Rent or Buy a Condo in York Region in 2026? A Monthly Cost Comparison
The question: this came up in a r/TorontoRealEstate thread from a couple weighing Richmond Hill, Thornhill and Markham for a first home. I have answered it for York Region buyers and renters, with sources below.
Short answer: at today's prices, buying a typical condo apartment usually costs more per month than renting a similar one, but part of the owner's payment is principal, which builds equity. Whether buying wins depends on how long you stay, your rate and what you would earn on the down payment if you rented instead.
The numbers we start from
- Richmond Hill condo apartment benchmark: $493,000 in September 2026, down 12.3% in a year (TRREB).
- Markham average apartment and condo asking rent: $2,393 in September 2026 (Rentals.ca).
A worked monthly comparison
Assumptions (illustrative, change them for your situation): 20% down ($98,600), a $394,400 mortgage at 4.50% over 25 years, condo fees of $650 a month, property tax of $250 a month and insurance of $30.
- Buying: mortgage about $2,183 + fees $650 + tax $250 + insurance $30 = about $3,113 a month. Roughly $718 of the first month's payment goes to principal.
- Renting: about $2,393 a month, plus tenant insurance.
Check the actual condo fee and tax bill for any unit you consider; they vary widely by building. Property tax rates by town are covered in York Region property tax rates 2026 by town.
What tips the decision
- Time: buying and selling costs (land transfer tax, legal fees, commission) take years to recover. Under about five years, renting often wins.
- Prices: condo benchmarks fell over the past year, so buyers have more choice, but nobody can promise where prices go next.
- Programs: first-time buyers can use the Ontario land transfer tax rebate (see Ontario land transfer tax and the first-time buyer rebate in York Region).
Need a hand with this?
Call or text me at 647-667-5555. I work across Richmond Hill, Markham, Vaughan and the rest of York Region, in English and Persian (فارسی).
Related reading
- Condo vs. freehold in the GTA
- Ontario land transfer tax and the first-time buyer rebate in York Region
- First-time home buyer checklist for Richmond Hill and the GTA
- Long-term residential property investment in the GTA
Sources
All sources accessed October 2026.
Farshad Fazaeli, International Realty Firm, Inc., Brokerage. Phone 647-667-5555. This article is general information, not legal, tax or mortgage advice. Market figures are board-wide summaries and are not an appraisal of any property. Not intended to solicit buyers or sellers already under contract with a brokerage.
FAQ
Is it cheaper to rent or buy a condo in York Region?
With the assumptions in this article, buying a typical Richmond Hill condo costs about $3,100 a month versus about $2,400 to rent in Markham, but part of the owner's cost is principal repayment.
How long should I stay to make buying worthwhile?
Transaction costs mean buying usually needs several years to pay off; under about five years renting often comes out ahead.
What is the average condo rent in Markham?
Rentals.ca reported $2,393 for purpose-built and condo apartments in Markham in September 2026.
Richmond Hill & GTA · International Realty Firm, Inc., Brokerage
647-667-5555 · info@melk.ca