Is it better to rent or buy in Ontario if I might move in 3 years?

If you might move in about 3 years, renting is often the better choice in Ontario.

Why: buying and then selling in a short window usually means paying several one-time costs — such as land transfer tax, legal fees, inspections, moving costs, and, if you sell, real estate commissions. Those costs can significantly reduce or wipe out the benefit of any equity you build over just 3 years.

A short stay also gives you less time to recover buying costs through price growth and mortgage principal paydown. So unless you expect strong appreciation, buying for only 3 years is usually a riskier financial bet than renting.

Buying could still make sense if:

• you’re likely to keep the property as a rental after you move,
• you have a very large down payment and strong cash flow,
• or you’re buying under unusually favorable terms.

If you want, I can also help you compare rent vs. buy with a simple Ontario-specific break-even estimate.

Exact costs and break-even points can vary a lot by city, property type, and market conditions, so it’s worth checking current local fees and prices before deciding.