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The buy-vs-rent debate in Toronto has never been more complex. Average rents for a 2-bedroom in Toronto have crossed $2,900/month, while adjusted mortgage payments on a similar unit sit around $3,200–$3,600. However, with principal paydown and appreciation factored in, ownership still creates significantly more long-term wealth in the GTA market.
First-time buyers especially benefit from programs like the First Home Savings Account (FHSA) and the Home Buyers Plan (HBP), which can meaningfully reduce the upfront cost barrier.