It's cheaper to buy than rent a home in these Canadian cities
If you’re a prospective first-time homebuyer looking to get your foot in the housing market door, you may want to look outside of major cities in Canada.
Zoocasa released a new report on Monday that decodes the price-to-rent ratio of buying a home in Canada in 2026.
“Is now the right time to buy? It’s a complicated question. On one hand, rent is at a historic low; on the other, property prices have dropped, and inventory is high, giving buyers a rare opportunity to find deals,” reads the report.
The report found that while most headlines highlight the high cost of buying a home in Canada, there are pockets in the market where paying a mortgage is actually cheaper than paying rent.
According to Zoocasa’s data, Regina and Winnipeg are the only two cities where buying a home yields immediate monthly savings.
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The average home price in Regina is $330,900 with an estimated monthly mortgage of $1,377, while the average rent is $1,497.
“In Regina, a monthly mortgage payment is $120 less than the average rent, while in Winnipeg, homeowners pay $92 less than their renting counterparts,” reads the report.
In Winnipeg, the average home price is $378,300 with an estimated monthly mortgage of $1,574, compared to the average rent of $1,666. That’s $92 in monthly savings if you buy a home versus renting in Manitoba’s capital city.
“It’s also worth noting that Edmonton is a significant outlier close to this trend. While renting is technically cheaper there, the difference is incredibly slim, just $85 a month,” adds the report. “For many prospective buyers in Edmonton, this marginal difference suggests that the leap from renting to owning is far more accessible than in the rest of the country.”
Zoocasa
Zoocasa says outside of these three cities, renting remains the more affordable monthly option; savings vary depending on the city.
The rent-to-own price ratio gap widens in large urban centres like Ottawa, Montreal, and Calgary, where renters can save between $400 and $450 a month.
“Moving into Southern Ontario hubs like Waterloo and Hamilton, the gap widens, with rental savings approaching $1,000,” reads the report.
“Meanwhile, in the Greater Toronto Area and parts of British Columbia, the disparity becomes a canyon.”
People who live in Toronto, for example, can save $1,957 renting instead of buying a home. In Vancouver, you can save over $2,000 renting.
This isn’t the only ranking shining a light on Winnipeg’s affordable living. It was also named the best for “low cost of living” by Tangerine.