Owning Versus Renting in Canada


Owning Versus Renting in Canada

home-589068_1920

Mortgage Professionals Canada released a very interesting report today, Owning versus Renting a Home in Canada.

In the report, they compare the expected costs of housing for Canadians who will choose to rent versus those who choose to own. In the 266 scenarios examined in the report, taken from a broad cross-section of regions throughout Canada, the monthly cost of home ownership is lower than the cost of renting equivalent housing in the majority of cases today and becomes, even more, cost-effective over time.

"The report demonstrates that the money Canadians are spending on monthly rent if used instead to finance a home, would be a very beneficial investment over time," explained Will Dunning, author of the report. "The costs of owning and renting continue to rise across Canada. However, rents continue to rise over time whereas the largest cost of home ownership – the mortgage payment – typically maintains a fixed amount over a set period of time – usually for the first five years. The result is that the cost of renting will increase more rapidly than the cost of homeownership."

Royal LePage Kelowna

#1 – 1890 Cooper Road

Kelowna, BC V1Y 8B7


Office: 250-860-1100

Cell: 250-878-8382

stevewright@royallepage.ca

Buying or Selling You Need The Wright Experience!

The trade marks displayed on this site, including CREA®, MLS®, Multiple Listing Service®, and the associated logos and design marks are owned by the Canadian Real Estate Association. REALTOR® is a trade mark of REALTOR® Canada Inc., a corporation owned by Canadian Real Estate Association and the National Association of REALTORS®. Other trade marks may be owned by real estate boards and other third parties. Nothing contained on this site gives any user the right or license to use any trade mark displayed on this site without the express permission of the owner. 

powered by WEBKITS