Whether you’re guiding clients to their next condominium purchase or rental, the cost of mortgage payments or rent can often influence their decision a great deal.

To help them navigate their options, Zoocasa reported on the most affordable Toronto areas, with data from the Toronto Regional Real Estate Board. Here’s what they found.

More cost-effective to rent in 27 of 35 neighbourhoods

Nine of the 35 Toronto neighbourhoods analyzed offer average monthly mortgage payments lower than rental payments. This makes renting the more budget-friendly option in 77 per cent of the city’s neighbourhoods.

In York Mills—Bridle Path-Hoggs Hollow, the average monthly rent is $3,642 whereas mortgage payments go for about $6,273 per month. It’s similar in Rosedale-Moore Park, where the average monthly mortgage payment is $1,900 more than the average rent.

Both of these neighbouhoods have average condo prices above $1.4 million.

Black Creek and York University Heights: Lowest cost overall

The lowest mortgage payment average ($2,281) was found in the city’s Black Creek and York University Heights neighbourhoods. This comes in about $20 less than the average rent in Toronto’s most affordable neighbourhood, Rockcliffe-Smythe-Keelesdale-Eglinton West ($2,298).

17% of neighbourhoods have similar rent and mortgage costs

About 1 in 5 (17 per cent) of neighbourhoods have a mortgage and rent payment price difference within $100 — with some differences as low as $10-20. These include High Park-Swansea, Roncesvalles, Parkdale, Yorkville, Annex and Summerhill.

Willowridge-Martingrove-Richview showed the most drastic price difference — here, an average mortgage payment is $549 less than a rental payment.

Read the full study here.