Stability: renting vs owning
Last reviewed October 30, 2026
Beyond the numbers, many people's real question is about security. How likely am I to be forced to move, or priced out, as a renter? And what risks come with owning? Here's a balanced look under Ontario's rules.
Renter security in Ontario
Ontario tenants have significant protections under the Residential Tenancies Act. A tenancy doesn't simply end when a lease expires. It continues month to month, and a landlord can only end it for specific reasons, following the proper process.
Where renters are protected
- Rent increases are limited to once every 12 months, with 90 days' written notice.
- For most units first occupied before November 15, 2018, increases for sitting tenants are capped at the annual guideline.
- Evictions require proper grounds and, if contested, a Landlord and Tenant Board order.
Where renters are exposed
- Newer units, those first occupied after November 15, 2018, are generally exempt from the rent increase guideline.
- Landlord's own use: a landlord (or certain family members, or a buyer) can end a tenancy to move in, with notice and compensation. This is a common reason renters of houses, basement units and individually owned condos have to move.
- Demolition, conversion and major renovation are also grounds, with rules and compensation.
- Sale of the property can lead to an own-use termination by the buyer.
- Moving resets your rent to market. If you have to move, your new rent can be much higher.
Purpose-built rentals vs individually owned units: renting in a large purpose-built apartment building is often more stable than renting a house or condo from an individual owner, because own-use terminations mostly come from individual landlords.
Owner stability
Where owners are protected
- No one can ask you to leave because they want to move in.
- A fixed-rate mortgage locks your biggest housing cost for the term.
- You decide on renovations, pets, gardens and paint colours (within condo rules, if applicable).
- Over decades, your mortgage is paid down and eventually off.
Where owners are exposed
- Interest rate risk at renewal: your payment can rise significantly when your term ends.
- Repair risk: major repairs are your responsibility, and timing isn't in your control.
- Price risk: if you need to sell when prices are down, you can lose money.
- Job loss: mortgage payments continue even if income stops. An emergency fund is essential.
- Condo risk: fee increases and special assessments.
Which is more stable for you?
| Situation | More stable option |
|---|---|
| Long-term plans in London, steady income, emergency fund | Usually owning |
| Uncertain job or plans | Usually renting |
| Long-time tenant in a rent-controlled purpose-built building | Renting can be very stable |
| Renting a house or condo from an individual owner | Less stable; own-use terminations are possible |
| Little savings after a down payment | Owning carries more risk |
Reducing the risks either way
- Renters: know your rights (the LTB publishes clear guides), keep records, and keep building savings so a forced move doesn't become a crisis.
- Owners: keep an emergency fund, stress-test your budget at higher renewal rates, maintain the home, and choose a home you can afford with some room to spare.
Peace of mind is personal
Some people sleep better knowing a landlord handles the furnace. Others sleep better knowing no one can ask them to leave. Neither is wrong. When you weigh the decision, think honestly about which risks worry you more, and which ones you're better equipped to handle with your savings, income and temperament.
Your local agent
Curious what owning would look like for you?
Comparing renting and buying only works with real numbers: actual homes in your price range, in neighbourhoods you'd want to live in. Rayna Elabed, a Sales Representative with CENTURY 21 First Canadian Corp., Brokerage in London, can show you what's available and what similar homes have recently sold for, so you can compare it fairly with your rent. No pressure, and no obligation to buy.
Browse London listings with Rayna