Renting vs. Buying: A Closer Look at the Initial Costs

There’s a long-standing belief that buying a home is the ultimate financial goal. It represents stability, investment, and success. But what often gets overlooked is the significant upfront cost that comes with homeownership, and how renting, especially in today’s economy, can offer far more financial flexibility, freedom, and peace of mind.

At Lépine Apartments, we believe that where you live should empower your lifestyle, not restrict it. So let’s take a closer look at what it really costs to buy a home in Ontario, and why renting may be the smarter, more practical option for many.

The Hidden Price Tag of Homeownership

Most people focus on the downpayment, and it’s a big one. For many first-time buyers, a minimum of 5% to 20% down is required. That’s tens of thousands of dollars just to get your foot in the door.

But that’s only the beginning.

Land Transfer Tax

In Ontario, when you buy a home, you’re required to pay a land transfer tax. This tax is based on the purchase price of the home and varies by location—typically ranging between 1.25% and 2.5%. In places like Toronto, you may even face a double land transfer tax (municipal + provincial).

Renters? They don’t pay this at all. That money can be saved or invested elsewhere.

Legal Fees

Purchasing a property comes with a long list of legal requirements. You’ll need a lawyer to review documents, register the property, and handle closing—costing anywhere from $1,500 to $3,500. These fees are necessary for buyers, but completely avoidable when renting.

Home Inspection Costs

A wise buyer wouldn’t close on a home without an inspection. Home inspections help uncover structural or mechanical issues that could cost thousands later. But this peace of mind doesn’t come cheap. Expect to spend $400 to $800 before you even know if the home is a safe investment.

Property Tax Adjustments

Here’s another surprise: when you buy a home, you may be required to reimburse the seller for any prepaid property taxes. This adjustment ensures both parties only pay for the portion of the year they own the home. Again, if you’re renting, property taxes are something you’ll never have to deal with directly—offering more predictability in your monthly expenses.

Why Renting Can Be a Smarter Financial Move

Renting, particularly in a well-maintained and professionally managed property like Lépine Apartments, eliminates all of the above costs. That’s no:

• Downpayment
• Land transfer tax
• Legal fees
• Home inspection fees
• Property tax adjustments

With fewer upfront costs, you retain your financial freedom. That could mean more savings, greater liquidity, and the flexibility to invest in experiences, travel, education, or even future business opportunities—rather than locking all your money into a single property.

The Lépine Advantage

Choosing to rent at Lépine Apartments doesn’t mean compromising on quality. Quite the opposite. Our residences are thoughtfully designed and beautifully built to support a modern, sophisticated lifestyle. You enjoy access to state-of-the-art amenities, secure buildings, vibrant communities, and maintenance-free living—all without the financial burden of ownership.

Plus, you have the freedom to move when life calls for change. No complicated selling process. No closing costs. Just a flexible lifestyle that adapts to your goals.