$700K question: Is it cheaper to rent or buy in Vancouver? | Daily Hive

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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 Vancouver?

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 Vancouver will cost just over $2,700 a month.

Meanwhile, the average condo price right now is just a touch over $720,000.

According to Zoocasa’s calculations, this puts the average mortgage payment at $3,100, making buying the better option.

However, the difference between a mortgage and a one-bedroom rental in Vancouver is just shy of 15%.

Zoocasa

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

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.