/a> track asking rents across these same cities, updated monthly.<\/p>\n

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Where buying actually beats renting in 2026<\/h2>\n

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Regina and Winnipeg are the only two cities in Zoocasa’s dataset<\/a> where a mortgage payment lands below average rent. In Regina, the average home price is $330,900, the estimated mortgage payment is $1,377, and average rent is $1,497, a $120 monthly edge for buyers. In Winnipeg, homeowners come out $92 ahead each month.<\/p>\n\n

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A moving target: rents are not standing still<\/h3>\n

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Those figures come from Zoocasa’s January 2026 snapshot, and six months of new data suggest the picture is shifting. liv.rent’s July 2026 Winnipeg Rent Report<\/a> shows the average unfurnished one-bedroom climbing to $1,353 a month, up 1.1% from June and higher year-over-year in five of the city’s six neighbourhoods. If Winnipeg rents keep climbing while home prices hold steadier, that $92 buying advantage could narrow or disappear before year end.<\/p>\n\n

Edmonton sits closest to the tipping point among renting-favourable markets, with owners paying just $85 more than renters, according to Zoocasa. liv.rent’s July 2026 Calgary and Edmonton Rent Report<\/a> shows Edmonton rents actually moving the other way, down $17 month-over-month and $68 lower than July 2025, which would widen rather than close that gap if the trend holds.<\/p>\n\n

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What the ratio does not tell you: the full renting vs. buying picture<\/h2>\n

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A price-to-rent ratio is a snapshot of monthly cash flow, not a full financial plan. Buying builds equity with every payment, and in a market like Vancouver, with a ratio near 24.7, Rain City Properties notes<\/a> that owning tends to outperform renting financially only after a hold of about seven to 10 years, depending on the mortgage rate path and how much home prices appreciate over that time.<\/p>\n\n

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The costs a mortgage payment does not include<\/h3>\n

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Property taxes, strata or condo fees, maintenance, home insurance, and, for many buyers, CMHC mortgage insurance all sit outside the basic mortgage-versus-rent comparison, and they add up over a full year of ownership. Renters face none of these directly, though they also do not build equity, which is the trade-off at the heart of the decision.<\/p>\n\n

Rent control adds another layer worth factoring in. Ontario’s 2026 rent increase guideline caps most existing tenants’ increases at 2.1%, a real protection against market swings for renters who plan to stay put, as detailed on Ontario’s residential rent increases page<\/a>. For renters weighing a long stay in a high-ratio city, that guideline meaningfully lowers the long-term cost of staying put compared to a market with no cap at all.<\/p>\n\n

For renters who have decided renting is the right call for now, liv.rent’s rental resources for renters<\/a> cover everything from lease basics to move-in budgeting.<\/p>\n

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How to use the price-to-rent ratio to choose where you live<\/h2>\n

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Three steps turn this into something you can actually act on.<\/p>\n

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Step 1: pull local numbers<\/h3>\n

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Look up the median home price and average asking rent for your target city or neighbourhood. liv.rent’s monthly rent reports and renter’s guide to using liv.rent to find a rental listing<\/a> are a good starting point for current asking rents on verified listings.<\/p>\n

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Step 2: calculate and compare<\/h3>\n

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Divide the home price by 12 times the monthly rent, then check where that number falls against the 15, 20, and 21 thresholds described above.<\/p>\n

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Step 3: layer in the qualitative factors<\/h3>\n

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Rent control rules, local vacancy rates, and how long you plan to stay all shift the real-world math. National conditions are working in renters’ favour right now: Canada’s average asking rent was $2,033 in June 2026, down 4.3% year-over-year and marking the 21st consecutive month of annual decline, per a Rentals.ca and Urbanation report covered by CBC News<\/a>. That kind of softening gives renters more room to negotiate, particularly in markets with rising vacancy.<\/p>\n

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Provincial rent control rules and the renting vs. buying decision<\/h2>\n

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Rent control is set province by province, and it changes how much a renting advantage is worth holding onto. Ontario’s 2026 guideline caps most increases at 2.1% for units first occupied on or before November 15, 2018, per the province’s official guidance<\/a>. British Columbia’s 2026 cap sits at 2.3%, confirmed on the province’s rent increases page<\/a>, and already reflected in liv.rent’s July 2026 Metro Vancouver Rent Report<\/a>.<\/p>\n

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Manitoba is not an uncontrolled market<\/h3>\n

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Manitoba, home to buy-favourable Winnipeg, actually caps most rent increases too. The province’s Residential Tenancies Branch<\/a> set the 2026 guideline at 1.8%, effective January 1. Saskatchewan and Alberta, by contrast, have no percentage cap at all, so landlords there can raise rent by any amount with proper written notice.<\/p>\n\n

Renters looking for a deeper breakdown by province can check liv.rent’s rental laws by province<\/a> resources before making a decision either way.<\/p>\n

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liv.rent’s take: where this is heading for the rest of 2026<\/h2>\n

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The renter’s advantage in high-ratio cities is about as wide as it has been in years, and the data across liv.rent’s own July 2026 reports backs that up. Vancouver’s average unfurnished one-bedroom fell to $2,089 a month, down $143 year-over-year. Montreal’s citywide average dropped to $1,586, its lowest point in over a year. Calgary and Edmonton moved in opposite directions, Calgary up $2 to $1,469 while Edmonton fell $17 to $1,236, and Winnipeg climbed to $1,353. Nationally, CMHC’s 2026 mid-year rental market update<\/a> found asking rent-to-income ratios easing across most major metro areas, with the steepest drops in Vancouver, Toronto, Calgary, and Edmonton.<\/p>\n\n

None of this guarantees the gap stays this wide. Toronto’s own numbers offer an early signal either way: liv.rent’s July 2026 Ontario Rent Report shows the city’s average unfurnished one-bedroom easing to $1,961 a month, down $87 year-over-year, while Downtown Toronto specifically posted one of the GTA’s smallest annual declines, at just 1.0%, a sign that submarket may be closer to bottoming out than most. For renters currently sitting in a high price-to-rent city, that argues for locking in a lease sooner rather than later. Search verified listings on liv.rent<\/a> to see what is currently available in your city.<\/p>\n

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What is a good price-to-rent ratio for renters in Canada?<\/h2>\t\t\t\t
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A ratio above 21 generally signals that renting is the stronger financial choice on a monthly cash-flow basis. Vancouver’s ratio sits at about 24.7 as of 2026, while Prairie cities like Regina and Winnipeg sit low enough that buying can edge out renting.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\n\t\t\t\t

Which Canadian city has the widest gap between owning and renting in 2026?<\/h2>\t\t\t\t
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Oakville has the widest gap in the country, with owners paying about $2,240 more per month than renters, according to Zoocasa’s January 2026 analysis. Vancouver ($2,011) and Surrey ($1,957) follow closely behind.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\n\t\t\t\t

Is renting cheaper than buying in Canada in 2026?<\/h2>\t\t\t\t
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In most Canadian cities, yes. The exceptions are Regina and Winnipeg, where Zoocasa’s data shows the average mortgage payment running $120 and $92 below average rent, respectively. Edmonton sits close to breakeven, with owners paying just $85 more than renters.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\n\t\t\t\t

How do I calculate the price-to-rent ratio for a city?<\/h2>\t\t\t\t
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Divide the median home price by the median annual rent, meaning monthly rent multiplied by 12. A $700,000 home in a city with $2,500 average monthly rent works out to a ratio of about 23, which falls into rent-favourable territory.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\n\t\t\t\t

Does a high price-to-rent ratio mean renting always wins?<\/h2>\t\t\t\t
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Not necessarily. The ratio reflects monthly cash flow, but buying builds equity over time. In Vancouver, with a ratio near 24.7, buying can still outperform renting after roughly a seven-to-10-year hold, depending on mortgage rates and how much home values grow over that time.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\n\t\t\t\t

Are rents rising or falling across Canada in 2026?<\/h2>\t\t\t\t
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Falling, nationally. Canada’s average asking rent was $2,033 in June 2026, down 4.3 percent year-over-year, the 21st consecutive month of annual decline, according to Rentals.ca and Urbanation.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\n\t\t\t\t

Does Manitoba have rent control?<\/h2>\t\t\t\t
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Yes. Manitoba’s 2026 rent increase guideline is 1.8 percent, one of the lowest caps in the country. That is worth noting since Winnipeg is one of only two Canadian cities where buying currently beats renting on a monthly basis.<\/p>\n\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/section>\n\t\t\n