Why you can afford rent but can’t get a mortgage (it’s not just the down payment) | Knowledge Gap
59Wondering why you’re allowed to pay thousands in rent but can’t get a similar mortgage?
It’s not just the down payment.
If you're paying $2,500 a month in rent but can’t qualify for a mortgage with the same monthly cost, you’re not alone. TVO’s new series, Knowledge Gap, breaks down the cost of buying a home in Canada—way beyond just your down payment.
If you’re comparing renting vs buying in 2025, budgeting for a first home, or just trying to make sense of housing costs in Ontario, this video lays it all out.
0:00 Introduction
0:12 Rent vs Mortgage
0:33 Mortgage Default Insurance
1:01 Interest
1:10 Closing Costs
1:33 Property Taxes
1:48 Condo Fees
2:10 Utilities and Maintenance
2:29 Benefits of Renting
3:03 Benefits of Owning
3:20 Conclusion
About TVO:
Hey there, Know Brainers! 🌟
TVO Media Education Group is all about sparking learning that changes lives and makes our communities awesome. Since 1970, we've been a big deal in the digital learning world, bringing you cool and inclusive experiences from all angles. Whether it's through videos, podcasts, games, courses, newsletters, or articles, we're here to show you the magic of education. Funded mainly by the Province of Ontario, we're a registered charity backed by thousands of amazing sponsors and donors. Want to know more? Check us out at TVO.me, TVO.org, and TVOkids.com. Let's learn and grow together! 🚀
#mortgageapproval #rentingvsowning #firsttimehomebuyer #ontariorealestate