Should you keep renting in St. John’s, or is it time to look at buying?
Renting may look cheaper month-to-month, but the gap is not always as simple as it seems. In St. John’s, rents are rising, vacancy is tight, and home prices have moved up—so the real question is what your monthly payment is actually getting you.
What Renting Costs in St. John’s Right Now
CMHC’s October 2025 data shows the average purpose-built apartment rent in St. John’s at $1,215/month, with a 2.1% vacancy rate and average rent up 5.6% year over year.
Apartments.com reports a higher May 2026 average rent of $1,348/month, up 5.4% over the previous year.
So depending on the rental type and source, many renters are seeing monthly housing costs in the low-to-mid $1,000s before utilities.
What Buying Costs in St. John’s Right Now
RE/MAX reported the average residential sale price in St. John’s Metro rose from $369,000 to $410,572 in 2025, an 11% year-over-year increase.
Using a current St. John’s 5-year fixed rate estimate of 4.04%, a $400,000 mortgage over 25 years would be about $2,120/month before property tax, insurance, utilities, condo fees, repairs, or maintenance.
That means buying is not automatically “the same as rent.” But that also does not mean renting is always the better long-term move.
Renting vs. Buying: The Side-by-Side
| Consideration | Renting | Buying |
|---|---|---|
| Monthly payment | Often lower upfront | Usually higher once full costs are included |
| Flexibility | Easier to move | More commitment |
| Equity | Payment does not build ownership | Part of payment helps build equity |
| Cost control | Rent can rise | Mortgage payment may be more predictable if fixed |
| Upfront cash | Usually lower | Down payment, closing costs, inspections, legal fees |
| Long-term upside | Limited financial upside | Potential equity growth, but not guaranteed |
So Why Are People Still Renting?
For some renters, it is the right financial move. The monthly payment may be lower, the upfront cost is smaller, and there is more flexibility.
But for others, the issue is not affordability—it is clarity. They have never seen what their rent could translate to as a mortgage payment, or what purchase price range might actually fit their budget.
The Better Question to Ask
Instead of asking, “Is buying cheaper than renting?” ask:
What does my current rent qualify me for, and what would the full monthly cost look like?
That means looking beyond the mortgage payment and factoring in property tax, insurance, utilities, maintenance, and your down payment.
Final Takeaway
Renting in St. John’s may still cost less month-to-month, especially compared to buying at today’s prices and rates. But with rents rising and vacancy still tight, it is worth running the numbers before assuming renting is your only option.
Want to See Your Numbers?
DM me your current rent and I’ll show you what that same number could buy you on a mortgage in St. John’s right now.