$200K question: Is it cheaper to rent or buy in Edmonton?

Rent has been skyrocketing across the country, but it’s not exactly inexpensive to buy either. So, is it cheaper to rent or buy in Edmonton?

According to a new report from Zoocasa, the result here is a bit different than it is elsewhere in Canada.

The report states the average price to rent a one-bedroom place in Edmonton will cost just over $1,100 a month. Meanwhile, the average condo price right now is just a touch over $220,000. According to Zoocasa’s calculations, this puts the average mortgage payment at $954, making renting the better option.

Zoocasa

Edmonton joins Winnipeg and Saskatoon among the cities studied where buying a condo makes more financial sense than renting a one-bedroom home, as the cost of buying is 12.33% and 11.39% less than renting in each city, respectively.

Many people are turning to the condo route with the high cost of housing across the country.

Toronto shows the biggest difference the other way with a mortgage coming in at 44% more expensive than rent on a one-bedroom. And that’s with condo prices coming down in the last few months.

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In Vancouver, everything is expensive, but the difference between a mortgage and a one-bedroom rental is just shy of 15%.

Back out east, there is almost no distinction in London, Ottawa, and Halifax with the difference coming in at under 10%.

The study does say that the main element causing the difference between a mortgage and rent is the rising interest rates. Zoocasa says that if those number comes down and rent prices stay high, buying could become much more valuable across the country.