Is it better to rent or buy property in Toronto?

Though Toronto's real estate landscape always seems to be changing, there's one constant: it's pricey.

After a landmark few years for home prices in the early 2020's, where the average price of a home peaked around $1.3 million in 2022, home prices in Toronto are on a marked downturn year over year — but that doesn't mean they're affordable by most definitions of the term.

The same can be said for rent prices in the city. Still boasting some of the highest rents in Canada, prices in Toronto have been trending down in 2026, but with other factors, like rising grocery costs, also impacting Toronto residents' finances, cost of living remains a hot-button issue, whether you're paying monthly rent or a mortgage.

So, which way of life actually is better? blogTO decided to hit the streets to get Toronto residents' opinions on the issue and found that feelings were divided.

@blogto Would you rather rent or own in Toronto? 🏠 🎙️ @madisonschuli 🎥 @betabriii ♬ original sound - blogTO

The pro-renter camp cited perks like the freedom to move more easily and the fact that landlords, rather than themselves, are on the hook for costs associated with maintenance and repairs.

The people who argue the benefits of owning property stress the relative security of the investment, with one property owner stating that paying her mortgage is now more affordable than were she to rent the same place. That, and she can paint whatever she wants on the walls without asking for permission.

One respondent notes that there are "pros and cons" to both, but says it's "impossible for people of my age group to buy."

That said, almost everyone admits that they aspire to own property in Toronto one day — whether or not they'll be able to afford it is another question entirely.