This calculator compares your initial monthly rent payment to your initial monthly housing payment and does not factor in future changes to these payments.
The calculator adds a mortgage insurance premium to the mortgage amount for mortgages with a down payment between 5% and 19.99% using CMHC rates.
The minimum down payment is 5% on homes up to $500,000, 10% on the amount between $500,000 and $999,999 and 20% on homes priced at $1 million and over. Monthly rent figures using the Province, City and Apartment Type drop down menus are average rent prices as of Fall 2015 (Source: CHMC-SCHL, RentSeeker.ca).
The calculator is for illustrative purposes only and may not reflect the actual numbers for your mortgage or rental lease agreement. You should not rely on the results as an
indication of your financial needs and we recommend that you seek out your own financial, investment, tax, legal or accounting advice nor shall the information herein be
considered as investment advice or as a recommendation to enter into any transaction.