Vancouver renters see surprisingly huge savings compared to mortgage holders
The cost of rent in Vancouver is one of the highest in Canada; however, if you’re looking to save your money for a rainy day, renting just might be a better option when compared to homeownership.
Real estate company Zoocasa calculated the difference in savings that Vancouver renters enjoy versus mortgage holders for properties in the city.
According to Zoocasa, B.C. has some of the widest disparities between renting and owning, driven by what it describes as “high property values that have outpaced rental rates.”
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In Vancouver, Zoocasa calculates that renters save $2,011 per month compared to mortgage holders.
The monthly cost to own in Surrey is $1,957 higher than the monthly cost to rent, and Victoria renters save an average of $1,413 per month compared to mortgage holders.
“In these markets, renters have a massive cash-flow advantage, saving roughly $24,000 a year compared to their home-owning neighbours,” said Zoocasa in its report.
“The disparity reaches its peak in Canada’s most exclusive markets. In these three cities, the premium paid for homeownership is staggering, often reflecting average home prices that exceed $1.1 million.”
The largest disparity in Canada is found in Oakville, Ont., where the average monthly mortgage payment is a $2,240 higher than the average rent.
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Zoocasa made its calculations using data sourced from local real estate boards, CREA November data, and information sourced from rentals.ca.
The analysis also applied a standard 25-year amortization and a 3.89 per cent interest rate that was sourced from Ratehub’s five-year fixed closed rate.
The only two cities in Zoocasa’s report that show savings in homeownership versus renting are in Manitoba and Saskatchewan.
In Regina, a monthly mortgage payment is calculated to be $120 cheaper than the average rent in the city, while in Winnipeg, homeowners save $92 a month compared to renters.
“It’s also worth noting that Edmonton is a significant outlier close to this trend. While renting is technically cheaper there, the difference is incredibly slim, just $85 a month,” added Zoocasa.
The full Decoding Canada’s Price-to-Rent Ratios in 2026 report can be found online.