This is one of the questions I hear most — and one people type into Google and ChatGPT every single day. So let's answer it the way I answer it in person: in plain words, with real London numbers.
The simple comparison
Right now in London, Ontario:
A one-bedroom apartment rents for about $1,600 a month (October 2026).
The median home sells for $540,000 — meaning half of homes sold for more than that and half for less — down about 6.6% from a year ago (September 2026).
If you bought that $540,000 home with 20% down ($108,000), the mortgage payment alone would be roughly $2,360 a month (25 years, at today's best 5-year fixed rate of about 4.34%). That's just the mortgage — property tax, home insurance, and repairs add several hundred dollars more each month.
So the honest monthly picture: renting costs around $1,600. Owning costs around $3,000 or more a month, all in.
Wait — so why would anyone buy?
Because of the part that doesn't show up in the monthly number: equity. Think of it like this. Every rent cheque you write pays your landlord's mortgage. Every mortgage payment you make pays YOUR mortgage — and a little piece of each payment becomes money that stays with you when you sell. After a few years, that turns into real money.
Buying also gives you stability: nobody raises your rent, nobody sells the house out from under you, and you can paint the walls any colour you want.
And right now, buyers in London have something they didn't have two years ago: choice. There are 5.9 months of inventory on the market, homes are taking a median of 34 days to sell, and they're selling at 96.9% of their asking price — which means sellers are open to negotiation.
When does renting win?
If you're not sure you'll stay in London for at least 3 to 5 years. Buying has upfront costs (down payment, closing costs, land transfer tax) that take time to earn back.
If you don't have a down payment saved yet. Keep renting, keep saving — your future self will thank you.
If your income or job isn't stable yet. A mortgage is a 25-year commitment; a lease is a 12-month one.
The three questions I ask every client
How long will you stay here? (Three years or more → buying starts to make sense.)
Do you have the down payment — and an emergency fund left after it?
Can your monthly budget handle the FULL cost of owning, not just the mortgage?
If you answered yes three times, it's time to talk to a mortgage advisor about a pre-approval. If not, renting is not "throwing money away" — it's buying yourself flexibility and peace of mind.
One more thing: the Bank of Canada decides in 8 days
The Bank of Canada announces its next interest rate decision on Wednesday, October 28. Yesterday's inflation report came in at 3.1%, and most economists expect the Bank to hold steady — markets put the odds of no change at 78%. But fixed mortgage rates have already crept up this fall.
If you're thinking of buying soon, ask your mortgage advisor to lock in your rate for 90 to 120 days now — it's free, and it protects you either way.
Still unsure? That's exactly what I'm here for. No pressure, no jargon — just an honest look at your numbers.
— Paola Cano & Jose Ramirez, Thrive Realty Group Inc., Brokerage, London, Ontario.