Last updated: June 2026
Housing is usually the biggest monthly cost in Canada. Read documents carefully before signing and keep records of rent payments, notices, deposits, and maintenance requests.
Before renting
- Confirm the full monthly cost: rent, parking, utilities, internet, laundry, and insurance.
- Ask what is included and what is extra.
- Use the Ontario standard lease where required.
- Do not send large deposits without confirming the landlord, address, and agreement.
Tenant rights in Ontario
Ontario has rules for residential tenancies. Landlords generally must use proper notices for eviction-related matters, and tenants can contact the Landlord and Tenant Board for disputes. Rules can be technical, so always verify your situation with official sources.
Rent vs buying
| Option | Good side | Risk |
|---|---|---|
| Renting | Lower upfront cost and more flexibility. | Rent increases, moving risk, and less control. |
| Condo | Ownership and lower maintenance responsibility. | Maintenance fees, special assessments, and smaller space. |
| Townhouse/house | More space and long-term control. | Higher mortgage, property tax, repairs, and insurance. |
Official resources
Practical tip for families
Before helping a child buy a home, compare the effect on retirement cash flow, existing mortgages, taxes, and future borrowing. A co-signer may help approval, but the debt can still affect the co-signer’s own financial life.